MFA Financial (MFA) 10-Q 7 May 19 2019 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2019	May 02, 2019
Document and Entity Information
Entity Registrant Name	MFA FINANCIAL, INC.
Entity Central Index Key	0001055160
Document Type	10-Q
Document Period End Date	Mar. 31, 2019
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		450,555,570
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1
Entity Small Business	false
Entity Emerging Growth Company	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands		Mar. 31, 2019	Dec. 31, 2018
Residential mortgage securities:
Mortgage-backed securities and credit risk transfer securities		$ 6,069,571	$ 6,509,333
Residential whole loans, at carrying value ($2,441,975 and $1,645,372 pledged as collateral, respectively) (1)	[1]	3,724,146	3,016,715
Residential whole loans, at fair value ($822,235 and $738,638 pledged as collateral, respectively) (1)	[1]	1,512,337	1,665,978
Mortgage servicing rights (“MSR”) related assets ($825,363 and $611,807 pledged as collateral, respectively)		825,363	611,807
Cash and cash equivalents		76,579	51,965
Restricted cash		41,999	36,744
Other assets		551,618	527,785
Total Assets		12,801,613	12,420,327
Liabilities:
Repurchase agreements		8,509,713	7,879,087
Other liabilities		887,369	1,125,139
Total Liabilities		9,397,082	9,004,226
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; 450,483 and 449,787 shares issued and outstanding, respectively		4,505	4,498
Additional paid-in capital, in excess of par		3,622,636	3,623,275
Accumulated deficit		(637,286)	(632,040)
Accumulated other comprehensive income		414,596	420,288
Total Stockholders’ Equity		3,404,531	3,416,101
Total Liabilities and Stockholders’ Equity		12,801,613	12,420,327
Non-Agency MBS Transferred to Consolidated VIEs
Residential mortgage securities:
Residential whole loans, at carrying value ($2,441,975 and $1,645,372 pledged as collateral, respectively) (1)		202,700	209,400
Residential whole loans, at fair value ($822,235 and $738,638 pledged as collateral, respectively) (1)		647,000	694,700
Agency MBS
Residential mortgage securities:
Mortgage-backed securities and credit risk transfer securities		2,546,597	2,698,213
Liabilities:
Repurchase agreements		2,353,173	2,384,357
Non-Agency MBS
Residential mortgage securities:
Mortgage-backed securities and credit risk transfer securities		3,099,272	3,318,299
Liabilities:
Repurchase agreements		1,359,699	1,447,585
Non-Agency MBS | Non-Agency MBS
Residential mortgage securities:
Mortgage-backed securities and credit risk transfer securities		3,099,272	3,318,299
CRT securities
Residential mortgage securities:
Mortgage-backed securities and credit risk transfer securities		423,702	492,821
Liabilities:
Repurchase agreements		$ 338,827	$ 391,586
[1]	Includes approximately $202.7 million and $209.4 million of Residential whole loans, at carrying value and $647.0 million and $694.7 million of Residential whole loans, at fair value transferred to consolidated variable interest entities (“VIEs”) at March 31, 2019 and December 31, 2018, respectively. Such assets can be used only to settle the obligations of each respective VIE.

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Residential whole loans, carrying value	$ 2,441,975,000	$ 1,645,372,000
Residential whole loans, fair value	822,235,000	738,638,000
MSR-Related Assets, pledged as collateral (in dollars)	$ 825,363,000	$ 611,807,000
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 (as a percent)	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 (in dollars)	$ 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	450,483,000	449,787,000
Common stock, shares outstanding	450,483,000	449,787,000
Collateral Pledged | Agency MBS
Securities, at fair value, pledged as collateral	$ 2,524,612,000	$ 2,575,331,000
Collateral Pledged | Non-Agency MBS
Securities, at fair value, pledged as collateral	3,068,294,000	3,248,900,000
Collateral Pledged | CRT securities
Securities, at fair value, pledged as collateral	$ 419,877,000	$ 480,315,000

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Interest Income:
Residential whole loans held at carrying value	$ 49,620	$ 14,329
MSR-related assets	10,620	7,623
Cash and cash equivalent investments	764	909
Other interest-earning assets	1,306	0
Interest Income	140,952	103,752
Interest Expense:
Repurchase agreements	70,809	45,717
Other interest expense	8,217	4,837
Interest Expense	79,026	50,554
Net Interest Income	61,926	53,198
Other Income, net:
Net gain on residential whole loans measured at fair value through earnings	25,267	38,498
Net realized gain on sales of residential mortgage securities	24,609	8,817
Net unrealized gain/(loss) on residential mortgage securities measured at fair value through earnings	8,672	(880)
Net loss on Swaps not designated as hedges for accounting purposes	(8,944)	0
Other, net	1,565	1,225
Other Income, net	51,169	47,660
Operating and Other Expense:
Compensation and benefits	8,554	6,748
Other general and administrative expense	4,645	3,832
Loan servicing and other related operating expenses	11,039	6,883
Operating and Other Expense	24,238	17,463
Net Income	88,857	83,395
Less Preferred Stock Dividends	3,750	3,750
Net Income Available to Common Stock and Participating Securities	$ 85,107	$ 79,645
Earnings per Common Share - Basic and Diluted (in dollars per share)	$ 0.19	$ 0.20
Agency MBS
Interest Income:
Securities	$ 18,441	$ 15,293
Non-Agency MBS | Non-Agency MBS
Interest Income:
Securities	54,001	56,102
CRT securities
Interest Income:
Securities	$ 6,200	$ 9,496

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Net income	$ 88,857	$ 83,395
Other Comprehensive Income/(Loss):
Reclassification adjustment for MBS sales included in net income	(17,009)	(8,623)
Derivative hedging instrument fair value changes, net	(10,445)	19,669
Amortization of de-designated hedging instruments, net	(341)	0
Other Comprehensive Income/(Loss)	(5,692)	(26,494)
Comprehensive income before preferred stock dividends	83,165	56,901
Dividends declared on preferred stock	(3,750)	(3,750)
Comprehensive Income Available to Common Stock and Participating Securities	79,415	53,151
Agency MBS
Other Comprehensive Income/(Loss):
Unrealized (loss)/gain, net	9,315	(10,052)
Non-Agency MBS, CRT Securities and MSR Term Notes [Member]
Other Comprehensive Income/(Loss):
Unrealized (loss)/gain, net	12,788	(27,488)
Non-Agency MBS
Other Comprehensive Income/(Loss):
Unrealized (loss)/gain, net	$ 12,276	$ (27,724)

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, 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)				849,000
Issuance of common stock, net of expenses		1,230		$ 6		1,224
Repurchase of shares of common stock (in shares)	[1]			(251,000)
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 ($0.20 per share)		(79,686)					(79,686)
Dividends declared on preferred stock ($0.46875 per share)		(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
Balance (in shares) at Dec. 31, 2018			8,000,000	449,787,000
Balance at Dec. 31, 2018		3,416,101	$ 80	$ 4,498		3,623,275	(632,040)	420,288
Increase (Decrease) in Stockholders' Equity
Net income		88,857					88,857
Issuance of common stock, net of expenses (in shares)				1,066,000
Issuance of common stock, net of expenses		$ 551		$ 7		544
Repurchase of shares of common stock (in shares)		0		(370,000)	[1]
Repurchase of shares of common stock	[1]	$ (2,610)				(2,610)
Equity based compensation expense		992				992
Accrued dividends attributable to stock-based awards		435				435
Dividends declared on common stock ($0.20 per share)		(90,097)					(90,097)
Dividends declared on preferred stock ($0.46875 per share)		(3,750)					(3,750)
Dividends attributable to dividend equivalents		(256)					(256)
Change in unrealized gains on MBS, net		5,094						5,094
Derivative hedging instrument fair value changes, net		(10,786)						(10,786)
Balance (in shares) at Mar. 31, 2019			8,000,000	450,483,000
Balance at Mar. 31, 2019		$ 3,404,531	$ 80	$ 4,505		$ 3,622,636	$ (637,286)	$ 414,596
Increase (Decrease) in Stockholders' Equity
Adjustments related to tax withholding for share-based compensation				$ 2,600
Shares paid for tax withholding for share based compensation (in shares)				370,244
[1]	For the three months ended March 31, 2019 and 2018, includes approximately $2.6 million (370,244 shares) and $2.0 million (250,946 shares), respectively surrendered for tax purposes related to equity-based compensation awards.

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares	Mar. 06, 2019	Feb. 15, 2019	Apr. 15, 2013	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Preferred Stock, dividend rate				7.50%		7.50%
Common stock, cash dividends declared (in dollars per share)	$ 0.2			$ 0.20	$ 0.20
Preferred Stock 7.50% Series B Cumulative Redeemable - Liquidation Preference $25.00 per Share
Dividend declared per share, preferred stock (in dollars per share)		$ 0.46875		$ 0.46875	$ 0.46875
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 ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Cash Flows From Operating Activities:
Net income	$ 88,857	$ 83,395
Adjustments to reconcile net income to net cash provided by operating activities:
Gain on sales of residential mortgage securities	(24,609)	(8,817)
Gain on sales of real estate owned	(1,398)	(1,993)
Gain on liquidation of residential whole loans	(4,684)	(5,279)
Accretion of purchase discounts on residential mortgage securities, residential whole loans and MSR-related assets	(15,915)	(19,793)
Amortization of purchase premiums on residential mortgage securities and residential whole loans	7,620	5,392
Depreciation and amortization on real estate, fixed assets and other assets	432	423
Equity-based compensation expense	998	553
Unrealized losses/(gains) on residential whole loans at fair value	1,060	(13,747)
Unrealized losses/(gains) on residential mortgage securities and interest rate swap agreements (Swaps) and other	200	(2,020)
Increase in other assets	(8,770)	(19,990)
Decrease in other liabilities	(6,709)	(12,228)
Net cash provided by operating activities	37,082	5,896
Cash Flows From Investing Activities:
Principal payments on residential mortgage securities and MSR-related assets	391,641	484,334
Proceeds from sales of residential mortgage securities	208,306	19,362
Purchases of residential mortgage securities and MSR-related assets	(327,221)	(194,328)
Purchases of residential whole loans, loan related investments and capitalized advances	(1,021,557)	(513,851)
Principal payments on residential whole loans	233,724	71,865
Proceeds from sales of real estate owned	23,963	19,307
Purchases of real estate owned and capital improvements	(5,923)	(2,678)
Additions to leasehold improvements, furniture and fixtures	(391)	(171)
Net cash used in investing activities	(497,458)	(116,160)
Cash Flows From Financing Activities:
Principal payments on repurchase agreements	(18,879,173)	(16,609,092)
Proceeds from borrowings under repurchase agreements	19,509,794	16,553,139
Principal payments on securitized debt	(25,501)	(12,817)
Payments made for settlements on Swaps	(21,478)	(10,666)
Proceeds from settlements on Swaps	0	30,711
Proceeds from issuances of common stock	551	1,230
Dividends paid on preferred stock	(3,750)	(3,750)
Dividends paid on common stock and dividend equivalents	(90,198)	(79,769)
Net cash provided by/(used in) financing activities	490,245	(131,014)
Net increase/(decrease) in cash, cash equivalents and restricted cash	29,869	(241,278)
Cash, cash equivalents and restricted cash at beginning of period	88,709	463,743
Cash, cash equivalents and restricted cash at end of period	118,578	222,465
Supplemental Disclosure of Cash Flow Information
Interest Paid	81,435	51,334
Non-cash Investing and Financing Activities:
Net decrease in securities obtained as collateral/obligation to return securities obtained as collateral	0	(248,650)
Transfer from residential whole loans to real estate owned	65,160	54,822
Dividends and dividend equivalents declared and unpaid	90,353	79,905
Payable for unsettled residential whole loans purchases	$ 0	$ 13,525

Organization

Organization	3 Months Ended
	Mar. 31, 2019
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 ( o ))

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2019
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, 2018 . In the opinion of management, all normal and recurring adjustments necessary to present fairly the financial condition of the Company at March 31, 2019 and results of operations for all periods presented have been made. The results of operations for the three months ended March 31, 2019 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 mortgage-backed securities (“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 ( o )) Actual results could differ from those estimates. The Company has one reportable segment as it manages its business and analyzes and reports its results of operations on the basis of one operating segment; investing, on a leveraged basis, in residential mortgage assets. The consolidated financial statements of the Company include the accounts of all subsidiaries; all intercompany accounts and transactions have been eliminated. In addition, the Company consolidates entities established to facilitate transactions related to the acquisition and securitization of residential whole loans completed in prior years. Certain prior period amounts have been reclassified to conform to the current period presentation. ( b ) Residential Mortgage 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 or sponsored 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 dependent on the performance of loans in either a reference pool or an actual pool of loans. As the loans in the underlying pool are paid, the principal balance of the CRT securities is paid. As an investor in a CRT security, the Company may incur a principal loss if the performance of the actual or reference pool loans results in either an actual or calculated loss that exceeds the credit enhancement of the security owned by the Company. Designation MBS that the Company generally intends to hold until maturity, but that it may sell from time to time as part of the overall management of its business, are designated as “available-for-sale” (“AFS”). Such MBS 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 Agency MBS that it does not intend to hold to maturity. These 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. 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 Residential Mortgage Securities In determining the fair value of the Company’s residential mortgage 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 impairment 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, which may not be adjusted for subsequent recoveries in fair value through earnings. However, OTTIs recognized through charges to earnings may, upon recovery, 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 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 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 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 residential mortgage 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 ) Residential Whole Loans (including Residential Whole Loans transferred to consolidated VIEs) Residential whole loans included in the Company’s consolidated balance sheets are primarily comprised of pools of fixed and adjustable rate residential mortgage loans acquired through consolidated trusts in secondary market transactions. 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 for Purchased Credit Impaired Loans that are held at carrying value is typically utilized by the Company for Purchased Credit Impaired Loans where the underlying borrower has a delinquency status of less than 60 days at the acquisition date. The Company also acquires Purchased Performing Loans that are typically held at carrying value, but the accounting methods for income recognition and determination and measurement of any required loan loss reserves (as discussed below) differ from those used for Purchased Credit Impaired Loans held at carrying value. The accounting model described below for residential whole loans held 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 Purchased Performing Loans Acquisitions of Purchased Performing Loans to date have been primarily comprised of: (i) loans to finance (or refinance) one-to-four family residential properties that are not considered to meet the definition of a “Qualified Mortgage” in accordance with guidelines adopted by the Consumer Financial Protection Bureau (“Non-QM loans”), (ii) short-term business purpose loans collateralized by residential properties made to non-occupant borrowers who intend to rehabilitate and sell the property for a profit (“Rehabilitation loans” or “Fix and Flip loans”), (iii) loans to finance (or refinance) non-owner occupied one-to four-family residential properties that are rented to one or more tenants (“Single-family rental loans”), and (iv) previously originated loans secured by residential real estate that is generally owner occupied (“Seasoned performing loans”). Purchased Performing Loans are initially recorded at their purchase price. Interest income on Purchased Performing Loans acquired at par is accrued based on each loan’s current interest bearing balance and current interest rate, net of related servicing costs. Interest income on such loans purchased at a premium/discount to par is recorded each period based on the contractual coupon net of any amortization of premium or accretion of discount, adjusted for actual prepayment activity. For loans acquired with related servicing rights retained by the seller, interest income is reported net of related serving costs. An allowance for loan losses is recorded when, based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the existing contractual terms of the loan agreement. Any required loan loss allowance would typically be measured based on the fair value of the collateral securing the loan and would reduce the carrying value of the loan with a corresponding charge to earnings. Significant judgments are required in determining any allowance for loan loss, including assumptions regarding the loan cash flows expected to be collected, the value of the underlying collateral and the ability of the Company to collect on any other forms of security, such as a personal guaranty provided either by the borrower or an affiliate of the borrower. Income recognition is suspended for loans at the earlier of the date at which payments become 90 days past due or when, in the opinion of management, a full recovery of income and principal becomes doubtful. When the ultimate collectability of the principal of an impaired loan is in doubt, all payments are applied to principal under the cost recovery method. When the ultimate collectability of the principal of an impaired loan is not in doubt, interest income is recorded under the cash basis method as interest payments are received. Interest accruals are resumed when the loan becomes contractually current and performance is demonstrated to be resumed. A loan is written off when it is no longer realizable and/or it is legally discharged. Purchased Credit Impaired Loans The Company has elected to account for these loans as credit impaired as they were acquired at discounted prices that reflect, in part, the impaired credit history of the borrower. Substantially all of these loans have previously experienced payment delinquencies and the amount owed 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 Purchased 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 loan 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 Purchased 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 the 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 measured at fair value through earnings on the Company’s consolidated statements of operations. Cash received representing coupon payments on residential whole loans held at fair value is not included in Interest Income, but rather is included in Net gain on residential whole loans measured at fair value through earnings 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 unrealized gains or losses reported each period. ( d ) 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 treated as AFS securities and 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 Loans The Company has made or participated in loans to provide financing to entities that originate residential mortgage loans and own the related MSRs. These corporate loans are generally secured by certain MSRs, as well as certain other unencumbered assets owned by the borrower. Corporate loans are 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 are recorded as Other Income on the Company’s consolidated statements of operations. The Company evaluates the recoverability of its corporate loans on a quarterly basis considering various factors, including the current status of the loan, changes in the fair value of the MSRs that secure the loan and the recent financial performance of the borrower. ( e ) Cash and Cash Equivalents Cash and cash equivalents include cash on deposit with financial institutions and investments in money market funds, all of which have original maturities of three months or less. Cash and cash equivalents may also include cash pledged as collateral to the Company by its repurchase agreement counterparties as a result of reverse margin calls (i.e., margin calls made by the Company). The Company did not hold any cash pledged by its counterparties at March 31, 2019 and December 31, 2018 . At March 31, 2019 and December 31, 2018 , the Company had cash and cash equivalents of $76.6 million and $52.0 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 (“FDIC”) or any other government agency, were $57.0 million and $30.0 million at March 31, 2019 and December 31, 2018 , respectively. In addition, deposits in FDIC insured accounts generally exceed insured limits. (See Notes 7 and 14 ) ( f ) Restricted Cash Restricted cash represents the Company’s cash held by its counterparties in connection with certain of the Company’s Swaps and/or repurchase agreements that is not available to the Company for general corporate purposes. Restricted cash may be applied against amounts due to repurchase agreement and/or Swap counterparties, or may be returned to the Company when the related collateral requirements are exceeded or at the maturity of the Swaps and/or repurchase agreement. The Company had aggregate restricted cash held as collateral or otherwise in connection with its repurchase agreements and/or Swaps of $42.0 million and $36.7 million at March 31, 2019 and December 31, 2018 , respectively. (See Notes 5 ( b ), 6 , 7 and 14 ) ( g ) Goodwill At March 31, 2019 and December 31, 2018 , 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, which is no longer subject to amortization, is tested for impairment at least annually, or more frequently under certain circumstances, at the entity level. Through March 31, 2019 , the Company had not recognized any impairment against its goodwill. Goodwill is included in Other assets on the Company’s consolidated balance sheets. ( h ) Real Estate Owned (“REO”) REO represents real estate acquired by the Company, including through foreclosure, deed in lieu of foreclosure, or purchased in connection with the acquisition of residential whole loans. REO acquired through foreclosure or deed in lieu of foreclosure is initially recorded at fair value less estimated selling costs. REO acquired in connection with the acquisition of residential whole loans is initially recorded at its purchase price. Subsequent to acquisition, REO is reported, at each reporting date, at the lower of the current carrying amount or fair value less estimated selling costs and for presentation purposes is included in Other assets on the Company’s consolidated balance sheets. Changes in fair value that result in an adjustment to the reported amount of an REO property that has a fair value at or below its carrying amount are reported in Other Income, net on the Company’s consolidated statements of operations. (See Note 5 ( a )) ( i ) Depreciation Leasehold Improvements and Other Depreciable Assets Depreciation is computed on the straight-line method over the estimated useful life of the related assets or, in the case of leasehold improvements, over the shorter of the useful life or the lease term. Furniture, fixtures, computers and related hardware have estimated useful lives ranging from five to eight years at the time of purchase. ( j ) 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 inc

Residential Mortgage Securities

Residential Mortgage Securities and MSR-Related Assets	3 Months Ended
	Mar. 31, 2019
Investments, Debt and Equity Securities [Abstract]
Residential Mortgage Securities and MSR-Related Assets	Residential Mortgage 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 and 30 year fixed-rate mortgages 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 from 300 - 400 basis points at 36 - 48 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 or sponsored 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 either a reference pool or an actual pool of loans. As the loans in the underlying pool are paid, the principal balance of the CRT securities is paid. As an investor in a CRT security, the Company may incur a principal loss if the performance of the actual or reference pool loans results in either an actual or calculated loss that exceeds the credit enhancement of the 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 loan 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 residential mortgage securities at March 31, 2019 and December 31, 2018 : March 31, 2019 (In Thousands) Principal/ Current Face Purchase Premiums Accretable Purchase Discounts Discount Designated as Credit Reserve and OTTI (1) Amortized Cost (2) Gross Unrealized Gains Gross Unrealized Losses Net Unrealized Gain/(Loss) Fair Value Agency MBS: (3) Fannie Mae $ 1,594,136 $ 61,287 $ (24 ) $ — $ 1,655,399 $ 11,697 $ (25,881 ) $ (14,184 ) $ 1,641,215 Freddie Mac 871,714 35,450 — — 907,687 2,635 (9,631 ) (6,996 ) 900,691 Ginnie Mae 4,566 84 — — 4,650 41 — 41 4,691 Total Agency MBS 2,470,416 96,821 (24 ) — 2,567,736 14,373 (35,512 ) (21,139 ) 2,546,597 Non-Agency MBS: Expected to Recover Par (4)(5) 1,424,461 9 (20,410 ) — 1,404,060 21,802 (1,602 ) 20,200 1,424,260 Expected to Recover Less than Par (4) 1,861,227 — (109,737 ) (501,619 ) 1,249,871 425,519 (378 ) 425,141 1,675,012 Total Non-Agency MBS (6) 3,285,688 9 (130,147 ) (501,619 ) 2,653,931 447,321 (1,980 ) 445,341 3,099,272 Total MBS 5,756,104 96,830 (130,171 ) (501,619 ) 5,221,667 461,694 (37,492 ) 424,202 5,645,869 CRT securities (7) 406,338 7,519 (15 ) — 413,842 11,646 (1,786 ) 9,860 423,702 Total MBS and CRT securities $ 6,162,442 $ 104,349 $ (130,186 ) $ (501,619 ) $ 5,635,509 $ 473,340 $ (39,278 ) $ 434,062 $ 6,069,571 December 31, 2018 (In Thousands) Principal/ Current Face Purchase Premiums Accretable Purchase Discounts Discount Designated as Credit Reserve and OTTI (1) Amortized Cost (2) Gross Unrealized Gains Gross Unrealized Losses Net Unrealized Gain/(Loss) Fair Value Agency MBS: (3) Fannie Mae $ 1,716,340 $ 65,930 $ (24 ) $ — $ 1,782,246 $ 12,107 $ (32,321 ) $ (20,214 ) $ 1,762,032 Freddie Mac 909,561 36,991 — — 947,588 907 (17,177 ) (16,270 ) 931,318 Ginnie Mae 4,729 87 — — 4,816 47 — 47 4,863 Total Agency MBS 2,630,630 103,008 (24 ) — 2,734,650 13,061 (49,498 ) (36,437 ) 2,698,213 Non-Agency MBS: Expected to Recover Par (4)(5) 1,536,485 40 (21,725 ) — 1,514,800 20,520 (7,620 ) 12,900 1,527,700 Expected to Recover Less than Par (4) 2,002,319 — (133,300 ) (516,116 ) 1,352,903 438,465 (769 ) 437,696 1,790,599 Total Non-Agency MBS (6) 3,538,804 40 (155,025 ) (516,116 ) 2,867,703 458,985 (8,389 ) 450,596 3,318,299 Total MBS 6,169,434 103,048 (155,049 ) (516,116 ) 5,602,353 472,046 (57,887 ) 414,159 6,016,512 CRT securities (7) 476,744 9,321 107 — 486,172 12,545 (5,896 ) 6,649 492,821 Total MBS and CRT securities $ 6,646,178 $ 112,369 $ (154,942 ) $ (516,116 ) $ 6,088,525 $ 484,591 $ (63,783 ) $ 420,808 $ 6,509,333 (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, 2019 reflect Credit Reserve of $489.1 million and OTTI of $12.5 million . Amounts disclosed at December 31, 2018 reflect Credit Reserve of $503.3 million and OTTI of $12.8 million . (2) Includes principal payments receivable of $524,000 and $1.0 million at March 31, 2019 and December 31, 2018 , respectively, which are not included in the Principal/Current Face. (3) Amounts disclosed at March 31, 2019 and December 31, 2018 include Agency MBS with a fair value of $714.7 million and $736.5 million , respectively, for which the fair value option has been elected. Such securities had gross unrealized gains of $2.7 million and no unrealized losses at March 31, 2019 , and no unrealized gains and gross unrealized losses of approximately $3.3 million at December 31, 2018 , respectively. (4) Based on management ’ s current estimates of future principal cash flows expected to be received. (5) Includes RPL/NPL MBS, which at March 31, 2019 had a $1.3 billion Principal/Current face, $1.3 billion amortized cost and $1.3 billion fair value. At December 31, 2018 , RPL/NPL MBS had a $1.4 billion Principal/Current face, $1.4 billion amortized cost and $1.4 billion fair value. (6) At March 31, 2019 and December 31, 2018 , the Company expected to recover approximately 85% and 85% of the then-current face amount of Non-Agency MBS, respectively. (7) Amounts disclosed at March 31, 2019 includes CRT securities with a fair value of $403.3 million for which the fair value option has been elected. Such securities had gross unrealized gains of approximately $11.4 million and gross unrealized losses of approximately $1.8 million at March 31, 2019 . Amounts disclosed at December 31, 2018 includes CRT securities with a fair value of $477.4 million for which the fair value option has been elected. Such securities had gross unrealized gains of approximately $12.5 million and gross unrealized losses of approximately $5.6 million at December 31, 2018 . Sales of Residential Mortgage Securities During the three months ended March 31, 2019 , the Company sold certain CRT securities for $83.4 million , realizing gains of $6.5 million . In addition, during the three months ended March 31, 2019 , the Company sold certain Non-Agency MBS for $126.1 million , realizing gains of $18.2 million . During the three months ended March 31, 2018 , the Company sold certain Non-Agency MBS for $19.4 million , realizing gains of $8.8 million . The Company has no continuing involvement with any of the sold MBS. Unrealized Losses on Residential Mortgage Securities The following table presents information about the Company’s residential mortgage securities that were in an unrealized loss position at March 31, 2019 : 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 $ 99,955 $ 858 52 $ 860,036 $ 25,023 303 $ 959,991 $ 25,881 Freddie Mac 242 1 1 277,334 9,630 126 277,576 9,631 Total Agency MBS 100,197 859 53 1,137,370 34,653 429 1,237,567 35,512 Non-Agency MBS: Expected to Recover Par (1) 290,671 636 5 91,257 966 4 381,928 1,602 Expected to Recover Less than Par (1) 13,382 316 8 2,009 62 1 15,391 378 Total Non-Agency MBS 304,053 952 13 93,266 1,028 5 397,319 1,980 Total MBS 404,250 1,811 66 1,230,636 35,681 434 1,634,886 37,492 CRT securities (2) 136,760 1,786 33 — — — 136,760 1,786 Total MBS and CRT securities $ 541,010 $ 3,597 99 $ 1,230,636 $ 35,681 434 $ 1,771,646 $ 39,278 (1) Based on management’s current estimates of future principal cash flows expected to be received. (2) Amounts disclosed at March 31, 2019 include CRT securities with a fair value of $136.8 million for which the fair value option has been elected. Such securities had unrealized losses of $1.8 million at March 31, 2019 . At March 31, 2019 , 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 $35.5 million at March 31, 2019 . 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, 2019 any unrealized losses on its Agency MBS were temporary. Gross unrealized losses on the Company’s Non-Agency MBS were $2.0 million at March 31, 2019 . 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, 2019 and 2018 . 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, 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 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) 2019 2018 Credit loss component of OTTI at beginning of period $ 39,596 $ 38,337 Additions for credit related OTTI not previously recognized — — Subsequent additional credit related OTTI recorded — — Credit loss component of OTTI at end of period $ 39,596 $ 38,337 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, 2019 and 2018 : Three Months Ended Three Months Ended (In Thousands) Discount Accretable (1) Discount Accretable Discount (1) Balance at beginning of period $ (516,116 ) $ (155,025 ) $ (593,227 ) $ (215,325 ) Impact of RMBS Issuer Settlement (2) — (855 ) — — Accretion of discount — 13,307 — 17,216 Realized credit losses 7,504 — 8,447 — Purchases — (118 ) (535 ) 488 Sales 3,191 16,346 5,592 5,105 Transfers/release of credit reserve 3,802 (3,802 ) 7,143 (7,143 ) Balance at end of period $ (501,619 ) $ (130,147 ) $ (572,580 ) $ (199,659 ) (1) Together with coupon interest, accretable purchase discount is recognized as interest income over the life of the security. (2) Includes the impact of approximately $855,000 of cash proceeds (a one-time payment) received by the Company during the three months ended March 31, 2019 in connection with the settlement of litigation related to certain residential mortgage backed securitization trusts that were sponsored by JP Morgan Chase & Co. and affiliated entities. MSR-Related Assets ( a ) Term Notes Backed by MSR-Related Collateral At March 31, 2019 and December 31, 2018 , the Company had $753.6 million and $538.5 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, 2019 , these term notes had an amortized cost of $753.1 million , gross unrealized gains of approximately $505,230 , a weighted average yield of 5.44% and a weighted average term to maturity of 4.4 years . At December 31, 2018 , the term notes had an amortized cost of $538.5 million , gross unrealized losses of $7,000 , a weighted average yield of 5.32% and a weighted average term to maturity of 4.7 years . ( b ) Corporate Loans The Company has made or participated in loans to provide financing to entities that originate residential mortgage loans and own the related MSRs. These corporate loans are secured by MSRs, as well as certain other unencumbered assets owned by the borrower. During the year ended December 31, 2018, the Company participated in a loan where the Company committed to lend $100.0 million of which approximately $71.8 million was drawn at March 31, 2019 . At March 31, 2019 , the coupon paid by the borrower on the drawn amount is 5.87% , the remaining term associated with the loan is 1.4 years and the remaining commitment period on any undrawn amount is 1.4 years . During the remaining commitment period, the Company receives a commitment fee between 0.25% and 1.0% based on the undrawn amount of the loan. In December 2016, the Company entered into a loan agreement under the terms of which it had committed to lend $130.0 million , of which approximately $124.2 million was drawn at March 31, 2018. This loan was paid in full during the three months ended June 30, 2018, at which time any remaining commitment was extinguished. 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, 2019 and 2018 : Three Months Ended March 31, (In Thousands) 2019 2018 AOCI from AFS securities: Unrealized gain on AFS securities at beginning of period $ 417,167 $ 620,648 Unrealized gain/(loss) on Agency MBS, net 9,315 (10,052 ) Unrealized gain/(loss) on Non-Agency MBS, net 12,276 (27,724 ) Unrealized gain on MSR term notes, net 512 236 Reclassification adjustment for MBS sales included in net income (17,009 ) (8,623 ) Change in AOCI from AFS securities 5,094 (46,163 ) Balance at end of period $ 422,261 $ 574,485 Interest Income on Residential Mortgage Securities and MSR-Related Assets The following table presents the components of interest income on the Company’s residential mortgage securities and MSR- related assets for the three months ended March 31, 2019 and 2018 : Three Months Ended March 31, (In Thousands) 2019 2018 Agency MBS Coupon interest $ 24,628 $ 20,958 Effective yield adjustment (1) (6,187 ) (5,665 ) Interest income $ 18,441 $ 15,293 Legacy Non-Agency MBS Coupon interest $ 24,272 $ 28,835 Effective yield adjustment (2) 13,144 17,201 Interest income $ 37,416 $ 46,036 RPL/NPL MBS Coupon interest $ 16,443 $ 10,053 Effective yield adjustment (1)(3) 142 13 Interest income $ 16,585 $ 10,066 CRT securities Coupon interest $ 6,118 $ 8,374 Effective yield adjustment (2) 82 1,122 Interest income $ 6,200 $ 9,496 MSR-related assets Coupon interest $ 10,587 $ 7,517 Effective yield adjustment (1) 33 106 Interest income $ 10,620 $ 7,623 (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. (3) Includes accretion income recognized due to the impact of redemptions of certain securities that had been previously been purchased at a discount of approximately $148,000 during the three months ended March 31, 2019 .

Residential Whole Loans

Residential Whole Loans	3 Months Ended
	Mar. 31, 2019
Receivables [Abstract]
Residential Whole Loans	Residential Whole Loans Included on the Company’s consolidated balance sheets at March 31, 2019 and December 31, 2018 are approximately $5.2 billion and $4.7 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 The following table presents the components of the Company’s Residential whole loans, at carrying value at March 31, 2019 and December 31, 2018 : (Dollars In Thousands) March 31, 2019 December 31, 2018 Purchased Performing Loans: Non-QM loans $ 1,886,024 $ 1,354,774 Rehabilitation loans 621,292 494,576 Single-family rental loans 227,537 145,327 Seasoned performing loans 215,352 224,051 Total Purchased Performing Loans 2,950,205 2,218,728 Purchased Credit Impaired Loans 773,941 797,987 Total Residential whole loans, at carrying value $ 3,724,146 $ 3,016,715 Number of loans 12,643 11,149 The following table presents components of interest income on the Company’s Residential whole loans, at carrying value for the three months ended March 31, 2019 and 2018 : Three Months Ended (In Thousands) 2019 2018 Purchased Performing Loans: Non-QM loans $ 22,414 $ 1,708 Rehabilitation loans 9,933 1,345 Single-family rental loans 2,701 245 Seasoned performing loans 3,173 — Total Purchased Performing Loans 38,221 3,298 Purchased Credit Impaired Loans 11,399 11,031 Total Residential whole loans, at carrying value $ 49,620 $ 14,329 The following table presents additional information regarding the Company’s Residential whole loans, at carrying value at March 31, 2019 : March 31, 2019 Carrying Value Unpaid Principal Balance (“UPB”) Weighted Average Coupon (1) Weighted Average Term to Maturity (Months) Weighted Average LTV Ratio (2) Aging by UPB Past Due Days (Dollars In Thousands) Current 30-59 60-89 90+ Purchased Performing Loans: Non-QM loans $ 1,886,024 $ 1,826,161 6.20 % 363 66 % $ 1,782,675 $ 29,474 $ 5,745 $ 8,267 Rehabilitation loans (3) 621,792 621,792 7.38 9 65 560,270 36,386 8,805 16,331 Single-family rental loans 227,537 226,791 6.08 324 69 223,505 2,765 — 521 Seasoned performing loans 215,352 232,034 4.31 187 47 225,136 4,937 815 1,146 Purchased Credit Impaired Loans 773,941 969,353 4.42 300 85 N/A N/A N/A N/A Residential whole loans, at carrying value, total or weighted average $ 3,724,646 $ 3,876,131 5.85 % 278 (1) Weighted average is calculated based on the interest bearing principal balance of each loan within the related category. For loans acquired with servicing rights released by the seller, interest rates included in the calculation do not reflect loan servicing fees. For loans acquired with servicing rights retained by the seller, interest rates included in the calculation are net of servicing fees. (2) LTV represents the ratio of the total unpaid principal balance of the loan to the estimated value of the collateral securing the related loan as of the most recent date available, which may be the original date. For Rehabilitation loans, the LTV presented is the ratio of the maximum unpaid principal balance of the loan, including unfunded commitments, to the estimated “after repaired” value of the collateral securing the related loan, where available. For certain Rehabilitation loans, totaling $130.1 million , an after repaired valuation was not obtained and the loan was underwritten based on an “as is” valuation. The LTV of these loans based on the current unpaid principal balance and the valuation obtained during underwriting, is 67% . Excluded from the calculation of weighted average LTV are certain low value loans secured by vacant lots, for which the LTV ratio is not meaningful. (3) Carrying value of Rehabilitation loans excludes an allowance for loan losses of $500,000 at March 31, 2019. Purchased Performing Loans As of March 31, 2019 , there were 56 Purchased Performing Loans held at carrying value, that have been placed on non-accrual status as they are more than 90 days delinquent and had not yet become current with respect to the contractually required payments under the loan. Such loans have an unpaid balance of approximately $26.3 million . These non-accrual loans represent approximately 0.9% of the total outstanding principal balance of all of the Company’s Purchased Performing Loans. As of March 31, 2019, the Company has established an allowance for loan losses of $500,000 . For the three months ended March 31, 2019 , a provision for loan losses of approximately $622,000 was recorded, which is included in Operating and Other expense on the Company’s consolidated statements of operations. No provision for loan losses was recorded in the prior year period. In connection with purchased Rehabilitation loans, the Company has unfunded commitments of $53.5 million . Purchased Credit Impaired Loans As of March 31, 2019 and 2018 , the Company had established an allowance for loan losses of approximately $1.2 million and $380,000 , respectively, on its Purchased Credit Impaired Loans held at carrying value. For the three months ended March 31, 2019 and 2018 , a provision for loan losses of approximately $183,000 and $50,000 was recorded, respectively, which is included in Operating and Other expense on the Company’s consolidated statements of operations. The following table presents the activity in the Company’s allowance for loan losses on its Purchased Credit Impaired Loans held at carrying value for the three months ended March 31, 2019 and 2018 : Three Months Ended (In Thousands) 2019 2018 Balance at the beginning of period $ 968 $ 330 Provisions for loan losses 183 50 Balance at the end of period $ 1,151 $ 380 The Company did not acquire any Purchased Credit Impaired Loans held at carrying value during the three months ended March 31, 2019, and 2018. The following table presents accretable yield activity for the Company’s Purchased Credit Impaired Loans held at carrying value for the three months ended March 31, 2019 and 2018 : Three Months Ended (In Thousands) 2019 2018 Balance at beginning of period $ 415,330 $ 421,872 Additions — — Accretion (11,399 ) (11,031 ) Liquidations and other (10,488 ) (2,170 ) Reclassifications from non-accretable difference, net 5,515 4,733 Balance at end of period $ 398,958 $ 413,404 Accretable yield for Purchased 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, 2019 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 measured at fair value through earnings 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, 2019 and December 31, 2018 : (Dollars in Thousands) March 31, 2019 December 31, 2018 Less than 60 Days Past Due: Outstanding principal balance $ 635,185 $ 610,290 Aggregate fair value $ 583,447 $ 561,770 Weighted Average LTV Ratio (1) 76.09 % 76.18 % Number of loans 3,070 2,898 60 Days to 89 Days Past Due: Outstanding principal balance $ 69,032 $ 63,938 Aggregate fair value $ 59,039 $ 54,947 Weighted Average LTV Ratio (1) 79.99 % 82.86 % Number of loans 313 285 90 Days or More Past Due: Outstanding principal balance $ 989,120 $ 970,758 Aggregate fair value $ 869,851 $ 854,545 Weighted Average LTV Ratio (1) 88.56 % 90.24 % Number of loans 3,795 3,531 Total Residential whole loans, at fair value $ 1,512,337 $ 1,471,262 (1) LTV represents the ratio of the total unpaid principal balance of the loan, to the estimated value of the collateral securing the related loan. Excluded from the calculation of weighted average LTV are certain low value loans secured by vacant lots, for which the LTV ratio is not meaningful. The following table presents the components of Net gain on residential whole loans measured at fair value through earnings for the three months ended March 31, 2019 and 2018 : Three Months Ended (In Thousands) 2019 2018 Coupon payments and other income received (1) $ 19,473 $ 15,397 Net unrealized (losses)/gains (1,060 ) 13,747 Net gain on payoff/liquidation of loans 2,283 2,908 Net gain on transfers to REO 4,571 6,446 Total $ 25,267 $ 38,498 (1) Primarily includes recovery of delinquent interest upon the liquidation of non-performing loans, recurring coupon interest payments received on mortgage loans that are contractually current, and cash payments received from private mortgage insurance on liquidated loans.

Other Assets

Other Assets	3 Months Ended
	Mar. 31, 2019
Other Assets [Abstract]
Other Assets	Other Assets The following table presents the components of the Company’s Other assets at March 31, 2019 and December 31, 2018 : (In Thousands) March 31, 2019 December 31, 2018 REO $ 290,587 $ 249,413 MBS and loan related receivables 130,495 127,154 Other interest earning assets 66,101 92,022 Other 64,435 59,196 Total Other Assets $ 551,618 $ 527,785 ( a ) Real Estate Owned At March 31, 2019 , the Company had 1,233 REO properties with an aggregate carrying value of $290.6 million . At December 31, 2018 , the Company had 1,093 REO properties with an aggregate carrying value of $249.4 million . At March 31, 2019 , $283.1 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 $50.8 million of residential whole loans held at carrying value and $720.9 million of residential whole loans held at fair value at March 31, 2019 . The following table presents the activity in the Company’s REO for the three months ended March 31, 2019 and 2018 : Three Months Ended (In Thousands) 2019 2018 Balance at beginning of period $ 249,413 $ 152,356 Adjustments to record at lower of cost or fair value (4,072 ) (3,415 ) Transfer from residential whole loans (1) 65,160 54,822 Purchases and capital improvements 5,923 2,678 Disposals (2) (25,837 ) (23,501 ) Balance at end of period $ 290,587 $ 182,940 Number of properties 1,233 845 (1) Includes net gain recorded on transfer of approximately $4.6 million and $6.4 million , for the three months ended March 31, 2019 and 2018 , respectively. (2) During the three months ended March 31, 2019 and 2018 , the Company sold 137 and 168 REO properties for consideration of $27.8 million and $25.5 million , realizing net gains of approximately $1.4 million and $2.0 million , respectively. These amounts are included in Other Income, net on the Company’s consolidated statements of operations. ( b ) Derivative Instruments The Company’s derivative instruments are currently comprised of Swaps, the majority of which are designated as cash flow hedges against the interest rate risk associated with its borrowings. In addition, in connection with managing risks associated with purchases of longer duration Agency MBS, the Company has also entered into Swaps that are not designated as hedges for accounting purposes. The following table presents the fair value of the Company’s derivative instruments and their balance sheet location at March 31, 2019 and December 31, 2018 : March 31, 2019 December 31, 2018 Derivative Instrument (1) Designation Balance Sheet Location Notional Amount Fair Value Notional Amount Fair Value (In Thousands) Swaps Hedging Other assets $ 1,200,000 $ — $ 1,900,000 $ — Swaps Hedging Other liabilities $ 1,322,000 $ — $ 722,000 $ — Swaps Non-Hedging Other liabilities $ 465,000 $ — $ 595,000 $ — (1) Represents 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, 2019 and December 31, 2018 : (In Thousands) March 31, 2019 December 31, 2018 Agency MBS, at fair value $ 2,675 $ 2,735 Restricted cash 34,377 30,068 Total assets pledged against Swaps $ 37,052 $ 32,803 Swaps designated as hedges, or a portion thereof, could become ineffective in the future if the associated repurchase agreements that such derivatives hedge fail to exist or if expected payments under the Swaps fail to adequately offset expected payments under the repurchase agreements. At March 31, 2019 , all of the Company’s derivatives that were designated in a hedging relationship were deemed effective for hedging purposes. 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. During the three months ended March 31, 2019 , the Company de-designated and re-designated any Swaps previously designated as a hedge in order to benefit from the simplified assessment requirements under ASU 2017-12. This de-designation and re-designation had no net impact on the Company’s financial condition or results of operations. At March 31, 2019 , the Company had Swaps with an aggregate notional amount of $3.0 billion and extended 26 months on average with a maximum term of approximately 114 months . The following table presents information about the Company’s Swaps at March 31, 2019 and December 31, 2018 : March 31, 2019 December 31, 2018 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 $ 100,000 1.71 % 2.49 % $ — — % — % Over 30 days to 3 months — — — 100,000 1.71 2.50 Over 3 months to 6 months — — — 100,000 1.71 2.50 Over 12 months to 24 months 1,730,000 2.26 2.50 1,630,000 2.27 2.50 Over 24 months to 36 months 700,000 2.62 2.57 800,000 2.57 2.64 Over 48 months to 60 months 417,000 2.88 2.61 417,000 2.88 2.63 Over 84 months 40,000 2.95 2.64 170,000 3.00 2.66 Total Swaps $ 2,987,000 2.42 % 2.53 % $ 3,217,000 2.42 % 2.56 % (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. The following table presents the net impact of the Company’s derivative hedging instruments on its net interest expense and the weighted average interest rate paid and received for such Swaps for the three months ended March 31, 2019 and 2018 : Three Months Ended (Dollars in Thousands) 2019 2018 Interest income/(expense) attributable to Swaps $ 1,191 $ (2,832 ) Weighted average Swap rate paid 2.31 % 2.04 % Weighted average Swap rate received 2.49 % 1.60 % During the three months ended March 31, 2019 , the Company recorded net losses on Swaps not designated in hedging relationships of $8.9 million , which included a $7.8 million loss realized on the unwind of certain Swaps. This amount is included in Other income, net on the Company’s consolidated statements of operations. All of the Company’s Swaps were designated in hedging relationships during the three months ended March 31, 2018 . 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, 2019 and 2018 : Three Months Ended (In Thousands) 2019 2018 AOCI from derivative hedging instruments: Balance at beginning of period $ 3,121 $ (11,424 ) Net (loss)/gain on Swaps (10,445 ) 19,669 Amortization of de-designated hedging instruments, net (341 ) — Balance at end of period $ (7,665 ) $ 8,245

Repurchase Agreements

Repurchase Agreements	3 Months Ended
	Mar. 31, 2019
Disclosure of Repurchase Agreements [Abstract]
Repurchase Agreements	Repurchase Agreements The Company’s repurchase agreements are accounted for as secured borrowings and bear interest that is generally LIBOR-based. (See Notes 2 ( k ) and 7 ) At March 31, 2019 , the Company’s borrowings under repurchase agreements had a weighted average remaining term-to-interest rate reset of 28 days and an effective repricing period of 5 months , including the impact of related Swaps. At December 31, 2018 , the Company’s borrowings under repurchase agreements had a weighted average remaining term-to-interest rate reset of 31 days and an effective repricing period of 8 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, 2019 and December 31, 2018 : (Dollars in Thousands) March 31, December 31, Repurchase agreement borrowings secured by Agency MBS $ 2,353,173 $ 2,384,357 Fair value of Agency MBS pledged as collateral under repurchase agreements $ 2,524,612 $ 2,572,597 Weighted average haircut on Agency MBS (1) 4.49 % 4.60 % Repurchase agreement borrowings secured by Legacy Non-Agency MBS $ 1,359,699 $ 1,447,585 Fair value of Legacy Non-Agency MBS pledged as collateral under repurchase agreements $ 1,782,770 $ 1,871,650 Weighted average haircut on Legacy Non-Agency MBS (1) 20.50 % 21.38 % Repurchase agreement borrowings secured by RPL/NPL MBS $ 1,009,331 $ 1,084,532 Fair value of RPL/NPL MBS pledged as collateral under repurchase agreements $ 1,285,524 $ 1,377,250 Weighted average haircut on RPL/NPL MBS (1) 21.23 % 21.31 % Repurchase agreements secured by CRT securities $ 338,827 $ 391,586 Fair value of CRT securities pledged as collateral under repurchase agreements $ 419,877 $ 480,315 Weighted average haircut on CRT securities (1) 19.49 % 20.01 % Repurchase agreements secured by residential whole loans (2) $ 2,746,804 $ 2,020,508 Fair value of residential whole loans pledged as collateral under repurchase agreements (3)(4) $ 3,321,187 $ 2,441,931 Weighted average haircut on residential whole loans (1) 15.54 % 16.55 % Repurchase agreements secured by MSR-related assets $ 647,535 $ 474,127 Fair value of MSR-related assets pledged as collateral under repurchase agreements $ 825,363 $ 611,807 Weighted average haircut on MSR-related assets (1) 21.35 % 21.88 % Repurchase agreements secured by other interest-earning assets $ 54,386 $ 76,419 Fair value of other interest-earning assets pledged as collateral under repurchase agreements $ 49,373 $ 81,494 Weighted average haircut on other interest-earning assets (1) 21.61 % 21.15 % (1) Haircut represents the percentage amount by which the collateral value is contractually required to exceed the loan amount. (2) Excludes $42,000 and $27,000 of unamortized debt issuance costs at March 31, 2019 and December 31, 2018 , respectively. (3) At March 31, 2019 and December 31, 2018 , includes Non-Agency MBS with an aggregate fair value of $27.0 million and $27.0 million , respectively, obtained in connection with the Company’s loan securitization transactions that are eliminated in consolidation. (4) At March 31, 2019 and December 31, 2018 , includes residential whole loans held at carrying value with an aggregate fair value of $2.5 billion and $1.7 billion and aggregate amortized cost of $2.4 billion and $1.6 billion , respectively and residential whole loans held at fair value with an aggregate fair value and amortized cost of $822.2 million and $738.6 million , respectively. In addition, the Company had cash pledged as collateral in connection with its repurchase agreements of $7.6 million and $6.7 million at March 31, 2019 and December 31, 2018 , 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, 2019 and December 31, 2018 : March 31, 2019 December 31, 2018 Balance Weighted Average Interest Rate Balance Weighted Average Interest Rate Time Until Interest Rate Reset (Dollars in Thousands) Within 30 days $ 7,265,257 3.51 % $ 6,747,166 3.35 % Over 30 days to 3 months 669,143 2.97 368,857 3.10 Over 3 months to 12 months 575,355 4.18 763,091 4.18 Total repurchase agreements 8,509,755 3.52 % 7,879,114 3.42 % Less debt issuance costs 42 27 Total repurchase agreements less debt issuance costs $ 8,509,713 $ 7,879,087 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, 2019 , and does not reflect the impact of derivative contracts that hedge such repurchase agreements: March 31, 2019 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 $ — $ 1,929,331 $ 423,842 $ — $ — $ 2,353,173 Legacy Non-Agency MBS — 1,316,983 42,716 — — 1,359,699 RPL/NPL MBS — 964,103 45,228 — — 1,009,331 CRT securities — 314,095 24,732 — — 338,827 Residential whole loans — 2,219,985 — 526,819 — 2,746,804 MSR-related assets — 461,083 132,625 53,827 — 647,535 Other — 5,850 — 48,536 — 54,386 Total (1) $ — $ 7,211,430 $ 669,143 $ 629,182 $ — $ 8,509,755 Weighted Average Interest Rate — % 3.51 % 2.97 % 4.18 % — % 3.52 % (1) Excludes $42,000 of unamortized debt issuance costs at March 31, 2019 . Undrawn Financing Commitment In connection with the financing of MSR-related assets, the Company has obtained a financing commitment of up to $75.0 million , of which $53.8 million was utilized and was outstanding as of March 31, 2019 . The Company pays a commitment fee ranging from 0.125% to 0.5% of the undrawn amount, depending on the amount of financing utilized. The Company had repurchase agreement borrowings with 26 counterparties at both March 31, 2019 and December 31, 2018 , respectively. The following table presents information with respect to each counterparty under repurchase agreements for which the Company had greater than 5% of stockholders’ equity at risk in the aggregate at March 31, 2019 : March 31, 2019 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 $ 319,478 1 9.4 % RBC (4) AA-/Aa2/AA 232,698 1 6.8 Wells Fargo (5) A+/Aa2/AA- 208,655 0 6.1 Barclay’s Bank BBB/Aa3/A 197,793 2 5.8 Credit Suisse BBB+/Baa2/A- 180,963 1 5.3 (1) As rated at March 31, 2019 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 $187.4 million at risk with Goldman Sachs Bank USA and $132.1 million at risk with Goldman Sachs Lending Partners. (4) Includes $229.5 million at risk with RBC Barbados and $3.2 million at risk with RBC New York. Counterparty ratings are not published for RBC Barbados and RBS Capital Market LLC. (5) Includes $208.7 million at risk with Wells Fargo Bank, NA and approximately $1,000 at risk with Wells Fargo Securities LLC.

Collateral Positions

Collateral Positions	3 Months Ended
	Mar. 31, 2019
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 Company’s assets pledged as collateral are described in Notes 2 ( f ) - Restricted Cash, 5 ( b ) - Derivative Instruments and 6 - Repurchase Agreements. The total fair value of assets pledged as collateral with respect to the Company’s borrowings under repurchase agreements and derivative hedging instruments was $10.3 billion and $9.5 billion at March 31, 2019 and December 31, 2018 , respectively. An aggregate of $41.3 million and $33.1 million of accrued interest on those assets had also been pledged as of March 31, 2019 and December 31, 2018 , respectively.

Offsetting Assets and Liabiliti

Offsetting Assets and Liabilities	3 Months Ended
	Mar. 31, 2019
Offsetting [Abstract]
Offsetting Assets and Liabilities	Offsetting Assets and Liabilities 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. In the Company’s consolidated balance sheets, all balances associated with repurchase agreements are presented on a gross basis. The fair value of financial instruments pledged against the Company’s repurchase agreements was $10.2 billion and $9.4 billion at March 31, 2019 and December 31, 2018 , 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. The fair value of financial instruments pledged against the Company’s Swaps was $2.7 million at both March 31, 2019 and December 31, 2018 , respectively. In addition, cash that has been pledged as collateral against repurchase agreements and Swaps is reported as Restricted cash on the Company’s consolidated balance sheets. (See Notes 2( f ), 5( b ) and 6 )

Other Liabilities

Other Liabilities	3 Months Ended
	Mar. 31, 2019
Other Liabilities [Abstract]
Other Liabilities	Other Liabilities The following table presents the components of the Company’s Other liabilities at March 31, 2019 and December 31, 2018 : (In Thousands) March 31, 2019 December 31, 2018 Securitized debt (1) $ 659,184 $ 684,420 Senior Notes 96,827 96,816 Dividends and dividend equivalents payable 90,353 90,198 Accrued interest payable 16,951 16,280 Payable for unsettled residential whole loans purchases — 211,129 Accrued expenses and other 24,054 26,296 Total Other Liabilities $ 887,369 $ 1,125,139 (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, 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 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, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies ( a ) Lease Commitments The Company pays monthly rent pursuant to two office leases. In November 2018, the Company amended the lease for its corporate headquarters in New York, New York, under the same terms and conditions, to extend the expiration date for the lease by up to one year, through June 30, 2021, with a mutual option to terminate in February 2021. For the three months ended March 31, 2019 , the Company recorded expense of approximately $622,000 in connection with the lease for its current corporate headquarters. In addition, in November 2018, the Company executed a lease agreement on new office space in New York, New York. The Company plans to relocate its corporate headquarters to this new office space upon the substantial completion of the building. The lease term specified in the agreement is fifteen years with an option to renew for an additional five years . The Company’s current estimate of annual lease rental expense under the new lease, excluding escalation charges which at this point are unknown, is approximately $4.6 million . The Company currently expects to relocate to the space in the fourth quarter of 2020, but this timing as well as when it is required to begin making payments and recognize rental and other expenses under the new lease, is dependent on when the space is actually available for use. ( b ) Representations and Warranties in Connection with Loan Securitization Transactions In connection with the loan securitization transactions entered into by the Company, 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, 2019 , 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. (See Note 15 ) ( c ) Corporate Loan The Company has participated in a loan to provide financing to an entity that originates loans and owns MSRs, as well as certain other unencumbered assets owned by the borrower. Under the terms of the participation agreement, the Company has committed to lend $100.0 million of which approximately $71.8 million was drawn at March 31, 2019 . (See Note 3 ) ( d ) Rehabilitation Loan Commitments At March 31, 2019 , the Company had unfunded commitments of $53.5 million in connection with its purchased Rehabilitation loans. (See Note 4)

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2019
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. 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, 2019 through March 31, 2019 : Declaration Date Record Date Payment Date Dividend Per Share February 15, 2019 March 3, 2019 March 29, 2019 $ 0.46875 ( b ) Dividends on Common Stock The following table presents cash dividends declared by the Company on its common stock from January 1, 2019 through March 31, 2019 : Declaration Date (1) Record Date Payment Date Dividend Per Share March 6, 2019 March 29, 2019 April 30, 2019 $ 0.20 (1) (1) At March 31, 2019 , the Company had accrued dividends and dividend equivalents payable of $90.4 million related to the common stock dividend declared on March 6, 2019 . ( c ) Public Offering of Common 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, 2018 : Share Issue Date Shares Issued Gross Proceeds Per Share Gross Proceeds (In Thousands, Except Per Share Amounts) August 7, 2018 50,875 (1) $7.78 $395,807 (1) (1) Includes approximately 875,000 shares issued on September 5, 2018 pursuant to the exercise of the underwriters’ option to purchase additional shares. The Company incurred approximately $6.4 million 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, 2019 , approximately 11.7 million shares of common stock remained available for issuance pursuant to the DRSPP shelf registration statement. During the three months ended March 31, 2019 , the Company issued 74,463 shares of common stock through the DRSPP, raising net proceeds of approximately $545,000 . From the inception of the DRSPP in September 2003 through March 31, 2019 , the Company issued 34,130,343 shares pursuant to the DRSPP, raising net proceeds of $284.7 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, 2019 . At March 31, 2019 , 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, 2019 : Three Months Ended (In Thousands) Net Unrealized Gain/(Loss) on AFS Securities Net Gain/(Loss) on Swaps Total AOCI Balance at beginning of period $ 417,167 $ 3,121 $ 420,288 OCI before reclassifications 22,103 (10,445 ) 11,658 Amounts reclassified from AOCI (1) (17,009 ) (341 ) (17,350 ) Net OCI during the period (2) 5,094 (10,786 ) (5,692 ) Balance at end of period $ 422,261 $ (7,665 ) $ 414,596 (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, 2018 : Three Months Ended (In Thousands) Net Unrealized Gain/(Loss) on AFS Securities Net Gain/(Loss) 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 information about the significant amounts reclassified out of the Company’s AOCI for the three months ended March 31, 2019 : 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 $ (17,009 ) Net realized gain on sales of residential mortgage securities Total AFS Securities $ (17,009 ) Swaps designated as cash flow hedges: Amortization of de-designated hedging instruments (341 ) Other, net Total Swaps designated as cash flow hedges $ (341 ) Total reclassifications for period $ (17,350 ) 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 realized gain on sales of residential mortgage securities Total AFS Securities $ (8,623 ) Total reclassifications for period $ (8,623 ) 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, 2019 and had $224,000 unrealized losses recorded in AOCI at December 31, 2018 .

EPS Calculation

EPS Calculation	3 Months Ended
	Mar. 31, 2019
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, 2019 and 2018 : Three Months Ended (In Thousands, Except Per Share Amounts) 2019 2018 Numerator: Net income $ 88,857 $ 83,395 Dividends declared on preferred stock (3,750 ) (3,750 ) Dividends, dividend equivalents and undistributed earnings allocated to participating securities (256 ) (219 ) Net income to common stockholders - basic and diluted $ 84,851 $ 79,426 Denominator: Weighted average common shares for basic and diluted earnings per share (1) 450,358 398,317 Basic and diluted earnings per share $ 0.19 $ 0.20 (1) At March 31, 2019 , the Company had approximately 2.4 million equity instruments outstanding that were not included in the calculation of diluted EPS for the three months ended March 31, 2019 , 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 $7.49 . 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, 2019
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, 2019 , approximately 4.0 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, 2019 are designated to be settled in shares of the Company’s common stock. The Company granted 752,500 and 692,500 RSUs during the three months ended March 31, 2019 and 2018 , respectively. There were 20,000 RSUs forfeited during each of the three months ended March 31, 2019 and March 31, 2018 . All RSUs outstanding at March 31, 2019 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, 2019 and December 31, 2018 , the Company had unrecognized compensation expense of $9.3 million and $5.2 million , respectively, related to RSUs. The unrecognized compensation expense at March 31, 2019 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, 2019 and 2018 . At March 31, 2019 , 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, as the Compensation Committee of the Board shall determine in its discretion. Payments made on the Company’s outstanding dividend equivalent rights are generally charged to Stockholders’ Equity when common stock dividends are declared to the extent that such equivalents are expected to vest. The Company did no t make any payments in respect of such instruments during the three months ended March 31, 2019 and 2018 . . 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, 2019 and 2018 : Three Months Ended (In Thousands) 2019 2018 RSUs $ 998 $ 553 Total $ 998 $ 553 ( b ) Employment Agreements At March 31, 2019 , 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 the three months ended March 31, 2019 and 2018 : Three Months Ended (In Thousands) 2019 2018 Non-employee directors $ 286 $ (49 ) Total $ 286 $ (49 ) The following table presents the aggregate amount of income deferred by participants of the Deferred Plans through March 31, 2019 and December 31, 2018 that had not been distributed and the Company’s associated liability for such deferrals at March 31, 2019 and December 31, 2018 : March 31, 2019 December 31, 2018 (In Thousands) Undistributed Income Deferred (1) Liability Under Deferred Plans Undistributed Income Deferred (1) Liability Under Deferred Plans Non-employee directors $ 2,311 $ 2,705 $ 2,263 $ 2,417 Total $ 2,311 $ 2,705 $ 2,263 $ 2,417 (1) Represents the cumulative amounts that were deferred by participants through March 31, 2019 and December 31, 2018 , 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 each of the three months ended March 31, 2019 and 2018 , the Company recognized expenses for matching contributions of $104,000 .

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2019
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments GAAP requires the categorization of fair value measurements into three broad levels that form a hierarchy. 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. Residential Mortgage 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. 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. The valuation approach applied generally depends on whether the loan is considered performing or non-performing at the date the valuation is performed. For performing loans, estimates of fair value are derived using a discounted cash flow approach, where estimates of cash flows are determined from the scheduled payments, adjusted using forecasted prepayment, default and loss given default rates. For non-performing loans, asset liquidation cash flows are derived based on the estimated time to liquidate the loan, expected costs and home price appreciation. Estimated cash flows for both performing and non-performing loans are discounted at yields considered appropriate to arrive at a reasonable exit price for the asset. Indications of loan value such as actual trades, bids, offers and generic market color may be used in determining the appropriate discount yield. The Company’s residential whole loans held at fair value are classified as Level 3 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 obtaining market quotes from a third-party pricing service. 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, as applicable, 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, due to the relative illiquidity of the market, these securities are classified as Level 3 in the fair value hierarchy. Swaps 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 the 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, 2019 and December 31, 2018 , on the consolidated balance sheets by the valuation hierarchy, as previously described: Fair Value at March 31, 2019 (In Thousands) Level 1 Level 2 Level 3 Total Assets: Agency MBS $ — $ 2,546,597 $ — $ 2,546,597 Non-Agency MBS — 3,099,272 — 3,099,272 CRT securities — 423,702 — 423,702 Residential whole loans, at fair value — — 1,512,337 1,512,337 Term notes backed by MSR-related collateral — — 753,594 753,594 Total assets carried at fair value $ — $ 6,069,571 $ 2,265,931 $ 8,335,502 Fair Value at December 31, 2018 (In Thousands) Level 1 Level 2 Level 3 Total Assets: Agency MBS $ — $ 2,698,213 $ — $ 2,698,213 Non-Agency MBS — 3,318,299 — 3,318,299 CRT securities — 492,821 — 492,821 Residential whole loans, at fair value — — 1,665,978 1,665,978 Term notes backed by MSR-related collateral — — 538,499 538,499 Total assets carried at fair value $ — $ 6,509,333 $ 2,204,477 $ 8,713,810 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, 2019 and 2018 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) 2019 2018 Balance at beginning of period $ 1,471,263 $ 1,325,115 Purchases and capitalized advances (1) 130,089 311,125 Changes in fair value recorded in Net gain on residential whole loans measured at fair value through earnings (1,060 ) 13,747 Collection of principal, net of liquidation gains/losses (31,751 ) (46,683 ) Repurchases (318 ) (194 ) Transfer to REO (55,886 ) (47,490 ) Balance at end of period $ 1,512,337 $ 1,555,620 (1) Included in the activity presented for the three months ended March 31, 2019 is an adjustment of $70.6 million for loans the Company committed to purchase during the three months ended December 31, 2018, but for which the closing of the purchase transaction occurred during the three months ended March 31, 2019 . The adjustment was required following the finalization of due diligence performed prior to the closing of the purchase transaction and resulted in a downward revision to the prior estimate of the loan purchase amount. The following table presents additional information for the three months ended March 31, 2019 and 2018 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) 2019 2018 Balance at beginning of period $ 538,499 $ 381,804 Purchases 219,166 100,000 Collection of principal (4,584 ) (150,000 ) Changes in unrealized gain/losses 513 236 Balance at end of period $ 753,594 $ 332,040 The Company did not transfer any assets or liabilities from one level to another during the three months ended March 31, 2019 and 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, 2019 and December 31, 2018 : March 31, 2019 (Dollars in Thousands) Fair Value (1) Valuation Technique Unobservable Input Weighted Average (2) Range Residential whole loans, at fair value $ 744,578 Discounted cash flow Discount rate 5.2 % 4.5-8.0% Prepayment rate 4.9 % 0.9-16.7% Default rate 4.2 % 0.0-24.1% Loss severity 12.8 % 0.0-100.0% $ 641,522 Liquidation model Discount rate 8.1 % 6.1-50.0% Annual change in home prices 3.5 % 0.0-8.6% Liquidation timeline (in years) 1.8 0.1-4.5 Current value of underlying properties (3) $ 741 $2-$5,450 Total $ 1,386,100 December 31, 2018 (Dollars in Thousands) Fair Value (1) Valuation Technique Unobservable Input Weighted Average (2) Range Residential whole loans, at fair value $ 700,250 Discounted cash flow Discount rate 5.2 % 4.5-8.0% Prepayment rate 4.8 % 0.9-15.9% Default rate 4.1 % 0.0-24.1% Loss severity 12.9 % 0.0-100.0% $ 683,252 Liquidation model Discount rate 8.0 % 6.1-50.0% Annual change in home prices 3.5 % (0.5)-12.2% Liquidation timeline (in years) 1.8 0.1-4.5 Current value of underlying properties (3) $ 802 $2-$7,950 Total $ 1,383,502 (1) Excludes approximately $126.2 million and $282.5 million of loans for which management considers the purchase price continues to reflect the fair value of such loans at March 31, 2019 and December 31, 2018 , 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 $362,000 and $400,000 as of March 31, 2019 and December 31, 2018 , respectively. The following table presents the carrying values and estimated fair values of the Company’s financial instruments at March 31, 2019 and December 31, 2018 : March 31, 2019 December 31, 2018 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value (In Thousands) Financial Assets: Agency MBS $ 2,546,597 $ 2,546,597 $ 2,698,213 $ 2,698,213 Non-Agency MBS 3,099,272 3,099,272 3,318,299 3,318,299 CRT securities 423,702 423,702 492,821 492,821 Residential whole loans, at carrying value 3,724,146 3,816,290 3,016,715 3,104,401 Residential whole loans, at fair value 1,512,337 1,512,337 1,665,978 1,665,978 MSR-related assets 825,363 825,363 611,807 611,807 Cash and cash equivalents 76,579 76,579 51,965 51,965 Restricted cash 41,999 41,999 36,744 36,744 Financial Liabilities (1) : Repurchase agreements 8,509,713 8,527,163 7,879,087 7,895,672 Securitized debt 659,184 659,804 684,420 680,209 Senior Notes 96,827 102,591 96,816 99,951 (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 42 - 46 , 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 generally determines the fair value of its residential whole loans held at carrying value using the same approach applied for residential whole loans held at fair value. Given the short duration of the Company’s Rehabilitation loans, these investments are determined to have a carrying value which approximates fair value. 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, 2019 and December 31, 2018 , 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 and are classified as Level 1 in the fair value hierarchy. Corporate Loans: The Company determines the fair value of its Corporate loans, included in MSR-related assets along with the term notes, 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 Corporate loans are 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, 2019 and December 31, 2018 , the Company’s REO had an aggregate carrying value of $290.6 million and $249.4 million , and an aggregate estimated fair value of $320.0 million and $273.4 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, 2019
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 a 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 ( r ) 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 primarily for the purpose of obtaining improved overall financing terms as well as non-recourse financing on a portion of its residential whole loan portfolio. 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 The following table summarizes the key details of the Company’s loan securitization transactions as of March 31, 2019 and December 31, 2018 : (Dollars in Thousands) March 31, 2019 December 31, 2018 Aggregate unpaid principal balance of residential whole loans sold $ 1,290,029 $ 1,290,029 Face amount of Senior Bonds issued by the VIE and purchased by third-party investors $ 802,817 $ 802,817 Outstanding amount of Senior Bonds $ 659,184 (1) $ 684,420 (1) Weighted average fixed rate for Senior Bonds issued 3.66 % (2) 3.66 % (2) Weighted average contractual maturity of Senior Bonds 30 years (2) 31 years (2) Face amount of Senior Support Certificates received by the Company (3) $ 275,174 $ 275,174 Cash received $ 802,815 $ 802,815 (1) Net of $3.6 million and $3.8 million of deferred financing costs at March 31, 2019 and December 31, 2018 , respectively. (2) At March 31, 2019 and December 31, 2018 , $563.2 million and $582.8 million , respectively, of Senior Bonds sold in securitization transactions contained 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. (3) Provides credit support to the Senior Bonds sold to third-party investors in the securitization transactions. As of March 31, 2019 and December 31, 2018 , as a result of the transactions described above, securitized loans with a carrying value of approximately $202.7 million and $209.4 million are included in “Residential whole loans, at carrying value,” securitized loans with a fair value of approximately $647.0 million and $694.7 million are included in “Residential whole loans, at fair value,” and REO with a carrying value approximately $102.5 million and $79.0 million are included in “Other assets” on the Company’s consolidated balance sheets, respectively. As of March 31, 2019 and December 31, 2018 , the aggregate carrying value of Senior Bonds issued by consolidated VIEs was $659.2 million and $684.4 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. Residential Whole Loans and REO (including Residential Whole Loans and REO transferred to consolidated VIEs) Included on the Company’s consolidated balance sheets as of March 31, 2019 and December 31, 2018 are a total of $5.2 billion and $4.7 billion of residential whole loans, of which approximately $3.7 billion and $3.0 billion are reported at carrying value and $1.5 billion and $1.7 billion are reported at fair value, respectively. In addition, at March 31, 2019 and December 31, 2018 , the Company had REO with an aggregate carrying value of $290.6 million and $249.4 million , and an aggregate estimated fair value of $320.0 million and $273.4 million , respectively. These assets are directly owned by certain trusts established by the Company to acquire the loans and entities established in connection with the Company’s loan securitization transactions. The Company has assessed that these entities are required to be consolidated. (See Notes 4 and 5 ( a ))

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2019
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, 2018 . In the opinion of management, all normal and recurring adjustments necessary to present fairly the financial condition of the Company at March 31, 2019 and results of operations for all periods presented have been made. The results of operations for the three months ended March 31, 2019 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 mortgage-backed securities (“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 ( o )) Actual results could differ from those estimates. The Company has one reportable segment as it manages its business and analyzes and reports its results of operations on the basis of one operating segment; investing, on a leveraged basis, in residential mortgage assets. The consolidated financial statements of the Company include the accounts of all subsidiaries; all intercompany accounts and transactions have been eliminated. In addition, the Company consolidates entities established to facilitate transactions related to the acquisition and securitization of residential whole loans completed in prior years. Certain prior period amounts have been reclassified to conform to the current period presentation.
Residential Mortgage Securities	Residential Mortgage 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 or sponsored 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 dependent on the performance of loans in either a reference pool or an actual pool of loans. As the loans in the underlying pool are paid, the principal balance of the CRT securities is paid. As an investor in a CRT security, the Company may incur a principal loss if the performance of the actual or reference pool loans results in either an actual or calculated loss that exceeds the credit enhancement of the security owned by the Company. Designation MBS that the Company generally intends to hold until maturity, but that it may sell from time to time as part of the overall management of its business, are designated as “available-for-sale” (“AFS”). Such MBS 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 Agency MBS that it does not intend to hold to maturity. These 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. 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 Residential Mortgage Securities In determining the fair value of the Company’s residential mortgage 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 impairment 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, which may not be adjusted for subsequent recoveries in fair value through earnings. However, OTTIs recognized through charges to earnings may, upon recovery, 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 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 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 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 residential mortgage 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.
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 primarily comprised of pools of fixed and adjustable rate residential mortgage loans acquired through consolidated trusts in secondary market transactions. 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 for Purchased Credit Impaired Loans that are held at carrying value is typically utilized by the Company for Purchased Credit Impaired Loans where the underlying borrower has a delinquency status of less than 60 days at the acquisition date. The Company also acquires Purchased Performing Loans that are typically held at carrying value, but the accounting methods for income recognition and determination and measurement of any required loan loss reserves (as discussed below) differ from those used for Purchased Credit Impaired Loans held at carrying value. The accounting model described below for residential whole loans held 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 Purchased Performing Loans Acquisitions of Purchased Performing Loans to date have been primarily comprised of: (i) loans to finance (or refinance) one-to-four family residential properties that are not considered to meet the definition of a “Qualified Mortgage” in accordance with guidelines adopted by the Consumer Financial Protection Bureau (“Non-QM loans”), (ii) short-term business purpose loans collateralized by residential properties made to non-occupant borrowers who intend to rehabilitate and sell the property for a profit (“Rehabilitation loans” or “Fix and Flip loans”), (iii) loans to finance (or refinance) non-owner occupied one-to four-family residential properties that are rented to one or more tenants (“Single-family rental loans”), and (iv) previously originated loans secured by residential real estate that is generally owner occupied (“Seasoned performing loans”). Purchased Performing Loans are initially recorded at their purchase price. Interest income on Purchased Performing Loans acquired at par is accrued based on each loan’s current interest bearing balance and current interest rate, net of related servicing costs. Interest income on such loans purchased at a premium/discount to par is recorded each period based on the contractual coupon net of any amortization of premium or accretion of discount, adjusted for actual prepayment activity. For loans acquired with related servicing rights retained by the seller, interest income is reported net of related serving costs. An allowance for loan losses is recorded when, based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the existing contractual terms of the loan agreement. Any required loan loss allowance would typically be measured based on the fair value of the collateral securing the loan and would reduce the carrying value of the loan with a corresponding charge to earnings. Significant judgments are required in determining any allowance for loan loss, including assumptions regarding the loan cash flows expected to be collected, the value of the underlying collateral and the ability of the Company to collect on any other forms of security, such as a personal guaranty provided either by the borrower or an affiliate of the borrower. Income recognition is suspended for loans at the earlier of the date at which payments become 90 days past due or when, in the opinion of management, a full recovery of income and principal becomes doubtful. When the ultimate collectability of the principal of an impaired loan is in doubt, all payments are applied to principal under the cost recovery method. When the ultimate collectability of the principal of an impaired loan is not in doubt, interest income is recorded under the cash basis method as interest payments are received. Interest accruals are resumed when the loan becomes contractually current and performance is demonstrated to be resumed. A loan is written off when it is no longer realizable and/or it is legally discharged. Purchased Credit Impaired Loans The Company has elected to account for these loans as credit impaired as they were acquired at discounted prices that reflect, in part, the impaired credit history of the borrower. Substantially all of these loans have previously experienced payment delinquencies and the amount owed 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 Purchased 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 loan 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 Purchased 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 the 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 measured at fair value through earnings on the Company’s consolidated statements of operations. Cash received representing coupon payments on residential whole loans held at fair value is not included in Interest Income, but rather is included in Net gain on residential whole loans measured at fair value through earnings 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 unrealized gains or losses reported each period.
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 treated as AFS securities and 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.
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). The Company did not hold any cash pledged by its counterparties at March 31, 2019 and December 31, 2018 .
Restricted Cash	Restricted Cash Restricted cash represents the Company’s cash held by its counterparties in connection with certain of the Company’s Swaps and/or repurchase agreements that is not available to the Company for general corporate purposes. Restricted cash may be applied against amounts due to repurchase agreement and/or Swap counterparties, or may be returned to the Company when the related collateral requirements are exceeded or at the maturity of the Swaps and/or repurchase agreement.
Goodwill	Goodwill At March 31, 2019 and December 31, 2018 , 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, which is no longer subject to amortization, is tested for impairment at least annually, or more frequently under certain circumstances, at the entity level. Through March 31, 2019 , 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	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, in an amount which is equal 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 assets 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 assets 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 on 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 in prior periods 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.
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. Beginning in 2014, the Company has made annual grants of restricted stock units (“RSUs”) certain of which cliff vest after a three -year period, subject only to continued employment, and others of which cliff vest after a three -year period, subject to both continued employment and the achievement of certain performance criteria based on a formula tied to the Company’s achievement of average total shareholder return during that three -year period, as well as the total shareholder return (“TSR”) of the Company relative to the TSR of a group of peer companies (over the three-year period) selected by the Compensation Committee of the Company’s Board of Directors (the “Compensation Committee”) at the date of grant. The features in these awards related to the attainment of total shareholder 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 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 (i) do not or are not expected to vest and (ii) 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% of its REIT ordinary income for such year, (ii) 95% of its REIT capital gain income for such year, and (iii) any undistributed taxable income from prior periods, the Company would be subject to a 4% nondeductible excise tax on the excess of the required distribution over the amounts actually distributed. To the extent that the Company incurs interest, penalties or related excise taxes in connection with its tax obligations, including as a result of its assessment of uncertain tax positions, such amounts will be included in Operating and Other Expense on the Company’s consolidated statements of operations. In addition, the Company has elected to treat certain of its subsidiaries as a TRS. In general, a TRS may hold assets and engage in activities that the Company cannot hold or engage in directly and generally may engage in any real estate or non-real estate-related business. Generally, a domestic TRS is subject to U.S. federal, state and local corporate income taxes. Since a portion of the Company’s business is conducted through one or more TRS, its net taxable income earned by its domestic TRS, if any, is 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 net deferred tax benefit was recorded by the Company for the three months ended March 31, 2019 and 2018 , related to the net taxable losses in the TRS, since a valuation allowance for the full amount of the associated deferred tax asset of approximately $22.9 million was recognized as its recovery is not considered more likely than not. The related net operating loss carryforwards generated prior to 2018 will begin to expire in 2034; those generated in 2019 do not expire. 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, 2019 , December 31, 2018 , or March 31, 2018 . The Company’s tax returns for tax years 2015 through 2017 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, the majority 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 the 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 the fair value of the Swap. 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. Periodic payments accrued in connection with Swaps designated as hedges are included in interest expense, and are treated as an operating cash flow. 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. (See Notes 5 ( b ), 7 and 14 ) Changes in the fair value of the Company’s Swaps not designated in hedging transactions are recorded in Other income, net on the Company’s consolidated statement of operations.
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, Agency MBS and CRT securities at the time of acquisition. Subsequent changes in the fair value of these financial instruments are reported in Other income, net, in 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 the 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) the holders of the equity investment at risk 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 forming entities 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 are 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 the 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 2019 Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement In August 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2018-13, Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurements (“ASU 2018-13”). The amendments in ASU 2018-13 eliminate, add and modify certain disclosure requirements for fair value measurements as part of the FASB’s disclosure framework project, which aims to improve the effectiveness of disclosures in the notes to financial statements by focusing on requirements that are the most important to the users. The Company early adopted ASU 2018-13 effective on January 1, 2019 and its adoption did not have a significant impact on its financial position or financial statement disclosures. Compensation - Stock Compensation - Improvements to Nonemployee Share-Based Payment Accounting In June 2018, the FASB issued ASU 2018-07, Improvements to Nonemployee Share-Based Payment Accounting (“ASU 2018-07”). The amendments in this ASU simplify the accounting for share-based payments to nonemployees by aligning it with the accounting for share-based payments to employees, with certain exceptions. The amendments in ASU 2018-07 do not change existing guidance on accounting for share-based payment transactions for employees. The Company adopted ASU 2018-07 on January 1, 2019 and its adoption did not have a significant impact on its financial position or financial statement disclosures. Derivatives and Hedging - Targeted Improvements to Accounting for Hedging Activities In August 2017, the FASB issued ASU 2017-12, Targeted Improvements to Accounting for Hedging Activities (“ASU 2017-12”). The amendments in this ASU expand an entity’s ability to hedge non-financial and financial risk components and reduce complexity in fair value hedges of interest rate risk. The new guidance eliminates the requirement to separately measure and report hedge ineffectiveness and requires the entire change in the fair value of a hedging instrument to be presented in the same income statement line as the hedged item. ASU 2017-12 also simplifies certain documentation and assessment requirements and modifies the accounting for components excluded from the assessment of hedge effectiveness. The Company adopted ASU 2017-12 on January 1, 2019 and its adoption did not have a significant impact on its financial statements or financial statement disclosures. Receivables - Nonrefundable Fees and Other Costs In March 2017, the FASB issued ASU 2017-08, Premium Amortization on Purchased Callable Debt Securities (“ASU 2017-08”). The amendments in this ASU shorten the amortization period for certain purchased callable debt securities held at a premium to the earliest call date. The Company adopted ASU 2017-08 on January 1, 2019 and its adoption did not have a significant impact on its financial statements or financial statement disclosures. Leases In February 2016, the FASB issued ASU 2016-02, Leases (“ASU 2016-02”). The amendments in this ASU establish a right-of-use model that requires a lessee to record a right-of-use asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. The Company’s significant lease contracts are discussed in Note 10 ( a ) of the consolidated financial statements. The Company adopted ASU 2016-02 on January 1, 2019 and, given the relatively limited nature and extent of lease financing transactions that the Company has entered into, its adoption did not have a material impact on its financial position or financial statement disclosures.

Residential Mortgage Securiti_2

Residential Mortgage Securities and MSR-Related Assets (Tables)	3 Months Ended
	Mar. 31, 2019
Investments, Debt and Equity Securities [Abstract]
Schedule of information about MBS and CRT Securities	The following tables present certain information about the Company’s residential mortgage securities at March 31, 2019 and December 31, 2018 : March 31, 2019 (In Thousands) Principal/ Current Face Purchase Premiums Accretable Purchase Discounts Discount Designated as Credit Reserve and OTTI (1) Amortized Cost (2) Gross Unrealized Gains Gross Unrealized Losses Net Unrealized Gain/(Loss) Fair Value Agency MBS: (3) Fannie Mae $ 1,594,136 $ 61,287 $ (24 ) $ — $ 1,655,399 $ 11,697 $ (25,881 ) $ (14,184 ) $ 1,641,215 Freddie Mac 871,714 35,450 — — 907,687 2,635 (9,631 ) (6,996 ) 900,691 Ginnie Mae 4,566 84 — — 4,650 41 — 41 4,691 Total Agency MBS 2,470,416 96,821 (24 ) — 2,567,736 14,373 (35,512 ) (21,139 ) 2,546,597 Non-Agency MBS: Expected to Recover Par (4)(5) 1,424,461 9 (20,410 ) — 1,404,060 21,802 (1,602 ) 20,200 1,424,260 Expected to Recover Less than Par (4) 1,861,227 — (109,737 ) (501,619 ) 1,249,871 425,519 (378 ) 425,141 1,675,012 Total Non-Agency MBS (6) 3,285,688 9 (130,147 ) (501,619 ) 2,653,931 447,321 (1,980 ) 445,341 3,099,272 Total MBS 5,756,104 96,830 (130,171 ) (501,619 ) 5,221,667 461,694 (37,492 ) 424,202 5,645,869 CRT securities (7) 406,338 7,519 (15 ) — 413,842 11,646 (1,786 ) 9,860 423,702 Total MBS and CRT securities $ 6,162,442 $ 104,349 $ (130,186 ) $ (501,619 ) $ 5,635,509 $ 473,340 $ (39,278 ) $ 434,062 $ 6,069,571 December 31, 2018 (In Thousands) Principal/ Current Face Purchase Premiums Accretable Purchase Discounts Discount Designated as Credit Reserve and OTTI (1) Amortized Cost (2) Gross Unrealized Gains Gross Unrealized Losses Net Unrealized Gain/(Loss) Fair Value Agency MBS: (3) Fannie Mae $ 1,716,340 $ 65,930 $ (24 ) $ — $ 1,782,246 $ 12,107 $ (32,321 ) $ (20,214 ) $ 1,762,032 Freddie Mac 909,561 36,991 — — 947,588 907 (17,177 ) (16,270 ) 931,318 Ginnie Mae 4,729 87 — — 4,816 47 — 47 4,863 Total Agency MBS 2,630,630 103,008 (24 ) — 2,734,650 13,061 (49,498 ) (36,437 ) 2,698,213 Non-Agency MBS: Expected to Recover Par (4)(5) 1,536,485 40 (21,725 ) — 1,514,800 20,520 (7,620 ) 12,900 1,527,700 Expected to Recover Less than Par (4) 2,002,319 — (133,300 ) (516,116 ) 1,352,903 438,465 (769 ) 437,696 1,790,599 Total Non-Agency MBS (6) 3,538,804 40 (155,025 ) (516,116 ) 2,867,703 458,985 (8,389 ) 450,596 3,318,299 Total MBS 6,169,434 103,048 (155,049 ) (516,116 ) 5,602,353 472,046 (57,887 ) 414,159 6,016,512 CRT securities (7) 476,744 9,321 107 — 486,172 12,545 (5,896 ) 6,649 492,821 Total MBS and CRT securities $ 6,646,178 $ 112,369 $ (154,942 ) $ (516,116 ) $ 6,088,525 $ 484,591 $ (63,783 ) $ 420,808 $ 6,509,333 (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, 2019 reflect Credit Reserve of $489.1 million and OTTI of $12.5 million . Amounts disclosed at December 31, 2018 reflect Credit Reserve of $503.3 million and OTTI of $12.8 million . (2) Includes principal payments receivable of $524,000 and $1.0 million at March 31, 2019 and December 31, 2018 , respectively, which are not included in the Principal/Current Face. (3) Amounts disclosed at March 31, 2019 and December 31, 2018 include Agency MBS with a fair value of $714.7 million and $736.5 million , respectively, for which the fair value option has been elected. Such securities had gross unrealized gains of $2.7 million and no unrealized losses at March 31, 2019 , and no unrealized gains and gross unrealized losses of approximately $3.3 million at December 31, 2018 , respectively. (4) Based on management ’ s current estimates of future principal cash flows expected to be received. (5) Includes RPL/NPL MBS, which at March 31, 2019 had a $1.3 billion Principal/Current face, $1.3 billion amortized cost and $1.3 billion fair value. At December 31, 2018 , RPL/NPL MBS had a $1.4 billion Principal/Current face, $1.4 billion amortized cost and $1.4 billion fair value. (6) At March 31, 2019 and December 31, 2018 , the Company expected to recover approximately 85% and 85% of the then-current face amount of Non-Agency MBS, respectively. (7) Amounts disclosed at March 31, 2019 includes CRT securities with a fair value of $403.3 million for which the fair value option has been elected. Such securities had gross unrealized gains of approximately $11.4 million and gross unrealized losses of approximately $1.8 million at March 31, 2019 . Amounts disclosed at December 31, 2018 includes CRT securities with a fair value of $477.4 million for which the fair value option has been elected. Such securities had gross unrealized gains of approximately $12.5 million and gross unrealized losses of approximately $5.6 million at December 31, 2018 .
Schedule of information about MBS and CRT Securities that were in an unrealized loss position	The following table presents information about the Company’s residential mortgage securities that were in an unrealized loss position at March 31, 2019 : 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 $ 99,955 $ 858 52 $ 860,036 $ 25,023 303 $ 959,991 $ 25,881 Freddie Mac 242 1 1 277,334 9,630 126 277,576 9,631 Total Agency MBS 100,197 859 53 1,137,370 34,653 429 1,237,567 35,512 Non-Agency MBS: Expected to Recover Par (1) 290,671 636 5 91,257 966 4 381,928 1,602 Expected to Recover Less than Par (1) 13,382 316 8 2,009 62 1 15,391 378 Total Non-Agency MBS 304,053 952 13 93,266 1,028 5 397,319 1,980 Total MBS 404,250 1,811 66 1,230,636 35,681 434 1,634,886 37,492 CRT securities (2) 136,760 1,786 33 — — — 136,760 1,786 Total MBS and CRT securities $ 541,010 $ 3,597 99 $ 1,230,636 $ 35,681 434 $ 1,771,646 $ 39,278 (1) Based on management’s current estimates of future principal cash flows expected to be received. (2) Amounts disclosed at March 31, 2019 include CRT securities with a fair value of $136.8 million for which the fair value option has been elected. Such securities had unrealized losses of $1.8 million at March 31, 2019 .
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) 2019 2018 Credit loss component of OTTI at beginning of period $ 39,596 $ 38,337 Additions for credit related OTTI not previously recognized — — Subsequent additional credit related OTTI recorded — — Credit loss component of OTTI at end of period $ 39,596 $ 38,337
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, 2019 and 2018 : Three Months Ended Three Months Ended (In Thousands) Discount Accretable (1) Discount Accretable Discount (1) Balance at beginning of period $ (516,116 ) $ (155,025 ) $ (593,227 ) $ (215,325 ) Impact of RMBS Issuer Settlement (2) — (855 ) — — Accretion of discount — 13,307 — 17,216 Realized credit losses 7,504 — 8,447 — Purchases — (118 ) (535 ) 488 Sales 3,191 16,346 5,592 5,105 Transfers/release of credit reserve 3,802 (3,802 ) 7,143 (7,143 ) Balance at end of period $ (501,619 ) $ (130,147 ) $ (572,580 ) $ (199,659 ) (1) Together with coupon interest, accretable purchase discount is recognized as interest income over the life of the security. (2) Includes the impact of approximately $855,000 of cash proceeds (a one-time payment) received by the Company during the three months ended March 31, 2019 in connection with the settlement of litigation related to certain residential mortgage backed securitization trusts that were sponsored by JP Morgan Chase & Co. and affiliated entities.
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, 2019 and 2018 : Three Months Ended March 31, (In Thousands) 2019 2018 AOCI from AFS securities: Unrealized gain on AFS securities at beginning of period $ 417,167 $ 620,648 Unrealized gain/(loss) on Agency MBS, net 9,315 (10,052 ) Unrealized gain/(loss) on Non-Agency MBS, net 12,276 (27,724 ) Unrealized gain on MSR term notes, net 512 236 Reclassification adjustment for MBS sales included in net income (17,009 ) (8,623 ) Change in AOCI from AFS securities 5,094 (46,163 ) Balance at end of period $ 422,261 $ 574,485
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 residential mortgage securities and MSR- related assets for the three months ended March 31, 2019 and 2018 : Three Months Ended March 31, (In Thousands) 2019 2018 Agency MBS Coupon interest $ 24,628 $ 20,958 Effective yield adjustment (1) (6,187 ) (5,665 ) Interest income $ 18,441 $ 15,293 Legacy Non-Agency MBS Coupon interest $ 24,272 $ 28,835 Effective yield adjustment (2) 13,144 17,201 Interest income $ 37,416 $ 46,036 RPL/NPL MBS Coupon interest $ 16,443 $ 10,053 Effective yield adjustment (1)(3) 142 13 Interest income $ 16,585 $ 10,066 CRT securities Coupon interest $ 6,118 $ 8,374 Effective yield adjustment (2) 82 1,122 Interest income $ 6,200 $ 9,496 MSR-related assets Coupon interest $ 10,587 $ 7,517 Effective yield adjustment (1) 33 106 Interest income $ 10,620 $ 7,623 (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. (3) Includes accretion income recognized due to the impact of redemptions of certain securities that had been previously been purchased at a discount of approximately $148,000 during the three months ended March 31, 2019 .

Residential Whole Loans (Tables

Residential Whole Loans (Tables)	3 Months Ended
	Mar. 31, 2019
Receivables [Abstract]
Residential Whole Loans, at Carrying Value	The following table presents the components of the Company’s Residential whole loans, at carrying value at March 31, 2019 and December 31, 2018 : (Dollars In Thousands) March 31, 2019 December 31, 2018 Purchased Performing Loans: Non-QM loans $ 1,886,024 $ 1,354,774 Rehabilitation loans 621,292 494,576 Single-family rental loans 227,537 145,327 Seasoned performing loans 215,352 224,051 Total Purchased Performing Loans 2,950,205 2,218,728 Purchased Credit Impaired Loans 773,941 797,987 Total Residential whole loans, at carrying value $ 3,724,146 $ 3,016,715 Number of loans 12,643 11,149
Schedule of Interest Income Components	The following table presents components of interest income on the Company’s Residential whole loans, at carrying value for the three months ended March 31, 2019 and 2018 : Three Months Ended (In Thousands) 2019 2018 Purchased Performing Loans: Non-QM loans $ 22,414 $ 1,708 Rehabilitation loans 9,933 1,345 Single-family rental loans 2,701 245 Seasoned performing loans 3,173 — Total Purchased Performing Loans 38,221 3,298 Purchased Credit Impaired Loans 11,399 11,031 Total Residential whole loans, at carrying value $ 49,620 $ 14,329
Financing Receivable Credit Quality Indicators	The following table presents additional information regarding the Company’s Residential whole loans, at carrying value at March 31, 2019 : March 31, 2019 Carrying Value Unpaid Principal Balance (“UPB”) Weighted Average Coupon (1) Weighted Average Term to Maturity (Months) Weighted Average LTV Ratio (2) Aging by UPB Past Due Days (Dollars In Thousands) Current 30-59 60-89 90+ Purchased Performing Loans: Non-QM loans $ 1,886,024 $ 1,826,161 6.20 % 363 66 % $ 1,782,675 $ 29,474 $ 5,745 $ 8,267 Rehabilitation loans (3) 621,792 621,792 7.38 9 65 560,270 36,386 8,805 16,331 Single-family rental loans 227,537 226,791 6.08 324 69 223,505 2,765 — 521 Seasoned performing loans 215,352 232,034 4.31 187 47 225,136 4,937 815 1,146 Purchased Credit Impaired Loans 773,941 969,353 4.42 300 85 N/A N/A N/A N/A Residential whole loans, at carrying value, total or weighted average $ 3,724,646 $ 3,876,131 5.85 % 278 (1) Weighted average is calculated based on the interest bearing principal balance of each loan within the related category. For loans acquired with servicing rights released by the seller, interest rates included in the calculation do not reflect loan servicing fees. For loans acquired with servicing rights retained by the seller, interest rates included in the calculation are net of servicing fees. (2) LTV represents the ratio of the total unpaid principal balance of the loan to the estimated value of the collateral securing the related loan as of the most recent date available, which may be the original date. For Rehabilitation loans, the LTV presented is the ratio of the maximum unpaid principal balance of the loan, including unfunded commitments, to the estimated “after repaired” value of the collateral securing the related loan, where available. For certain Rehabilitation loans, totaling $130.1 million , an after repaired valuation was not obtained and the loan was underwritten based on an “as is” valuation. The LTV of these loans based on the current unpaid principal balance and the valuation obtained during underwriting, is 67% . Excluded from the calculation of weighted average LTV are certain low value loans secured by vacant lots, for which the LTV ratio is not meaningful. (3) Carrying value of Rehabilitation loans excludes an allowance for loan losses of $500,000 at March 31, 2019.
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 Purchased Credit Impaired Loans held at carrying value for the three months ended March 31, 2019 and 2018 : Three Months Ended (In Thousands) 2019 2018 Balance at the beginning of period $ 968 $ 330 Provisions for loan losses 183 50 Balance at the end of period $ 1,151 $ 380
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement	The following table presents accretable yield activity for the Company’s Purchased Credit Impaired Loans held at carrying value for the three months ended March 31, 2019 and 2018 : Three Months Ended (In Thousands) 2019 2018 Balance at beginning of period $ 415,330 $ 421,872 Additions — — Accretion (11,399 ) (11,031 ) Liquidations and other (10,488 ) (2,170 ) Reclassifications from non-accretable difference, net 5,515 4,733 Balance at end of period $ 398,958 $ 413,404
Residential Whole Loans, Fair Value	The following table presents information regarding the Company’s residential whole loans held at fair value at March 31, 2019 and December 31, 2018 : (Dollars in Thousands) March 31, 2019 December 31, 2018 Less than 60 Days Past Due: Outstanding principal balance $ 635,185 $ 610,290 Aggregate fair value $ 583,447 $ 561,770 Weighted Average LTV Ratio (1) 76.09 % 76.18 % Number of loans 3,070 2,898 60 Days to 89 Days Past Due: Outstanding principal balance $ 69,032 $ 63,938 Aggregate fair value $ 59,039 $ 54,947 Weighted Average LTV Ratio (1) 79.99 % 82.86 % Number of loans 313 285 90 Days or More Past Due: Outstanding principal balance $ 989,120 $ 970,758 Aggregate fair value $ 869,851 $ 854,545 Weighted Average LTV Ratio (1) 88.56 % 90.24 % Number of loans 3,795 3,531 Total Residential whole loans, at fair value $ 1,512,337 $ 1,471,262 (1) LTV represents the ratio of the total unpaid principal balance of the loan, to the estimated value of the collateral securing the related loan. Excluded from the calculation of weighted average LTV are certain low value loans secured by vacant lots, for which the LTV ratio is not meaningful.
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 measured at fair value through earnings for the three months ended March 31, 2019 and 2018 : Three Months Ended (In Thousands) 2019 2018 Coupon payments and other income received (1) $ 19,473 $ 15,397 Net unrealized (losses)/gains (1,060 ) 13,747 Net gain on payoff/liquidation of loans 2,283 2,908 Net gain on transfers to REO 4,571 6,446 Total $ 25,267 $ 38,498 (1) Primarily includes recovery of delinquent interest upon the liquidation of non-performing loans, recurring coupon interest payments received on mortgage loans that are contractually current, and cash payments received from private mortgage insurance on liquidated loans.

Other Assets (Tables)

Other Assets (Tables)	3 Months Ended
	Mar. 31, 2019
Other Assets [Abstract]
Schedule of other assets	The following table presents the components of the Company’s Other assets at March 31, 2019 and December 31, 2018 : (In Thousands) March 31, 2019 December 31, 2018 REO $ 290,587 $ 249,413 MBS and loan related receivables 130,495 127,154 Other interest earning assets 66,101 92,022 Other 64,435 59,196 Total Other Assets $ 551,618 $ 527,785
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, 2019 and 2018 : Three Months Ended (In Thousands) 2019 2018 Balance at beginning of period $ 249,413 $ 152,356 Adjustments to record at lower of cost or fair value (4,072 ) (3,415 ) Transfer from residential whole loans (1) 65,160 54,822 Purchases and capital improvements 5,923 2,678 Disposals (2) (25,837 ) (23,501 ) Balance at end of period $ 290,587 $ 182,940 Number of properties 1,233 845 (1) Includes net gain recorded on transfer of approximately $4.6 million and $6.4 million , for the three months ended March 31, 2019 and 2018 , respectively. (2) During the three months ended March 31, 2019 and 2018 , the Company sold 137 and 168 REO properties for consideration of $27.8 million and $25.5 million , realizing net gains of approximately $1.4 million and $2.0 million , respectively. These amounts are included in Other Income, net on the Company’s consolidated statements of operations.
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, 2019 and December 31, 2018 : March 31, 2019 December 31, 2018 Derivative Instrument (1) Designation Balance Sheet Location Notional Amount Fair Value Notional Amount Fair Value (In Thousands) Swaps Hedging Other assets $ 1,200,000 $ — $ 1,900,000 $ — Swaps Hedging Other liabilities $ 1,322,000 $ — $ 722,000 $ — Swaps Non-Hedging Other liabilities $ 465,000 $ — $ 595,000 $ — (1) Represents 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, 2019 and December 31, 2018 : (In Thousands) March 31, 2019 December 31, 2018 Agency MBS, at fair value $ 2,675 $ 2,735 Restricted cash 34,377 30,068 Total assets pledged against Swaps $ 37,052 $ 32,803
Schedule of information about swaps	The following table presents information about the Company’s Swaps at March 31, 2019 and December 31, 2018 : March 31, 2019 December 31, 2018 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 $ 100,000 1.71 % 2.49 % $ — — % — % Over 30 days to 3 months — — — 100,000 1.71 2.50 Over 3 months to 6 months — — — 100,000 1.71 2.50 Over 12 months to 24 months 1,730,000 2.26 2.50 1,630,000 2.27 2.50 Over 24 months to 36 months 700,000 2.62 2.57 800,000 2.57 2.64 Over 48 months to 60 months 417,000 2.88 2.61 417,000 2.88 2.63 Over 84 months 40,000 2.95 2.64 170,000 3.00 2.66 Total Swaps $ 2,987,000 2.42 % 2.53 % $ 3,217,000 2.42 % 2.56 % (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.
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 net interest expense and the weighted average interest rate paid and received for such Swaps for the three months ended March 31, 2019 and 2018 : Three Months Ended (Dollars in Thousands) 2019 2018 Interest income/(expense) attributable to Swaps $ 1,191 $ (2,832 ) Weighted average Swap rate paid 2.31 % 2.04 % Weighted average Swap rate received 2.49 % 1.60 %
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, 2019 and 2018 : Three Months Ended (In Thousands) 2019 2018 AOCI from derivative hedging instruments: Balance at beginning of period $ 3,121 $ (11,424 ) Net (loss)/gain on Swaps (10,445 ) 19,669 Amortization of de-designated hedging instruments, net (341 ) — Balance at end of period $ (7,665 ) $ 8,245

Repurchase Agreements (Tables)

Repurchase Agreements (Tables)	3 Months Ended
	Mar. 31, 2019
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, 2019 and December 31, 2018 : (Dollars in Thousands) March 31, December 31, Repurchase agreement borrowings secured by Agency MBS $ 2,353,173 $ 2,384,357 Fair value of Agency MBS pledged as collateral under repurchase agreements $ 2,524,612 $ 2,572,597 Weighted average haircut on Agency MBS (1) 4.49 % 4.60 % Repurchase agreement borrowings secured by Legacy Non-Agency MBS $ 1,359,699 $ 1,447,585 Fair value of Legacy Non-Agency MBS pledged as collateral under repurchase agreements $ 1,782,770 $ 1,871,650 Weighted average haircut on Legacy Non-Agency MBS (1) 20.50 % 21.38 % Repurchase agreement borrowings secured by RPL/NPL MBS $ 1,009,331 $ 1,084,532 Fair value of RPL/NPL MBS pledged as collateral under repurchase agreements $ 1,285,524 $ 1,377,250 Weighted average haircut on RPL/NPL MBS (1) 21.23 % 21.31 % Repurchase agreements secured by CRT securities $ 338,827 $ 391,586 Fair value of CRT securities pledged as collateral under repurchase agreements $ 419,877 $ 480,315 Weighted average haircut on CRT securities (1) 19.49 % 20.01 % Repurchase agreements secured by residential whole loans (2) $ 2,746,804 $ 2,020,508 Fair value of residential whole loans pledged as collateral under repurchase agreements (3)(4) $ 3,321,187 $ 2,441,931 Weighted average haircut on residential whole loans (1) 15.54 % 16.55 % Repurchase agreements secured by MSR-related assets $ 647,535 $ 474,127 Fair value of MSR-related assets pledged as collateral under repurchase agreements $ 825,363 $ 611,807 Weighted average haircut on MSR-related assets (1) 21.35 % 21.88 % Repurchase agreements secured by other interest-earning assets $ 54,386 $ 76,419 Fair value of other interest-earning assets pledged as collateral under repurchase agreements $ 49,373 $ 81,494 Weighted average haircut on other interest-earning assets (1) 21.61 % 21.15 % (1) Haircut represents the percentage amount by which the collateral value is contractually required to exceed the loan amount. (2) Excludes $42,000 and $27,000 of unamortized debt issuance costs at March 31, 2019 and December 31, 2018 , respectively. (3) At March 31, 2019 and December 31, 2018 , includes Non-Agency MBS with an aggregate fair value of $27.0 million and $27.0 million , respectively, obtained in connection with the Company’s loan securitization transactions that are eliminated in consolidation. (4) At March 31, 2019 and December 31, 2018 , includes residential whole loans held at carrying value with an aggregate fair value of $2.5 billion and $1.7 billion and aggregate amortized cost of $2.4 billion and $1.6 billion , respectively and residential whole loans held at fair value with an aggregate fair value and amortized cost of $822.2 million and $738.6 million , 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, 2019 and December 31, 2018 : March 31, 2019 December 31, 2018 Balance Weighted Average Interest Rate Balance Weighted Average Interest Rate Time Until Interest Rate Reset (Dollars in Thousands) Within 30 days $ 7,265,257 3.51 % $ 6,747,166 3.35 % Over 30 days to 3 months 669,143 2.97 368,857 3.10 Over 3 months to 12 months 575,355 4.18 763,091 4.18 Total repurchase agreements 8,509,755 3.52 % 7,879,114 3.42 % Less debt issuance costs 42 27 Total repurchase agreements less debt issuance costs $ 8,509,713 $ 7,879,087
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, 2019 , and does not reflect the impact of derivative contracts that hedge such repurchase agreements: March 31, 2019 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 $ — $ 1,929,331 $ 423,842 $ — $ — $ 2,353,173 Legacy Non-Agency MBS — 1,316,983 42,716 — — 1,359,699 RPL/NPL MBS — 964,103 45,228 — — 1,009,331 CRT securities — 314,095 24,732 — — 338,827 Residential whole loans — 2,219,985 — 526,819 — 2,746,804 MSR-related assets — 461,083 132,625 53,827 — 647,535 Other — 5,850 — 48,536 — 54,386 Total (1) $ — $ 7,211,430 $ 669,143 $ 629,182 $ — $ 8,509,755 Weighted Average Interest Rate — % 3.51 % 2.97 % 4.18 % — % 3.52 % (1) Excludes $42,000 of unamortized debt issuance costs at March 31, 2019 .
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, 2019 : March 31, 2019 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 $ 319,478 1 9.4 % RBC (4) AA-/Aa2/AA 232,698 1 6.8 Wells Fargo (5) A+/Aa2/AA- 208,655 0 6.1 Barclay’s Bank BBB/Aa3/A 197,793 2 5.8 Credit Suisse BBB+/Baa2/A- 180,963 1 5.3 (1) As rated at March 31, 2019 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 $187.4 million at risk with Goldman Sachs Bank USA and $132.1 million at risk with Goldman Sachs Lending Partners. (4) Includes $229.5 million at risk with RBC Barbados and $3.2 million at risk with RBC New York. Counterparty ratings are not published for RBC Barbados and RBS Capital Market LLC. (5) Includes $208.7 million at risk with Wells Fargo Bank, NA and approximately $1,000 at risk with Wells Fargo Securities LLC.

Other Liabilities (Tables)

Other Liabilities (Tables)	3 Months Ended
	Mar. 31, 2019
Other Liabilities [Abstract]
Other Liabilities	The following table presents the components of the Company’s Other liabilities at March 31, 2019 and December 31, 2018 : (In Thousands) March 31, 2019 December 31, 2018 Securitized debt (1) $ 659,184 $ 684,420 Senior Notes 96,827 96,816 Dividends and dividend equivalents payable 90,353 90,198 Accrued interest payable 16,951 16,280 Payable for unsettled residential whole loans purchases — 211,129 Accrued expenses and other 24,054 26,296 Total Other Liabilities $ 887,369 $ 1,125,139 (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, 2019
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, 2019 through March 31, 2019 : Declaration Date Record Date Payment Date Dividend Per Share February 15, 2019 March 3, 2019 March 29, 2019 $ 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, 2019 through March 31, 2019 : Declaration Date (1) Record Date Payment Date Dividend Per Share March 6, 2019 March 29, 2019 April 30, 2019 $ 0.20 (1) (1) At March 31, 2019 , the Company had accrued dividends and dividend equivalents payable of $90.4 million related to the common stock dividend declared on March 6, 2019
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, 2018 : Share Issue Date Shares Issued Gross Proceeds Per Share Gross Proceeds (In Thousands, Except Per Share Amounts) August 7, 2018 50,875 (1) $7.78 $395,807 (1) (1) Includes approximately 875,000 shares issued on September 5, 2018 pursuant to the exercise of the underwriters’ option to purchase additional shares. The Company incurred approximately $6.4 million 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, 2019 : Three Months Ended (In Thousands) Net Unrealized Gain/(Loss) on AFS Securities Net Gain/(Loss) on Swaps Total AOCI Balance at beginning of period $ 417,167 $ 3,121 $ 420,288 OCI before reclassifications 22,103 (10,445 ) 11,658 Amounts reclassified from AOCI (1) (17,009 ) (341 ) (17,350 ) Net OCI during the period (2) 5,094 (10,786 ) (5,692 ) Balance at end of period $ 422,261 $ (7,665 ) $ 414,596 (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, 2018 : Three Months Ended (In Thousands) Net Unrealized Gain/(Loss) on AFS Securities Net Gain/(Loss) 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).
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, 2019 : 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 $ (17,009 ) Net realized gain on sales of residential mortgage securities Total AFS Securities $ (17,009 ) Swaps designated as cash flow hedges: Amortization of de-designated hedging instruments (341 ) Other, net Total Swaps designated as cash flow hedges $ (341 ) Total reclassifications for period $ (17,350 ) 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 realized gain on sales of residential mortgage securities Total AFS Securities $ (8,623 ) Total reclassifications for period $ (8,623 )

EPS Calculation (Tables)

EPS Calculation (Tables)	3 Months Ended
	Mar. 31, 2019
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, 2019 and 2018 : Three Months Ended (In Thousands, Except Per Share Amounts) 2019 2018 Numerator: Net income $ 88,857 $ 83,395 Dividends declared on preferred stock (3,750 ) (3,750 ) Dividends, dividend equivalents and undistributed earnings allocated to participating securities (256 ) (219 ) Net income to common stockholders - basic and diluted $ 84,851 $ 79,426 Denominator: Weighted average common shares for basic and diluted earnings per share (1) 450,358 398,317 Basic and diluted earnings per share $ 0.19 $ 0.20 (1) At March 31, 2019 , the Company had approximately 2.4 million equity instruments outstanding that were not included in the calculation of diluted EPS for the three months ended March 31, 2019 , 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 $7.49 . These equity instruments may have a dilutive impact on future EPS.

Equity Compensation, Employme_2

Equity Compensation, Employment Agreements and Other Benefit Plans (Tables)	3 Months Ended
	Mar. 31, 2019
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, 2019 and 2018 : Three Months Ended (In Thousands) 2019 2018 RSUs $ 998 $ 553 Total $ 998 $ 553
Schedule of expenses related to deferred compensation plans	The following table presents the Company’s expenses related to its Deferred Plans for the three months ended March 31, 2019 and 2018 : Three Months Ended (In Thousands) 2019 2018 Non-employee directors $ 286 $ (49 ) Total $ 286 $ (49 )
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, 2019 and December 31, 2018 that had not been distributed and the Company’s associated liability for such deferrals at March 31, 2019 and December 31, 2018 : March 31, 2019 December 31, 2018 (In Thousands) Undistributed Income Deferred (1) Liability Under Deferred Plans Undistributed Income Deferred (1) Liability Under Deferred Plans Non-employee directors $ 2,311 $ 2,705 $ 2,263 $ 2,417 Total $ 2,311 $ 2,705 $ 2,263 $ 2,417 (1) Represents the cumulative amounts that were deferred by participants through March 31, 2019 and December 31, 2018 , which had not been distributed through such respective date.

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2019
Fair Value Disclosures [Abstract]
Schedule of fair value measurement inputs and valuation techniques	The following tables present the Company’s financial instruments carried at fair value on a recurring basis as of March 31, 2019 and December 31, 2018 , on the consolidated balance sheets by the valuation hierarchy, as previously described: Fair Value at March 31, 2019 (In Thousands) Level 1 Level 2 Level 3 Total Assets: Agency MBS $ — $ 2,546,597 $ — $ 2,546,597 Non-Agency MBS — 3,099,272 — 3,099,272 CRT securities — 423,702 — 423,702 Residential whole loans, at fair value — — 1,512,337 1,512,337 Term notes backed by MSR-related collateral — — 753,594 753,594 Total assets carried at fair value $ — $ 6,069,571 $ 2,265,931 $ 8,335,502 Fair Value at December 31, 2018 (In Thousands) Level 1 Level 2 Level 3 Total Assets: Agency MBS $ — $ 2,698,213 $ — $ 2,698,213 Non-Agency MBS — 3,318,299 — 3,318,299 CRT securities — 492,821 — 492,821 Residential whole loans, at fair value — — 1,665,978 1,665,978 Term notes backed by MSR-related collateral — — 538,499 538,499 Total assets carried at fair value $ — $ 6,509,333 $ 2,204,477 $ 8,713,810 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, 2019 and December 31, 2018 : March 31, 2019 (Dollars in Thousands) Fair Value (1) Valuation Technique Unobservable Input Weighted Average (2) Range Residential whole loans, at fair value $ 744,578 Discounted cash flow Discount rate 5.2 % 4.5-8.0% Prepayment rate 4.9 % 0.9-16.7% Default rate 4.2 % 0.0-24.1% Loss severity 12.8 % 0.0-100.0% $ 641,522 Liquidation model Discount rate 8.1 % 6.1-50.0% Annual change in home prices 3.5 % 0.0-8.6% Liquidation timeline (in years) 1.8 0.1-4.5 Current value of underlying properties (3) $ 741 $2-$5,450 Total $ 1,386,100 December 31, 2018 (Dollars in Thousands) Fair Value (1) Valuation Technique Unobservable Input Weighted Average (2) Range Residential whole loans, at fair value $ 700,250 Discounted cash flow Discount rate 5.2 % 4.5-8.0% Prepayment rate 4.8 % 0.9-15.9% Default rate 4.1 % 0.0-24.1% Loss severity 12.9 % 0.0-100.0% $ 683,252 Liquidation model Discount rate 8.0 % 6.1-50.0% Annual change in home prices 3.5 % (0.5)-12.2% Liquidation timeline (in years) 1.8 0.1-4.5 Current value of underlying properties (3) $ 802 $2-$7,950 Total $ 1,383,502 (1) Excludes approximately $126.2 million and $282.5 million of loans for which management considers the purchase price continues to reflect the fair value of such loans at March 31, 2019 and December 31, 2018 , 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 $362,000 and $400,000 as of March 31, 2019 and December 31, 2018 , respectively.
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, 2019 and 2018 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) 2019 2018 Balance at beginning of period $ 1,471,263 $ 1,325,115 Purchases and capitalized advances (1) 130,089 311,125 Changes in fair value recorded in Net gain on residential whole loans measured at fair value through earnings (1,060 ) 13,747 Collection of principal, net of liquidation gains/losses (31,751 ) (46,683 ) Repurchases (318 ) (194 ) Transfer to REO (55,886 ) (47,490 ) Balance at end of period $ 1,512,337 $ 1,555,620 (1) Included in the activity presented for the three months ended March 31, 2019 is an adjustment of $70.6 million for loans the Company committed to purchase during the three months ended December 31, 2018, but for which the closing of the purchase transaction occurred during the three months ended March 31, 2019 . The adjustment was required following the finalization of due diligence performed prior to the closing of the purchase transaction and resulted in a downward revision to the prior estimate of the loan purchase amount. The following table presents additional information for the three months ended March 31, 2019 and 2018 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) 2019 2018 Balance at beginning of period $ 538,499 $ 381,804 Purchases 219,166 100,000 Collection of principal (4,584 ) (150,000 ) Changes in unrealized gain/losses 513 236 Balance at end of period $ 753,594 $ 332,040
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, 2019 and December 31, 2018 : March 31, 2019 December 31, 2018 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value (In Thousands) Financial Assets: Agency MBS $ 2,546,597 $ 2,546,597 $ 2,698,213 $ 2,698,213 Non-Agency MBS 3,099,272 3,099,272 3,318,299 3,318,299 CRT securities 423,702 423,702 492,821 492,821 Residential whole loans, at carrying value 3,724,146 3,816,290 3,016,715 3,104,401 Residential whole loans, at fair value 1,512,337 1,512,337 1,665,978 1,665,978 MSR-related assets 825,363 825,363 611,807 611,807 Cash and cash equivalents 76,579 76,579 51,965 51,965 Restricted cash 41,999 41,999 36,744 36,744 Financial Liabilities (1) : Repurchase agreements 8,509,713 8,527,163 7,879,087 7,895,672 Securitized debt 659,184 659,804 684,420 680,209 Senior Notes 96,827 102,591 96,816 99,951 (1) Carrying value of securitized debt, Senior Notes and certain repurchase agreements is net of associated debt issuance costs.

Use of Special Purpose Entiti_2

Use of Special Purpose Entities and Variable Interest Entities (Tables)	3 Months Ended
	Mar. 31, 2019
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 Company’s loan securitization transactions as of March 31, 2019 and December 31, 2018 : (Dollars in Thousands) March 31, 2019 December 31, 2018 Aggregate unpaid principal balance of residential whole loans sold $ 1,290,029 $ 1,290,029 Face amount of Senior Bonds issued by the VIE and purchased by third-party investors $ 802,817 $ 802,817 Outstanding amount of Senior Bonds $ 659,184 (1) $ 684,420 (1) Weighted average fixed rate for Senior Bonds issued 3.66 % (2) 3.66 % (2) Weighted average contractual maturity of Senior Bonds 30 years (2) 31 years (2) Face amount of Senior Support Certificates received by the Company (3) $ 275,174 $ 275,174 Cash received $ 802,815 $ 802,815 (1) Net of $3.6 million and $3.8 million of deferred financing costs at March 31, 2019 and December 31, 2018 , respectively. (2) At March 31, 2019 and December 31, 2018 , $563.2 million and $582.8 million , respectively, of Senior Bonds sold in securitization transactions contained 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. (3) Provides credit support to the Senior Bonds sold to third-party investors in the securitization transactions.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details)	3 Months Ended
	Mar. 31, 2019segment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of reportable segments	1
Number of operating segments	1

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Residential Whole Loans) (Details)	3 Months Ended
	Mar. 31, 2019
Accounting Policies [Abstract]
Number of days considered to classify loans delinquent	60 days
Weighted Average LTV Ratio	80.00%

Summary of Significant Accoun_5

Summary of Significant Accounting Policies (Cash and Cash Equivalents) (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Accounting Policies [Abstract]
Cash and cash equivalents	$ 76,579	$ 51,965
Overnight money market funds	57,000	30,000
Restricted cash	$ 41,999	$ 36,744

Summary of Significant Accoun_6

Summary of Significant Accounting Policies (Goodwill) (Details) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Accounting Policies [Abstract]
Goodwill	$ 7.2	$ 7.2

Summary of Significant Accoun_7

Summary of Significant Accounting Policies (Depreciation) (Details) - Furniture, fixtures, computers and related hardwares	3 Months Ended
	Mar. 31, 2019
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 Accoun_8

Summary of Significant Accounting Policies (Repurchase Agreements) (Details)	3 Months Ended
	Mar. 31, 2019
Accounting Policies [Abstract]
Repurchase financing period, low end of range	1 month
Repurchase financing period, high end of range	6 months

Summary of Significant Accoun_9

Summary of Significant Accounting Policies (Equity Based Compensation) (Details) - RSUs	63 Months Ended
	Mar. 31, 2019
Share based compensation
Vesting period of restricted share units (RSUs)	3 years
Period for measuring market condition of award	3 years

Summary of Significant Accou_10

Summary of Significant Accounting Policies (Income Tax) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
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
Valuation allowance decrease	$ 22,900,000

Residential Mortgage Securiti_3

Residential Mortgage Securities and MSR-Related Assets (Narrative) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Debt Securities, Available-for-sale [Line Items]
Minimum term of fixed rate mortgages underlying MBS	15 years
Maximum term of fixed rate mortgages underlying MBS	30 years
Available-for-sale, unrealized loss position, accumulated loss	$ 39,278,000
Reclassification adjustment for OTTI included in net income	0	$ 0
Agency MBS
Debt Securities, Available-for-sale [Line Items]
Available-for-sale, unrealized loss position, accumulated loss	35,512,000
Non-Agency MBS
Debt Securities, Available-for-sale [Line Items]
Available-for-sale, unrealized loss position, accumulated loss	$ 1,980,000
Minimum | RPL/NPL MBS
Debt Securities, Available-for-sale [Line Items]
Debt instrument, basis spread on variable rate	3.00%
Debt instrument, coupon step-up period	36 months
Maximum | RPL/NPL MBS
Debt Securities, Available-for-sale [Line Items]
Debt instrument, basis spread on variable rate	4.00%
Debt instrument, coupon step-up period	48 months

Residential Mortgage Securiti_4

Residential Mortgage Securities and MSR-Related Assets (Residential and Mortgage Securities) (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Debt Securities, Available-for-sale [Line Items]
Principal/ Current Face	$ 6,162,442,000	$ 6,646,178,000
Purchase Premiums	104,349,000	112,369,000
Accretable Purchase Discounts	(130,186,000)	(154,942,000)
Discount Designated as Credit Reserve and OTTI	(501,619,000)	(516,116,000)
Amortized Cost	5,635,509,000	6,088,525,000
Gross Unrealized Gains	473,340,000	484,591,000
Gross Unrealized Losses	39,278,000	63,783,000
Net Unrealized Gain/(Loss)	434,062,000	420,808,000
Fair Value	6,069,571,000	6,509,333,000
Principal payments receivable	524,000	1,000,000
Agency MBS
Debt Securities, Available-for-sale [Line Items]
Principal/ Current Face	2,470,416,000	2,630,630,000
Purchase Premiums	96,821,000	103,008,000
Accretable Purchase Discounts	(24,000)	(24,000)
Discount Designated as Credit Reserve and OTTI	0	0
Amortized Cost	2,567,736,000	2,734,650,000
Gross Unrealized Gains	14,373,000	13,061,000
Gross Unrealized Losses	35,512,000	49,498,000
Net Unrealized Gain/(Loss)	(21,139,000)	(36,437,000)
Fair Value	2,546,597,000	2,698,213,000
Agency MBS | Fannie Mae
Debt Securities, Available-for-sale [Line Items]
Principal/ Current Face	1,594,136,000	1,716,340,000
Purchase Premiums	61,287,000	65,930,000
Accretable Purchase Discounts	(24,000)	(24,000)
Discount Designated as Credit Reserve and OTTI	0	0
Amortized Cost	1,655,399,000	1,782,246,000
Gross Unrealized Gains	11,697,000	12,107,000
Gross Unrealized Losses	25,881,000	32,321,000
Net Unrealized Gain/(Loss)	(14,184,000)	(20,214,000)
Fair Value	1,641,215,000	1,762,032,000
Agency MBS | Freddie Mac
Debt Securities, Available-for-sale [Line Items]
Principal/ Current Face	871,714,000	909,561,000
Purchase Premiums	35,450,000	36,991,000
Accretable Purchase Discounts	0	0
Discount Designated as Credit Reserve and OTTI	0	0
Amortized Cost	907,687,000	947,588,000
Gross Unrealized Gains	2,635,000	907,000
Gross Unrealized Losses	9,631,000	17,177,000
Net Unrealized Gain/(Loss)	(6,996,000)	(16,270,000)
Fair Value	900,691,000	931,318,000
Agency MBS | Ginnie Mae
Debt Securities, Available-for-sale [Line Items]
Principal/ Current Face	4,566,000	4,729,000
Purchase Premiums	84,000	87,000
Accretable Purchase Discounts	0	0
Discount Designated as Credit Reserve and OTTI	0	0
Amortized Cost	4,650,000	4,816,000
Gross Unrealized Gains	41,000	47,000
Gross Unrealized Losses	0	0
Net Unrealized Gain/(Loss)	41,000	47,000
Fair Value	4,691,000	4,863,000
Non-Agency MBS
Debt Securities, Available-for-sale [Line Items]
Principal/ Current Face	3,285,688,000	3,538,804,000
Purchase Premiums	9,000	40,000
Accretable Purchase Discounts	(130,147,000)	(155,025,000)
Discount Designated as Credit Reserve and OTTI	(501,619,000)	(516,116,000)
Amortized Cost	2,653,931,000	2,867,703,000
Gross Unrealized Gains	447,321,000	458,985,000
Gross Unrealized Losses	1,980,000	8,389,000
Net Unrealized Gain/(Loss)	445,341,000	450,596,000
Fair Value	3,099,272,000	3,318,299,000
Credit reserve	489,100,000	503,300,000
OTTI	12,500,000	12,800,000
Non-Agency MBS | Expected to Recover Par
Debt Securities, Available-for-sale [Line Items]
Principal/ Current Face	1,424,461,000	1,536,485,000
Purchase Premiums	9,000	40,000
Accretable Purchase Discounts	(20,410,000)	(21,725,000)
Discount Designated as Credit Reserve and OTTI	0	0
Amortized Cost	1,404,060,000	1,514,800,000
Gross Unrealized Gains	21,802,000	20,520,000
Gross Unrealized Losses	1,602,000	7,620,000
Net Unrealized Gain/(Loss)	20,200,000	12,900,000
Fair Value	1,424,260,000	1,527,700,000
Non-Agency MBS | Expected to Recover Less Than Par
Debt Securities, Available-for-sale [Line Items]
Principal/ Current Face	1,861,227,000	2,002,319,000
Purchase Premiums	0	0
Accretable Purchase Discounts	(109,737,000)	(133,300,000)
Discount Designated as Credit Reserve and OTTI	(501,619,000)	(516,116,000)
Amortized Cost	1,249,871,000	1,352,903,000
Gross Unrealized Gains	425,519,000	438,465,000
Gross Unrealized Losses	378,000	769,000
Net Unrealized Gain/(Loss)	425,141,000	437,696,000
Fair Value	$ 1,675,012,000	$ 1,790,599,000
Percentage of current face amount of Non-Agency MBS to be recovered	85.00%	85.00%
Total MBS
Debt Securities, Available-for-sale [Line Items]
Principal/ Current Face	$ 5,756,104,000	$ 6,169,434,000
Purchase Premiums	96,830,000	103,048,000
Accretable Purchase Discounts	(130,171,000)	(155,049,000)
Discount Designated as Credit Reserve and OTTI	(501,619,000)	(516,116,000)
Amortized Cost	5,221,667,000	5,602,353,000
Gross Unrealized Gains	461,694,000	472,046,000
Gross Unrealized Losses	37,492,000	57,887,000
Net Unrealized Gain/(Loss)	424,202,000	414,159,000
Fair Value	5,645,869,000	6,016,512,000
CRT securities
Debt Securities, Available-for-sale [Line Items]
Principal/ Current Face	406,338,000	476,744,000
Purchase Premiums	7,519,000	9,321,000
Accretable Purchase Discounts	(15,000)	107,000
Discount Designated as Credit Reserve and OTTI	0	0
Amortized Cost	413,842,000	486,172,000
Gross Unrealized Gains	11,646,000	12,545,000
Gross Unrealized Losses	1,786,000	5,896,000
Net Unrealized Gain/(Loss)	9,860,000	6,649,000
Fair Value	423,702,000	492,821,000
Agency MBS, Fair Value Option
Debt Securities, Available-for-sale [Line Items]
Gross Unrealized Gains	2,700,000	0
Gross Unrealized Losses	0	3,300,000
Debt Securities, Fair Value Option	714,700,000	736,500,000
RPL/NPL MBS
Debt Securities, Available-for-sale [Line Items]
Principal/ Current Face	1,300,000,000	1,400,000,000
Amortized Cost	1,300,000,000	1,400,000,000
Fair Value	1,300,000,000	1,400,000,000
CRT, Fair Value Option
Debt Securities, Available-for-sale [Line Items]
Gross Unrealized Gains	11,400,000	12,500,000
Gross Unrealized Losses	1,800,000	5,600,000
Fair Value	$ 403,300,000	$ 477,400,000

Residential Mortgage Securiti_5

Residential Mortgage Securities and MSR-Related Assets (Sale of MBS) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
CRT securities
Debt Securities, Available-for-sale [Line Items]
Proceeds from sale of MBS categorized as available-for-sale	$ 83.4
Gains on sales of MBS	6.5
Non-Agency MBS
Debt Securities, Available-for-sale [Line Items]
Proceeds from sale of MBS categorized as available-for-sale	126.1	$ 19.4
Gains on sales of MBS	$ 18.2	$ 8.8

Residential Mortgage Securiti_6

Residential Mortgage Securities and MSR-Related Assets (Unrealized Losses) (Details) $ in Thousands	Mar. 31, 2019USD ($)security	Dec. 31, 2018USD ($)
Fair Value
Less than 12 Months	$ 541,010
12 Months or more	1,230,636
Total	1,771,646
Unrealized Losses
Less than 12 Months	3,597
12 Months or more	35,681
Total	$ 39,278
Number of Securities
Less than 12 months (in security) | security	99
12 months or more (in security) | security	434
Available-for-sale securities	$ 6,069,571	$ 6,509,333
Gross Unrealized Losses	39,278	63,783
Agency MBS
Fair Value
Less than 12 Months	100,197
12 Months or more	1,137,370
Total	1,237,567
Unrealized Losses
Less than 12 Months	859
12 Months or more	34,653
Total	$ 35,512
Number of Securities
Less than 12 months (in security) | security	53
12 months or more (in security) | security	429
Available-for-sale securities	$ 2,546,597	2,698,213
Gross Unrealized Losses	35,512	49,498
Agency MBS | Fannie Mae
Fair Value
Less than 12 Months	99,955
12 Months or more	860,036
Total	959,991
Unrealized Losses
Less than 12 Months	858
12 Months or more	25,023
Total	$ 25,881
Number of Securities
Less than 12 months (in security) | security	52
12 months or more (in security) | security	303
Available-for-sale securities	$ 1,641,215	1,762,032
Gross Unrealized Losses	25,881	32,321
Agency MBS | Freddie Mac
Fair Value
Less than 12 Months	242
12 Months or more	277,334
Total	277,576
Unrealized Losses
Less than 12 Months	1
12 Months or more	9,630
Total	$ 9,631
Number of Securities
Less than 12 months (in security) | security	1
12 months or more (in security) | security	126
Available-for-sale securities	$ 900,691	931,318
Gross Unrealized Losses	9,631	17,177
Non-Agency MBS
Fair Value
Less than 12 Months	304,053
12 Months or more	93,266
Total	397,319
Unrealized Losses
Less than 12 Months	952
12 Months or more	1,028
Total	$ 1,980
Number of Securities
Less than 12 months (in security) | security	13
12 months or more (in security) | security	5
Available-for-sale securities	$ 3,099,272	3,318,299
Gross Unrealized Losses	1,980	8,389
Non-Agency MBS | Expected to Recover Par
Fair Value
Less than 12 Months	290,671
12 Months or more	91,257
Total	381,928
Unrealized Losses
Less than 12 Months	636
12 Months or more	966
Total	$ 1,602
Number of Securities
Less than 12 months (in security) | security	5
12 months or more (in security) | security	4
Available-for-sale securities	$ 1,424,260	1,527,700
Gross Unrealized Losses	1,602	7,620
Non-Agency MBS | Expected to Recover Less Than Par
Fair Value
Less than 12 Months	13,382
12 Months or more	2,009
Total	15,391
Unrealized Losses
Less than 12 Months	316
12 Months or more	62
Total	$ 378
Number of Securities
Less than 12 months (in security) | security	8
12 months or more (in security) | security	1
Available-for-sale securities	$ 1,675,012	1,790,599
Gross Unrealized Losses	378	769
Total MBS
Fair Value
Less than 12 Months	404,250
12 Months or more	1,230,636
Total	1,634,886
Unrealized Losses
Less than 12 Months	1,811
12 Months or more	35,681
Total	$ 37,492
Number of Securities
Less than 12 months (in security) | security	66
12 months or more (in security) | security	434
Available-for-sale securities	$ 5,645,869	6,016,512
Gross Unrealized Losses	37,492	57,887
CRT securities
Fair Value
Less than 12 Months	136,760
12 Months or more	0
Total	136,760
Unrealized Losses
Less than 12 Months	1,786
12 Months or more	0
Total	$ 1,786
Number of Securities
Less than 12 months (in security) | security	33
12 months or more (in security) | security	0
Available-for-sale securities	$ 423,702	492,821
Gross Unrealized Losses	1,786	$ 5,896
CRT in Loss Positions Only, Fair Value Option
Number of Securities
Available-for-sale securities	136,800
Gross Unrealized Losses	$ 1,800

Residential Mortgage Securiti_7

Residential Mortgage Securities and MSR-Related Assets (Credit Loss Component of OTTI) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward]
Credit loss component of OTTI at beginning of period	$ 39,596	$ 38,337
Additions for credit related OTTI not previously recognized	0	0
Subsequent additional credit related OTTI recorded	0	0
Credit loss component of OTTI at end of period	$ 39,596	$ 38,337

Residential Mortgage Securiti_8

Residential Mortgage Securities and MSR-Related Assets (Purchase Discounts) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Discount Designated as Credit Reserve and OTTI | Non-Agency MBS
Changes in the components of the purchase discount on Non-Agency MBS
Balance at beginning of period	$ (516,116)	$ (593,227)
Impact of RMBS Issuer Settlement	0	0
Accretion of discount	0	0
Realized credit losses	7,504	8,447
Purchases	0	(535)
Sales	3,191	5,592
Transfers/release of credit reserve	3,802	7,143
Balance at end of period	(501,619)	(572,580)
Accretable Discount | Non-Agency MBS
Changes in the components of the purchase discount on Non-Agency MBS
Balance at beginning of period	(155,025)	(215,325)
Impact of RMBS Issuer Settlement	(855)	0
Accretion of discount	13,307	17,216
Realized credit losses	0	0
Purchases	(118)	488
Sales	16,346	5,105
Transfers/release of credit reserve	(3,802)	(7,143)
Balance at end of period	(130,147)	$ (199,659)
Jp Morgan Chase
Changes in the components of the purchase discount on Non-Agency MBS
Proceeds from legal settlements	$ 855

Residential Mortgage Securiti_9

Residential Mortgage Securities and MSR-Related Assets (MSR Related Assets - Narrative) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018	Dec. 31, 2016
Term notes backed by MSR-related collateral
Debt Securities, Available-for-sale [Line Items]
Term notes backed by MSR related collateral	$ 753,594,000		$ 538,499,000
Amortized costs	753,100,000		538,500,000
Gross unrealized gains	$ 505,230		$ 7,000
Weighted average yield	5.44%	5.32%
Weighted average to maturity	4 years 5 months	4 years 8 months 5 days
Corporate Loan
Debt Securities, Available-for-sale [Line Items]
Commitment to lend	$ 100,000,000			$ 130,000,000
Amount drawn	$ 71,800,000	$ 124,200,000
Interest coupon rate	5.87%
Debt term	1 year 5 months
Commitment period on undrawn amount	1 year 5 months
Minimum | Corporate Loan
Debt Securities, Available-for-sale [Line Items]
Commitment fee on undrawn amount	0.25%
Maximum | Corporate Loan
Debt Securities, Available-for-sale [Line Items]
Commitment fee on undrawn amount	1.00%

Residential Mortgage Securit_10

Residential Mortgage Securities and MSR-Related Assets (Impact of AFS Securities on AOCI) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
AOCI from AFS Securities:
Unrealized gain on AFS securities at beginning of period	$ 417,167	$ 620,648
Reclassification adjustment for MBS sales included in net income	(17,009)	(8,623)
Change in AOCI from AFS securities	5,094	(46,163)
Balance at end of period	422,261	574,485
Agency MBS
AOCI from AFS Securities:
Unrealized (loss)/gain on AFS securities, net	9,315	(10,052)
Non-Agency MBS
AOCI from AFS Securities:
Unrealized (loss)/gain on AFS securities, net	12,276	(27,724)
MSR-related assets
AOCI from AFS Securities:
Unrealized (loss)/gain on AFS securities, net	$ 512	$ 236

Residential Mortgage Securit_11

Residential Mortgage Securities and MSR-Related Assets (Interest Income) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Agency MBS
Debt Securities, Available-for-sale [Line Items]
Coupon interest	$ 24,628	$ 20,958
Effective yield adjustment	(6,187)	(5,665)
Interest income	18,441	15,293
Legacy Non-Agency MBS
Debt Securities, Available-for-sale [Line Items]
Coupon interest	24,272	28,835
Effective yield adjustment	13,144	17,201
Interest income	37,416	46,036
RPL/NPL MBS
Debt Securities, Available-for-sale [Line Items]
Coupon interest	16,443	10,053
Effective yield adjustment	142	13
Interest income	16,585	10,066
Accretion Income	148	1,200
CRT securities
Debt Securities, Available-for-sale [Line Items]
Coupon interest	6,118	8,374
Effective yield adjustment	82	1,122
Interest income	6,200	9,496
MSR-related assets
Debt Securities, Available-for-sale [Line Items]
Coupon interest	10,587	7,517
Effective yield adjustment	33	106
Interest income	$ 10,620	$ 7,623

Residential Whole Loans (Narrat

Residential Whole Loans (Narrative) (Details) - USD ($) $ in Billions	Mar. 31, 2019	Dec. 31, 2018
Receivables [Abstract]
Total residential whole loans	$ 5.2	$ 4.7

Residential Whole Loans (Reside

Residential Whole Loans (Residential Whole Loans, at Carrying Value) (Details) $ in Thousands		Mar. 31, 2019USD ($)loan	Dec. 31, 2018USD ($)loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Residential whole loans, at carrying value	[1]	$ 3,724,146	$ 3,016,715
Number of loans | loan		12,643	11,149
Non-QM loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Purchased credit impaired loans		$ 1,886,024	$ 1,354,774
Rehabilitation loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Purchased credit impaired loans		621,292	494,576
Single-family rental loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Purchased credit impaired loans		227,537	145,327
Seasoned performing loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Purchased credit impaired loans		215,352	224,051
Total Purchased Performing Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Purchased credit impaired loans		2,950,205	2,218,728
Purchased credit impaired loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Purchased credit impaired loans		$ 773,941	$ 797,987
[1]	Includes approximately $202.7 million and $209.4 million of Residential whole loans, at carrying value and $647.0 million and $694.7 million of Residential whole loans, at fair value transferred to consolidated variable interest entities (“VIEs”) at March 31, 2019 and December 31, 2018, respectively. Such assets can be used only to settle the obligations of each respective VIE.

Residential Whole Loans (Intere

Residential Whole Loans (Interest Income Components) (Details) - Residential whole loans - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	$ 49,620	$ 14,329
Non-QM loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	22,414	1,708
Rehabilitation loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	9,933	1,345
Single-family rental loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	2,701	245
Seasoned performing loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	3,173	0
Purchased Performing Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	38,221	3,298
Purchased credit impaired loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	$ 11,399	$ 11,031

Residential Whole Loans (Resi_2

Residential Whole Loans (Residential Whole Loans, at Carrying Value - Additional Information) (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Weighted Average LTV Ratio	80.00%
Non-QM loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Purchased credit impaired loans	$ 1,886,024,000	$ 1,354,774,000
Rehabilitation loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Purchased credit impaired loans	621,292,000	494,576,000
Single-family rental loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Purchased credit impaired loans	227,537,000	145,327,000
Seasoned performing loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Purchased credit impaired loans	215,352,000	224,051,000
Purchased credit impaired loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Purchased credit impaired loans	$ 773,941,000	$ 797,987,000
90 or more
Accounts, Notes, Loans and Financing Receivable [Line Items]
Weighted Average LTV Ratio	88.56%	90.24%
Settled Whole Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Residential whole loans, at carrying value, total or weighted average	$ 3,724,646,000
Unpaid Principal Balance (“UPB”)	$ 3,876,131,000
Weighted Average Coupon	5.85%
Weighted Average Term to Maturity (Months)	278 months
Settled Whole Loans [Member] | Non-QM loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Purchased credit impaired loans	$ 1,886,024,000
Unpaid Principal Balance (“UPB”)	$ 1,826,161,000
Weighted Average Coupon	6.20%
Weighted Average Term to Maturity (Months)	363 months
Weighted Average LTV Ratio	66.00%
Settled Whole Loans [Member] | Rehabilitation loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Purchased credit impaired loans	$ 621,792,000
Unpaid Principal Balance (“UPB”)	$ 621,792,000
Weighted Average Coupon	7.38%
Weighted Average Term to Maturity (Months)	9 months
Weighted Average LTV Ratio	65.00%
Settled Whole Loans [Member] | Single-family rental loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Purchased credit impaired loans	$ 227,537,000
Unpaid Principal Balance (“UPB”)	$ 226,791,000
Weighted Average Coupon	6.08%
Weighted Average Term to Maturity (Months)	324 months
Weighted Average LTV Ratio	69.00%
Settled Whole Loans [Member] | Seasoned performing loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Purchased credit impaired loans	$ 215,352,000
Unpaid Principal Balance (“UPB”)	$ 232,034,000
Weighted Average Coupon	4.31%
Weighted Average Term to Maturity (Months)	187 months
Weighted Average LTV Ratio	47.00%
Settled Whole Loans [Member] | Purchased credit impaired loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Purchased credit impaired loans	$ 773,941,000
Unpaid Principal Balance (“UPB”)	$ 969,353,000
Weighted Average Coupon	4.42%
Weighted Average Term to Maturity (Months)	300 months
Weighted Average LTV Ratio	85.00%
Settled Whole Loans [Member] | Certain Rehabilitation Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Purchased credit impaired loans	$ 130,100,000
Weighted Average LTV Ratio	67.00%
Allowance for loan loss	$ 500,000
Settled Whole Loans [Member] | Current | Non-QM loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance (“UPB”)	1,782,675,000
Settled Whole Loans [Member] | Current | Rehabilitation loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance (“UPB”)	560,270,000
Settled Whole Loans [Member] | Current | Single-family rental loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance (“UPB”)	223,505,000
Settled Whole Loans [Member] | Current | Seasoned performing loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance (“UPB”)	225,136,000
Settled Whole Loans [Member] | 30-59 | Non-QM loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance (“UPB”)	29,474,000
Settled Whole Loans [Member] | 30-59 | Rehabilitation loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance (“UPB”)	36,386,000
Settled Whole Loans [Member] | 30-59 | Single-family rental loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance (“UPB”)	2,765,000
Settled Whole Loans [Member] | 30-59 | Seasoned performing loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance (“UPB”)	4,937,000
Settled Whole Loans [Member] | 60-89 | Non-QM loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance (“UPB”)	5,745,000
Settled Whole Loans [Member] | 60-89 | Rehabilitation loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance (“UPB”)	8,805,000
Settled Whole Loans [Member] | 60-89 | Single-family rental loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance (“UPB”)	0
Settled Whole Loans [Member] | 60-89 | Seasoned performing loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance (“UPB”)	815,000
Settled Whole Loans [Member] | 90 or more | Non-QM loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance (“UPB”)	8,267,000
Settled Whole Loans [Member] | 90 or more | Rehabilitation loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance (“UPB”)	16,331,000
Settled Whole Loans [Member] | 90 or more | Single-family rental loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance (“UPB”)	521,000
Settled Whole Loans [Member] | 90 or more | Seasoned performing loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance (“UPB”)	$ 1,146,000

Residential Whole Loans (Purcha

Residential Whole Loans (Purchased Performing Loans) (Details)	3 Months Ended
	Mar. 31, 2019USD ($)loan	Mar. 31, 2018USD ($)
Purchased Performing Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of other loans at carrying value | loan	56
Unpaid balance of other loans	$ 26,300,000
Total outstanding principal balance of all of the Company’s purchased performing loans	0.90%
Allowance for loan loss	$ 500,000
Provisions for loan losses	622,000	$ 0
Rehabilitation loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Commitment to lend, unfunded	$ 53,500,000

Residential Whole Loans (Purc_2

Residential Whole Loans (Purchased Credit Impaired Loans - Narrative) (Details) - Purchased credit impaired loans - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018	Dec. 31, 2017
Financing Receivable, Impaired [Line Items]
Allowance for loan losses	$ 1,151	$ 380	$ 968	$ 330
Provisions for loan losses	$ 183	$ 50

Residential Whole Loans (Provis

Residential Whole Loans (Provision for Loan Losses) (Details) - Purchased credit impaired loans - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Allowance for Loan and Lease Losses [Roll Forward]
Balance at the beginning of period	$ 968	$ 330
Provisions for loan losses	183	50
Balance at the end of period	$ 1,151	$ 380

Residential Whole Loans (Carryi

Residential Whole Loans (Carrying Value Accretable Yield Rollforward) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Residential Whole Loans Accretable Yield [Roll Forward]
Balance at beginning of period	$ 415,330	$ 421,872
Additions	0	0
Accretion	(11,399)	(11,031)
Liquidations and other	(10,488)	(2,170)
Reclassifications from non-accretable difference, net	5,515	4,733
Balance at end of period	$ 398,958	$ 413,404

Residential Whole Loans (Fair V

Residential Whole Loans (Fair Value) (Details) $ in Thousands		3 Months Ended	12 Months Ended
		Mar. 31, 2019USD ($)loan	Dec. 31, 2018USD ($)loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Weighted Average LTV Ratio		80.00%
Total Residential whole loans, at fair value	[1]	$ 1,512,337	$ 1,471,262
Less than 60 Days Past Due:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Outstanding principal balance		635,185	610,290
Aggregate fair value		$ 583,447	$ 561,770
Weighted Average LTV Ratio		76.09%	76.18%
Number of loans | loan		3,070	2,898
60 Days to 89 Days Past Due:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Outstanding principal balance		$ 69,032	$ 63,938
Aggregate fair value		$ 59,039	$ 54,947
Weighted Average LTV Ratio		79.99%	82.86%
Number of loans | loan		313	285
90 Days or More Past Due:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Outstanding principal balance		$ 989,120	$ 970,758
Aggregate fair value		$ 869,851	$ 854,545
Weighted Average LTV Ratio		88.56%	90.24%
Number of loans | loan		3,795	3,531
[1]	Includes approximately $202.7 million and $209.4 million of Residential whole loans, at carrying value and $647.0 million and $694.7 million of Residential whole loans, at fair value transferred to consolidated variable interest entities (“VIEs”) at March 31, 2019 and December 31, 2018, respectively. Such assets can be used only to settle the obligations of each respective VIE.

Residential Whole Loans (Fair_2

Residential Whole Loans (Fair Value Components of Net Income) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Receivables [Abstract]
Coupon payments and other income received	$ 19,473	$ 15,397
Net unrealized (losses)/gains	(1,060)	13,747
Net gain on payoff/liquidation of loans	2,283	2,908
Net gain on transfers to REO	4,571	6,446
Total	$ 25,267	$ 38,498

Other Assets (Details)

Other Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2018	Dec. 31, 2017
Other Assets [Abstract]
REO	$ 290,587	$ 249,413	$ 182,940	$ 152,356
MBS and loan related receivables	130,495	127,154
Other interest earning assets	66,101	92,022
Other	64,435	59,196
Total Other Assets	$ 551,618	$ 527,785

Other Assets (Real Estate Owned

Other Assets (Real Estate Owned) (Details) $ in Thousands	Mar. 31, 2019USD ($)property	Dec. 31, 2018USD ($)property	Mar. 31, 2018USD ($)property	Dec. 31, 2017USD ($)
Real Estate Properties [Line Items]
Number of real estate owned properties | property	1,233	1,093	845
Real estate owned	$ 290,587	$ 249,413	$ 182,940	$ 152,356
Residential Whole Loans acquired through foreclosure ordered in lieu	283,100
Carrying Value
Real Estate Properties [Line Items]
Mortgage loans in process of foreclosure	50,800
Estimated Fair Value
Real Estate Properties [Line Items]
Mortgage loans in process of foreclosure	$ 720,900

Other Assets (Real Estate Own_2

Other Assets (Real Estate Owned - Activity) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)property	Mar. 31, 2018USD ($)property	Dec. 31, 2018property
Real Estate Owned [Roll Forward]
Balance at beginning of period	$ 249,413	$ 152,356
Adjustments to record at lower of cost or fair value	(4,072)	(3,415)
Transfer from residential whole loans	65,160	54,822
Purchases and capital improvements	5,923	2,678
Disposals	(25,837)	(23,501)
Balance at end of period	$ 290,587	$ 182,940
Number of properties | property	1,233	845	1,093
Gain recorded on transfer from residential whole loans to real estate owned	$ 4,600	$ 6,400
Properties sold during period | property	137	168
Proceeds from sale of real estate	$ 27,800	$ 25,500
Gain on sales of real estate owned	$ 1,398	$ 1,993

Other Assets (Derivative Instru

Other Assets (Derivative Instruments - Balance Sheet Location) (Details) - Swap - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Hedging | Assets
Derivative Instruments
Notional amount of derivative assets	$ 1,200,000	$ 1,900,000
Derivative assets, fair value	0	0
Hedging | Other liabilities
Derivative Instruments
Notional amount of derivative liabilities	1,322,000	722,000
Derivative liabilities, at fair value	0	0
Non-Hedging | Other liabilities
Derivative Instruments
Notional amount of derivative liabilities	465,000	595,000
Derivative liabilities, at fair value	$ 0	$ 0

Other Assets (Derivative Inst_2

Other Assets (Derivative Instruments) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
AOCI from derivative hedging instruments:
Balance at beginning of period	$ 3,121	$ (11,424)
Net (loss)/gain on Swaps	(10,445)	19,669
Amortization of de-designated hedging instruments, net	(341)	0
Balance at end of period	(7,665)	8,245
Interest Rate Contract
Derivative [Line Items]
Assets pledged	37,052		$ 32,803
Interest Rate Contract | Agency MBS, at fair value
Derivative [Line Items]
Assets pledged	2,675		2,735
Interest Rate Contract | Restricted cash
Derivative [Line Items]
Assets pledged	34,377		30,068
Swaps, at fair value
Derivative [Line Items]
Aggregate notional amount of derivatives	$ 2,987,000		$ 3,217,000
Weighted average fixed-pay rate	2.42%		2.42%
Weighted Average Variable Interest Rate	2.53%		2.56%
Interest income/(expense) attributable to Swaps	$ 1,191	$ (2,832)
Weighted average Swap rate paid	2.31%	2.04%
Weighted average Swap rate received	2.49%	1.60%
Swaps, at fair value | Within 30 days
Derivative [Line Items]
Aggregate notional amount of derivatives	$ 100,000		$ 0
Weighted average fixed-pay rate	1.71%		0.00%
Weighted Average Variable Interest Rate	2.49%		0.00%
Swaps, at fair value | Over 30 days to 3 months
Derivative [Line Items]
Aggregate notional amount of derivatives	$ 0		$ 100,000
Weighted average fixed-pay rate	0.00%		1.71%
Weighted Average Variable Interest Rate	0.00%		2.50%
Swaps, at fair value | Over 3 months to 6 months
Derivative [Line Items]
Aggregate notional amount of derivatives	$ 0		$ 100,000
Weighted average fixed-pay rate	0.00%		1.71%
Weighted Average Variable Interest Rate	0.00%		2.50%
Swaps, at fair value | Over 12 months to 24 months
Derivative [Line Items]
Aggregate notional amount of derivatives	$ 1,730,000		$ 1,630,000
Weighted average fixed-pay rate	2.26%		2.27%
Weighted Average Variable Interest Rate	2.50%		2.50%
Swaps, at fair value | Over 24 months to 36 months
Derivative [Line Items]
Aggregate notional amount of derivatives	$ 700,000		$ 800,000
Weighted average fixed-pay rate	2.62%		2.57%
Weighted Average Variable Interest Rate	2.57%		2.64%
Swaps, at fair value | Over 48 months to 60 months
Derivative [Line Items]
Aggregate notional amount of derivatives	$ 417,000		$ 417,000
Weighted average fixed-pay rate	2.88%		2.88%
Weighted Average Variable Interest Rate	2.61%		2.63%
Swaps, at fair value | Over 84 months
Derivative [Line Items]
Aggregate notional amount of derivatives	$ 40,000		$ 170,000
Weighted average fixed-pay rate	2.95%		3.00%
Weighted Average Variable Interest Rate	2.64%		2.66%
Swaps, at fair value | Hedging
Derivative [Line Items]
Aggregate notional amount of derivatives	$ 3,000,000
Average maturity term of swaps	26 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	114 months
Swaps, at fair value | Maximum | LIBOR
Derivative [Line Items]
Derivative, variable interest rate, term	3 months
Swap | Non-Hedging
Derivative [Line Items]
Loss on derivative	$ 8,900
Realized loss	$ 7,800

Repurchase Agreements (Borrowin

Repurchase Agreements (Borrowings Under Repurchase Agreement And Associated Assets Pledged as Collateral) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Assets Sold under Agreements to Repurchase [Line Items]
Balance of repurchase agreements	$ 8,509,713		$ 7,879,087
Fair value of securities pledged as collateral under repurchase agreements	10,300,000		9,500,000
Total Fair Value of Assets Pledged and Accrued Interest	41,300		33,100
Agency MBS
Assets Sold under Agreements to Repurchase [Line Items]
Balance of repurchase agreements	2,353,173		2,384,357
Fair value of securities pledged as collateral under repurchase agreements	$ 2,524,612		$ 2,572,597
Weighted average haircut (percent)	4.49%		4.60%
Non-Agency MBS
Assets Sold under Agreements to Repurchase [Line Items]
Balance of repurchase agreements	$ 1,359,699		$ 1,447,585
Fair value of securities pledged as collateral under repurchase agreements	$ 1,782,770		$ 1,871,650
Weighted average haircut (percent)	20.50%		21.38%
RPL/NPL MBS
Assets Sold under Agreements to Repurchase [Line Items]
Balance of repurchase agreements	$ 1,009,331		$ 1,084,532
Fair value of securities pledged as collateral under repurchase agreements	$ 1,285,524		$ 1,377,250
Weighted average haircut (percent)	21.23%		21.31%
CRT securities
Assets Sold under Agreements to Repurchase [Line Items]
Balance of repurchase agreements	$ 338,827		$ 391,586
Fair value of securities pledged as collateral under repurchase agreements	$ 419,877		$ 480,315
Weighted average haircut (percent)	19.49%		20.01%
Residential whole loans
Assets Sold under Agreements to Repurchase [Line Items]
Balance of repurchase agreements	$ 2,746,804		$ 2,020,508
Fair value of securities pledged as collateral under repurchase agreements	$ 3,321,187		$ 2,441,931
Weighted average haircut (percent)	15.54%		16.55%
MSR-related assets
Assets Sold under Agreements to Repurchase [Line Items]
Balance of repurchase agreements	$ 647,535		$ 474,127
Fair value of securities pledged as collateral under repurchase agreements	$ 825,363		$ 611,807
Weighted average haircut (percent)	21.35%		21.88%
Other Interest Earning Assets
Assets Sold under Agreements to Repurchase [Line Items]
Balance of repurchase agreements	$ 54,386		$ 76,419
Fair value of securities pledged as collateral under repurchase agreements	$ 49,373		$ 81,494
Weighted average haircut (percent)	21.61%		21.15%
Repurchase Agreement Borrowings
Assets Sold under Agreements to Repurchase [Line Items]
Weighted average remaining term-to-interest rate reset of borrowings under repurchase agreements, days	28 days	31 days
Effective repricing period, months	5 months	8 months
Balance of repurchase agreements	$ 8,509,755		$ 7,879,114
Unamortized debt issuance expense	42		27
Loan Securitization
Assets Sold under Agreements to Repurchase [Line Items]
Fair value of securities pledged as collateral under repurchase agreements	27,000		27,000
Residential Loans At Fair Value | Securities Sold under Agreements to Repurchase and Other Advances [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Fair Value	2,500,000		1,700,000
Amortized Cost	2,400,000		1,600,000
Total Fair Value of Assets Pledged and Accrued Interest	$ 822,200		$ 738,600

Repurchase Agreements (Narrativ

Repurchase Agreements (Narrative) (Details) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Repurchase agreements counterparty risk
Cash collateral pledged	$ 7.6	$ 6.7

Repurchase Agreements (Borrow_2

Repurchase Agreements (Borrowings Under Repurchase Agreement) (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Debt Securities, Available-for-sale [Line Items]
Balance of repurchase agreements	$ 8,509,713	$ 7,879,087
Repurchase Agreement Borrowings
Debt Securities, Available-for-sale [Line Items]
Balance of repurchase agreements	$ 8,509,755	$ 7,879,114
Weighted Average Interest Rate	3.52%	3.42%
Less debt issuance costs	$ 42	$ 27
Total repurchase agreements less debt issuance costs	8,509,713	7,879,087
Repurchase Agreement Borrowings | Overnight
Debt Securities, Available-for-sale [Line Items]
Balance of repurchase agreements	$ 0
Weighted Average Interest Rate	0.00%
Repurchase Agreement Borrowings | Within 30 Days
Debt Securities, Available-for-sale [Line Items]
Balance of repurchase agreements	$ 7,211,430
Weighted Average Interest Rate	3.51%
Repurchase Agreement Borrowings | Over 30 Days to 3 Months
Debt Securities, Available-for-sale [Line Items]
Balance of repurchase agreements	$ 669,143
Weighted Average Interest Rate	2.97%
Repurchase Agreement Borrowings | Over 3 Months to 12 Months
Debt Securities, Available-for-sale [Line Items]
Balance of repurchase agreements	$ 629,182
Weighted Average Interest Rate	4.18%
Repurchase Agreement Borrowings | Over 12 months
Debt Securities, Available-for-sale [Line Items]
Balance of repurchase agreements	$ 0
Weighted Average Interest Rate	0.00%
Repurchase Agreement Borrowings | Within 30 days
Debt Securities, Available-for-sale [Line Items]
Balance of repurchase agreements	$ 7,265,257	$ 6,747,166
Weighted Average Interest Rate	3.51%	3.35%
Repurchase Agreement Borrowings | Over 30 days to 3 months
Debt Securities, Available-for-sale [Line Items]
Balance of repurchase agreements	$ 669,143	$ 368,857
Weighted Average Interest Rate	2.97%	3.10%
Repurchase Agreement Borrowings | Over 3 months to 12 months
Debt Securities, Available-for-sale [Line Items]
Balance of repurchase agreements	$ 575,355	$ 763,091
Weighted Average Interest Rate	4.18%	4.18%
Agency MBS
Debt Securities, Available-for-sale [Line Items]
Balance of repurchase agreements	$ 2,353,173	$ 2,384,357
Agency MBS | Overnight
Debt Securities, Available-for-sale [Line Items]
Balance of repurchase agreements	0
Agency MBS | Within 30 Days
Debt Securities, Available-for-sale [Line Items]
Balance of repurchase agreements	1,929,331
Agency MBS | Over 30 Days to 3 Months
Debt Securities, Available-for-sale [Line Items]
Balance of repurchase agreements	423,842
Agency MBS | Over 3 Months to 12 Months
Debt Securities, Available-for-sale [Line Items]
Balance of repurchase agreements	0
Agency MBS | Over 12 months
Debt Securities, Available-for-sale [Line Items]
Balance of repurchase agreements	0
Legacy Non-Agency MBS
Debt Securities, Available-for-sale [Line Items]
Balance of repurchase agreements	1,359,699	1,447,585
Legacy Non-Agency MBS | Overnight
Debt Securities, Available-for-sale [Line Items]
Balance of repurchase agreements	0
Legacy Non-Agency MBS | Within 30 Days
Debt Securities, Available-for-sale [Line Items]
Balance of repurchase agreements	1,316,983
Legacy Non-Agency MBS | Over 30 Days to 3 Months
Debt Securities, Available-for-sale [Line Items]
Balance of repurchase agreements	42,716
Legacy Non-Agency MBS | Over 3 Months to 12 Months
Debt Securities, Available-for-sale [Line Items]
Balance of repurchase agreements	0
Legacy Non-Agency MBS | Over 12 months
Debt Securities, Available-for-sale [Line Items]
Balance of repurchase agreements	0
RPL/NPL MBS
Debt Securities, Available-for-sale [Line Items]
Balance of repurchase agreements	1,009,331	1,084,532
RPL/NPL MBS | Overnight
Debt Securities, Available-for-sale [Line Items]
Balance of repurchase agreements	0
RPL/NPL MBS | Within 30 Days
Debt Securities, Available-for-sale [Line Items]
Balance of repurchase agreements	964,103
RPL/NPL MBS | Over 30 Days to 3 Months
Debt Securities, Available-for-sale [Line Items]
Balance of repurchase agreements	45,228
RPL/NPL MBS | Over 3 Months to 12 Months
Debt Securities, Available-for-sale [Line Items]
Balance of repurchase agreements	0
RPL/NPL MBS | Over 12 months
Debt Securities, Available-for-sale [Line Items]
Balance of repurchase agreements	0
CRT securities
Debt Securities, Available-for-sale [Line Items]
Balance of repurchase agreements	338,827	391,586
CRT securities | Overnight
Debt Securities, Available-for-sale [Line Items]
Balance of repurchase agreements	0
CRT securities | Within 30 Days
Debt Securities, Available-for-sale [Line Items]
Balance of repurchase agreements	314,095
CRT securities | Over 30 Days to 3 Months
Debt Securities, Available-for-sale [Line Items]
Balance of repurchase agreements	24,732
CRT securities | Over 3 Months to 12 Months
Debt Securities, Available-for-sale [Line Items]
Balance of repurchase agreements	0
CRT securities | Over 12 months
Debt Securities, Available-for-sale [Line Items]
Balance of repurchase agreements	0
Residential Whole Loans, at Fair Value
Debt Securities, Available-for-sale [Line Items]
Balance of repurchase agreements	2,746,804	2,020,508
Residential Whole Loans, at Fair Value | Overnight
Debt Securities, Available-for-sale [Line Items]
Balance of repurchase agreements	0
Residential Whole Loans, at Fair Value | Within 30 Days
Debt Securities, Available-for-sale [Line Items]
Balance of repurchase agreements	2,219,985
Residential Whole Loans, at Fair Value | Over 30 Days to 3 Months
Debt Securities, Available-for-sale [Line Items]
Balance of repurchase agreements	0
Residential Whole Loans, at Fair Value | Over 3 Months to 12 Months
Debt Securities, Available-for-sale [Line Items]
Balance of repurchase agreements	526,819
Residential Whole Loans, at Fair Value | Over 12 months
Debt Securities, Available-for-sale [Line Items]
Balance of repurchase agreements	0
MSR-related assets
Debt Securities, Available-for-sale [Line Items]
Balance of repurchase agreements	647,535	474,127
MSR-related assets | Overnight
Debt Securities, Available-for-sale [Line Items]
Balance of repurchase agreements	0
MSR-related assets | Within 30 Days
Debt Securities, Available-for-sale [Line Items]
Balance of repurchase agreements	461,083
MSR-related assets | Over 30 Days to 3 Months
Debt Securities, Available-for-sale [Line Items]
Balance of repurchase agreements	132,625
MSR-related assets | Over 3 Months to 12 Months
Debt Securities, Available-for-sale [Line Items]
Balance of repurchase agreements	53,827
MSR-related assets | Over 12 months
Debt Securities, Available-for-sale [Line Items]
Balance of repurchase agreements	0
Other
Debt Securities, Available-for-sale [Line Items]
Balance of repurchase agreements	54,386	$ 76,419
Other | Overnight
Debt Securities, Available-for-sale [Line Items]
Balance of repurchase agreements	0
Other | Within 30 Days
Debt Securities, Available-for-sale [Line Items]
Balance of repurchase agreements	5,850
Other | Over 30 Days to 3 Months
Debt Securities, Available-for-sale [Line Items]
Balance of repurchase agreements	0
Other | Over 3 Months to 12 Months
Debt Securities, Available-for-sale [Line Items]
Balance of repurchase agreements	48,536
Other | Over 12 months
Debt Securities, Available-for-sale [Line Items]
Balance of repurchase agreements	$ 0

Repurchase Agreements (Undrawn

Repurchase Agreements (Undrawn Financing Commitment) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Repurchase agreements	$ 8,509,713	$ 7,879,087
MSR Asset Financing
Debt Instrument [Line Items]
Repurchase agreement, borrowing commitment	$ 75,000
MSR Asset Financing | Minimum
Debt Instrument [Line Items]
Commitment fee	0.125%
MSR Asset Financing | Maximum
Debt Instrument [Line Items]
Commitment fee	0.50%
MSR-related assets
Debt Instrument [Line Items]
Repurchase agreements	$ 647,535	$ 474,127
MSR-related assets | Corporate Loan
Debt Instrument [Line Items]
Repurchase agreements	$ 53,800

Repurchase Agreements (Counterp

Repurchase Agreements (Counterparty for Repurchase Agreement) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)counterparty	Dec. 31, 2018counterparty
Repurchase agreements counterparty risk
Number of counterparties | counterparty	26	26
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	$ 319,478
Weighted Average Months to Maturity for Repurchase Agreements	1 month
Percent of Stockholders’ Equity	9.40%
Goldman Sachs Bank USA
Repurchase agreements counterparty risk
Amount at Risk	$ 187,400
Goldman Sachs Lending Partners
Repurchase agreements counterparty risk
Amount at Risk	132,100
RBC
Repurchase agreements counterparty risk
Amount at Risk	$ 232,698
Weighted Average Months to Maturity for Repurchase Agreements	1 month
Percent of Stockholders’ Equity	6.80%
RBC Barbados
Repurchase agreements counterparty risk
Amount at Risk	$ 229,500
RBC New York
Repurchase agreements counterparty risk
Amount at Risk	3,200
Wells Fargo
Repurchase agreements counterparty risk
Amount at Risk	$ 208,655
Weighted Average Months to Maturity for Repurchase Agreements	0 months
Percent of Stockholders’ Equity	6.10%
Wells Fargo Bank, NA
Repurchase agreements counterparty risk
Amount at Risk	$ 208,700
Wells Fargo Securities LLC
Repurchase agreements counterparty risk
Amount at Risk	0
Barclay's Bank
Repurchase agreements counterparty risk
Amount at Risk	$ 197,793
Weighted Average Months to Maturity for Repurchase Agreements	2 months
Percent of Stockholders’ Equity	5.80%
Credit Suisse
Repurchase agreements counterparty risk
Amount at Risk	$ 180,963
Weighted Average Months to Maturity for Repurchase Agreements	1 month
Percent of Stockholders’ Equity	5.30%

Collateral Positions (Details)

Collateral Positions (Details) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Collateral Positions
Fair value of securities pledged as collateral under repurchase agreements	$ 10,300	$ 9,500
Accrued interest on assets	$ 41.3	$ 33.1

Offsetting Assets and Liabili_2

Offsetting Assets and Liabilities (Narrative) (Details) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Offsetting [Abstract]
Fair value of financial instruments pledged against the repurchase agreements and other advances	$ 10,200	$ 9,400
Fair value of securities pledged against the swaps	$ 2.7	$ 2.7

Other Liabilities (Details)

Other Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Other Liabilities [Abstract]
Securitized debt	$ 659,184	$ 684,420
Senior Notes	96,827	96,816
Dividends and dividend equivalents payable	90,353	90,198
Accrued interest payable	16,951	16,280
Payable for unsettled residential whole loans purchases	0	211,129
Accrued expenses and other	24,054	26,296
Total Other Liabilities	$ 887,369	$ 1,125,139

Other Liabilities (Senior Notes

Other Liabilities (Senior Notes) (Details) - Senior Notes	Apr. 11, 2012	Apr. 11, 2012USD ($)
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%	8.00%
Effective interest rate	8.31%	8.31%
Redemption price as percentage of principal amount	100.00%

Commitments and Contingencies (

Commitments and Contingencies (Lease Commitments) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)lease
Lease Commitments
Number of operating leases | lease	2
Corporate headquarters
Lease Commitments
Lease cost	$ 622
New Corporate Headquarters Location
Lease Commitments
Lease term	15 years
Renewal term	5 years
Lease liability	$ 4,600

Commitments and Contingencies_2

Commitments and Contingencies (Representations and Warranties in Connection with Loan Securitization Transactions) (Details)	Mar. 31, 2019USD ($)
Commitments and Contingencies Disclosure [Abstract]
Repurchase loans allowance	$ 0

Commitments and Contingencies_3

Commitments and Contingencies (Corporate Loans) (Details) - Corporate Loan - USD ($) $ in Millions	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2016
Other Commitments [Line Items]
Commitment to lend	$ 100		$ 130
Amount drawn	$ 71.8	$ 124.2

Commitments and Contingencies_4

Commitments and Contingencies (Rehabilitation Loan Commitments) (Details) $ in Millions	Mar. 31, 2019USD ($)
Commitments and Contingencies Disclosure [Abstract]
Unfunded commitment for rehabilitation loans	$ 53.5

Stockholders' Equity (Narrative

Stockholders' Equity (Narrative) (Details) $ / shares in Units, $ in Thousands	Mar. 06, 2019$ / shares	Feb. 15, 2019$ / shares	Apr. 15, 2013$ / sharesshares	Mar. 31, 2019USD ($)directorquarter$ / sharesshares	Mar. 31, 2018USD ($)$ / shares	Dec. 31, 2018$ / sharesshares	Mar. 31, 2019USD ($)$ / sharesshares	Sep. 16, 2016shares	Dec. 31, 2013shares	Aug. 31, 2005shares
Stockholders' Equity
Preferred stock, shares issued				8,000,000		8,000,000	8,000,000
Preferred stock, par value (in dollars per share) | $ / shares				$ 0.01		$ 0.01	$ 0.01
Preferred stock, dividend rate (as a percent)				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	$ 0.2			$ 0.20	$ 0.20
Dividends and dividend equivalents declared and unpaid | $				$ 90,353	$ 79,905		$ 90,353
Aggregate number of shares of common stock authorized (in shares)				886,950,000		886,950,000	886,950,000
Number of shares authorized to be repurchased under the Repurchase Program (in shares)									10,000,000	4,000,000
Number of remaining shares authorized to be repurchased under the Repurchase Program (in shares)				6,616,355			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)				11,700,000			11,700,000
Common shares issued through DRSPP (in shares)				74,463			34,130,343
Net proceeds from shares issued through DRSPP | $				$ 545			$ 284,700
Series B
Stockholders' Equity
Dividend declared per share, preferred stock (in dollars per share) | $ / shares		$ 0.46875		$ 0.46875	$ 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	$ 25
Preferred stock, dividend rate (as a percent)			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 (Public Of

Stockholders' Equity (Public Offering of Common Stock) (Details) - Public Offering - USD ($) $ / shares in Units, $ in Thousands	Sep. 05, 2018	Aug. 07, 2018
Subsidiary, Sale of Stock [Line Items]
Shares Issued		50,875,000
Gross Proceeds Per Share (USD per share)		$ 7.78
Gross Proceeds		$ 395,807
Shares issues (in shares)	875,000
Issuance costs	$ 6,400

Stockholders' Equity (Accumulat

Stockholders' Equity (Accumulated Other Comprehensive Income/(Loss)) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Components of accumulated other comprehensive income/(loss)
OCI before reclassifications	$ 11,658
Amounts reclassified from AOCI	(17,350)	$ (8,623)
Other Comprehensive Income/(Loss)	(5,692)	(26,494)
Total AOCI
Components of accumulated other comprehensive income/(loss)
Balance at beginning of period	420,288	609,224
OCI before reclassifications		(17,871)
Amounts reclassified from AOCI		(8,623)
Other Comprehensive Income/(Loss)		(26,494)
Balance at end of period	414,596	582,730
Net Unrealized Gain/(Loss) on AFS Securities
Components of accumulated other comprehensive income/(loss)
Balance at beginning of period	417,167	620,648
OCI before reclassifications	22,103	(37,540)
Amounts reclassified from AOCI	(17,009)	(8,623)
Other Comprehensive Income/(Loss)	5,094	(46,163)
Balance at end of period	422,261	574,485
Net (Loss)/Gain on Swaps
Components of accumulated other comprehensive income/(loss)
Balance at beginning of period	3,121	(11,424)
OCI before reclassifications	(10,445)	19,669
Amounts reclassified from AOCI	(341)	0
Other Comprehensive Income/(Loss)	(10,786)	19,669
Balance at end of period	$ (7,665)	$ 8,245

Stockholders' Equity (Amounts R

Stockholders' Equity (Amounts Reclassified out of AOCI) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Amounts Reclassified from AOCI
Realized gain on sale of securities	$ 24,609	$ 8,817
Net Income Available to Common Stock and Participating Securities	85,107	79,645
Total reclassifications for period	(17,350)	(8,623)
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		$ 224
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	(17,009)	(8,623)
Net Income Available to Common Stock and Participating Securities	(17,009)	$ (8,623)
Total Swaps designated as cash flow hedges	$ (341)

EPS Calculation (Details)

EPS Calculation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Numerator:
Net income	$ 88,857	$ 83,395
Dividends declared on preferred stock ($0.46875 per share)	(3,750)	(3,750)
Dividends, dividend equivalents and undistributed earnings allocated to participating securities	(256)	(219)
Net income to common stockholders - basic and diluted	$ 84,851	$ 79,426
Denominator:
Weighted average common shares for basic and diluted earnings per share (in shares)	450,358	398,317
Basic and diluted earnings per share (in dollars per share)	$ 0.19	$ 0.20
Anti-dilutive securities excluded from diluted earnings per share calculations (in shares)	2,400
RSUs
Denominator:
Weighted average grant date fair value (in dollars per share)	$ 7.49

Equity Compensation, Employme_3

Equity Compensation, Employment Agreements and Other Benefit Plans (Narrative) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Share based compensation
Maximum shares authorized for grant	12,000,000
Shares available for grant (in shares)	4,000,000
RSUs
Share based compensation
Awards granted (in shares)	752,500	692,500
Forfeitures (in shares)	20,000	20,000
Unrecognized compensation cost	$ 9,300,000		$ 5,200,000
Period for recognizing unrecognized compensation cost	2 years 2 months 5 days
Restricted shares of common stock
Share based compensation
Awards granted (in shares)	0	0
Share-based awards outstanding (in shares)	0
Dividend Equivalent Rights
Share based compensation
Equivalent rights payment	$ 0	$ 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, Employme_4

Equity Compensation, Employment Agreements and Other Benefit Plans (Allocated Expense) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Share based compensation
Allocated expense	$ 998	$ 553
RSUs
Share based compensation
Allocated expense	$ 998	$ 553

Equity Compensation, Employme_5

Equity Compensation, Employment Agreements and Other Benefit Plans (Details 2) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)officer	Mar. 31, 2018USD ($)	Dec. 31, 2018USD ($)
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	$ 286	$ (49)
Undistributed Income Deferred	2,311		$ 2,263
Liability Under Deferred Plans	2,705		2,417
Deferred Compensation Plans | Non-employee directors
Deferred Compensation Activity
Non-employee directors	286	(49)
Undistributed Income Deferred	2,311		2,263
Liability Under Deferred Plans	$ 2,705		$ 2,417
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	$ 104

Fair Value of Financial Instr_3

Fair Value of Financial Instruments (Fair Value Hierarchy) (Details) - USD ($)		Mar. 31, 2019	Dec. 31, 2018
Assets:
Available-for-sale securities		$ 6,069,571,000	$ 6,509,333,000
Residential whole loans, at fair value	[1]	1,512,337,000	1,665,978,000
Total assets carried at fair value		8,335,502,000	8,713,810,000
Agency MBS
Assets:
Available-for-sale securities		2,546,597,000	2,698,213,000
Non-Agency MBS
Assets:
Available-for-sale securities		3,099,272,000	3,318,299,000
CRT securities
Assets:
Available-for-sale securities		423,702,000	492,821,000
Residential whole loans, at fair value
Assets:
Residential whole loans, at fair value		1,512,337,000	1,665,978,000
Term notes backed by MSR-related collateral
Assets:
Term notes backed by MSR related collateral		753,594,000	538,499,000
Level 1
Assets:
Total assets carried at fair value		0	0
Level 1 | Agency MBS
Assets:
Available-for-sale securities		0	0
Level 1 | Non-Agency MBS
Assets:
Available-for-sale securities		0	0
Level 1 | CRT securities
Assets:
Available-for-sale securities		0	0
Level 1 | Residential whole loans, at fair value
Assets:
Residential whole loans, at fair value		0	0
Level 1 | Term notes backed by MSR-related collateral
Assets:
Term notes backed by MSR related collateral		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
Assets:
Total assets carried at fair value		6,069,571,000	6,509,333,000
Level 2 | Agency MBS
Assets:
Available-for-sale securities		2,546,597,000	2,698,213,000
Level 2 | Non-Agency MBS
Assets:
Available-for-sale securities		3,099,272,000	3,318,299,000
Level 2 | CRT securities
Assets:
Available-for-sale securities		423,702,000	492,821,000
Level 2 | Residential whole loans, at fair value
Assets:
Residential whole loans, at fair value		0	0
Level 2 | Term notes backed by MSR-related collateral
Assets:
Term notes backed by MSR related collateral		0	0
Level 3
Assets:
Total assets carried at fair value		2,265,931,000	2,204,477,000
Level 3 | Agency MBS
Assets:
Available-for-sale securities		0	0
Level 3 | Non-Agency MBS
Assets:
Available-for-sale securities		0	0
Level 3 | CRT securities
Assets:
Available-for-sale securities		0	0
Level 3 | Residential whole loans, at fair value
Assets:
Residential whole loans, at fair value		1,512,337,000	1,665,978,000
Level 3 | Term notes backed by MSR-related collateral
Assets:
Term notes backed by MSR related collateral		$ 753,594,000	$ 538,499,000
[1]	Includes approximately $202.7 million and $209.4 million of Residential whole loans, at carrying value and $647.0 million and $694.7 million of Residential whole loans, at fair value transferred to consolidated variable interest entities (“VIEs”) at March 31, 2019 and December 31, 2018, respectively. Such assets can be used only to settle the obligations of each respective VIE.

Fair Value of Financial Instr_4

Fair Value of Financial Instruments (Level 3 Assets) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Recurring basis | Level 3 | Residential Whole Loans, at Fair Value
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of period	$ 1,471,263	$ 1,325,115
Purchases and capitalized advances	130,089	311,125
Changes in fair value recorded in Net gain on residential whole loans measured at fair value through earnings	(1,060)	13,747
Collection of principal, net of liquidation gains/losses	(31,751)	(46,683)
Repurchases	(318)	(194)
Transfer to REO	(55,886)	(47,490)
Balance at end of period	1,512,337	1,555,620
Recurring basis | Level 3 | 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	538,499	381,804
Purchases and capitalized advances	219,166	100,000
Collection of principal, net of liquidation gains/losses	(4,584)	(150,000)
Changes in unrealized gain/losses	513	236
Balance at end of period	753,594	$ 332,040
Residential whole loans
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Residential Whole Loans Held at Fair Value, Purchase Transaction Committed in Previous Period, Closed in Subsequent Period	$ 70,600

Fair Value of Financial Instr_5

Fair Value of Financial Instruments (Fair Value Methodology) (Details) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2019USD ($)	Mar. 31, 2018USD ($)	Dec. 31, 2018USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Residential whole loans, at fair value	$ 1,386,100		$ 1,383,502
Purchases excluded from level 2 fair value	126,200		282,500
Discounted cash flow
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Residential whole loans, at fair value	744,578		700,250
Liquidation model
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Residential whole loans, at fair value	641,522		683,252
Simple average amount	$ 362		$ 400
Residential whole loans, at fair value | Level 3 | Liquidation model | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Annual change in home prices	0.00%	(0.50%)
Liquidation timeline (in years)	1 month 6 days	1 month 6 days
Current value of underlying properties	$ 2	$ 2
Residential whole loans, at fair value | Level 3 | Liquidation model | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Annual change in home prices	8.60%	12.20%
Liquidation timeline (in years)	4 years 6 months	4 years 6 months
Current value of underlying properties	$ 5,450	$ 7,950
Discount rate | Residential whole loans, at fair value | Level 3 | Discounted cash flow | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.045		0.045
Discount rate | Residential whole loans, at fair value | Level 3 | Discounted cash flow | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.080		0.080
Discount rate | Residential whole loans, at fair value | Level 3 | Discounted cash flow | Weighted Average
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.052		0.052
Discount rate | Residential whole loans, at fair value | Level 3 | Liquidation model | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.061		0.061
Discount rate | Residential whole loans, at fair value | Level 3 | Liquidation model | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.500		0.500
Discount rate | Residential whole loans, at fair value | Level 3 | Liquidation model | Weighted Average
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.081		0.080
Prepayment rate | Residential whole loans, at fair value | Level 3 | Discounted cash flow | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.009		0.0090
Prepayment rate | Residential whole loans, at fair value | Level 3 | Discounted cash flow | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.167		0.159
Prepayment rate | Residential whole loans, at fair value | Level 3 | Discounted cash flow | Weighted Average
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.049		0.048
Prepayment rate | Residential whole loans, at fair value | Level 3 | Liquidation model | Weighted Average
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Annual change in home prices	3.50%		3.50%
Default rate | Residential whole loans, at fair value | Level 3 | Discounted cash flow | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0		0
Default rate | Residential whole loans, at fair value | Level 3 | Discounted cash flow | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.241		0.241
Default rate | Residential whole loans, at fair value | Level 3 | Discounted cash flow | Weighted Average
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.042		0.041
Default rate | Residential whole loans, at fair value | Level 3 | Liquidation model | Weighted Average
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liquidation timeline (in years)	1 year 9 months 18 days		1 year 9 months 18 days
Loss severity | Residential whole loans, at fair value | Level 3 | Discounted cash flow | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0		0
Loss severity | Residential whole loans, at fair value | Level 3 | Discounted cash flow | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	1		1
Loss severity | Residential whole loans, at fair value | Level 3 | Discounted cash flow | Weighted Average
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.128		0.129
Loss severity | Residential whole loans, at fair value | Level 3 | Liquidation model | Weighted Average
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Current value of underlying properties	$ 741		$ 802

Fair Value of Financial Instr_6

Fair Value of Financial Instruments (Carrying Value vs Fair Value) (Details) - USD ($) $ in Thousands		Mar. 31, 2019	Dec. 31, 2018
Financial Assets:
Available-for-sale securities		$ 6,069,571	$ 6,509,333
Residential whole loans, at carrying value	[1]	3,724,146	3,016,715
Residential whole loans, at fair value	[1]	1,512,337	1,665,978
MSR related assets		825,363	611,807
Restricted cash		41,999	36,744
Financial Liabilities (1):
Repurchase agreements		8,509,713	7,879,087
Securitized debt		659,184	684,420
Senior Notes		96,827	96,816
Carrying Value
Financial Assets:
MSR related assets		825,363	611,807
Cash and cash equivalents		76,579	51,965
Restricted cash		41,999	36,744
Financial Liabilities (1):
Repurchase agreements		8,509,713	7,879,087
Securitized debt		659,184	684,420
Senior Notes		96,827	96,816
Estimated Fair Value
Financial Assets:
MSR related assets		825,363	611,807
Cash and cash equivalents		76,579	51,965
Restricted cash		41,999	36,744
Financial Liabilities (1):
Repurchase agreements		8,527,163	7,895,672
Securitized debt		659,804	680,209
Senior Notes		102,591	99,951
Agency MBS
Financial Assets:
Available-for-sale securities		2,546,597	2,698,213
Financial Liabilities (1):
Repurchase agreements		2,353,173	2,384,357
Agency MBS | Carrying Value
Financial Assets:
Available-for-sale securities		2,546,597	2,698,213
Agency MBS | Estimated Fair Value
Financial Assets:
Available-for-sale securities		2,546,597	2,698,213
Non-Agency MBS
Financial Assets:
Available-for-sale securities		3,099,272	3,318,299
Financial Liabilities (1):
Repurchase agreements		1,359,699	1,447,585
Non-Agency MBS | Carrying Value
Financial Assets:
Available-for-sale securities		3,099,272	3,318,299
Non-Agency MBS | Estimated Fair Value
Financial Assets:
Available-for-sale securities		3,099,272	3,318,299
CRT securities
Financial Assets:
Available-for-sale securities		423,702	492,821
Financial Liabilities (1):
Repurchase agreements		338,827	391,586
CRT securities | Carrying Value
Financial Assets:
Available-for-sale securities		423,702	492,821
CRT securities | Estimated Fair Value
Financial Assets:
Available-for-sale securities		423,702	492,821
Residential whole loans, at fair value
Financial Assets:
Residential whole loans, at fair value		1,512,337	1,665,978
Financial Liabilities (1):
Repurchase agreements		2,746,804	2,020,508
Residential whole loans, at fair value | Carrying Value
Financial Assets:
Residential whole loans, at carrying value		3,724,146	3,016,715
Residential whole loans, at fair value		1,512,337	1,665,978
Residential whole loans, at fair value | Estimated Fair Value
Financial Assets:
Residential whole loans, at carrying value		3,816,290	3,104,401
Residential whole loans, at fair value		$ 1,512,337	$ 1,665,978
[1]	Includes approximately $202.7 million and $209.4 million of Residential whole loans, at carrying value and $647.0 million and $694.7 million of Residential whole loans, at fair value transferred to consolidated variable interest entities (“VIEs”) at March 31, 2019 and December 31, 2018, respectively. Such assets can be used only to settle the obligations of each respective VIE.

Fair Value of Financial Instr_7

Fair Value of Financial Instruments (Narrative) (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2018	Dec. 31, 2017
Fair Value Disclosures [Abstract]
Real estate owned	$ 290,587	$ 249,413	$ 182,940	$ 152,356
Other real estate, fair value	$ 320,000	$ 273,400

Use of Special Purpose Entiti_3

Use of Special Purpose Entities and Variable Interest Entities (Loan Securitization Transaction) (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Variable Interest Entity [Line Items]
Outstanding amount of Senior Bonds	$ 659,184		$ 684,420
Asset-backed Securities, Securitized Loans and Receivables
Variable Interest Entity [Line Items]
Aggregate fair value	1,290,029		1,290,029
Outstanding amount of Senior Bonds	$ 659,184		$ 684,420
Weighted average interest rate	3.66%		3.66%
Weighted average contractual maturity of Senior Bonds	30 years	31 years
Cash received	$ 802,815	$ 802,815
Debt issuance cost	3,600		$ 3,800
Senior Notes | Asset-backed Securities, Securitized Loans and Receivables
Variable Interest Entity [Line Items]
Principal amount of Securitized debt	802,817		802,817
Proceeds from Senior bond sold with Step up feature	$ 563,200		$ 582,800
Debt instrument, basis spread on variable rate	300.00%
Debt instrument, coupon step-up period			36 months
Rated and Non-Rated Certificates | Asset-backed Securities, Securitized Loans and Receivables
Variable Interest Entity [Line Items]
Principal amount of Securitized debt	$ 275,174		$ 275,174

Use of Special Purpose Entiti_4

Use of Special Purpose Entities and Variable Interest Entities (Narrative) (Details) - USD ($) $ in Thousands		Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2018	Dec. 31, 2017
Variable Interest Entity [Line Items]
Residential whole loans, at fair value	[1]	$ 1,512,337	$ 1,665,978
Securitized debt		659,184	684,420
Total residential whole loans		5,200,000	4,700,000
Residential whole loans, at carrying value	[1]	3,724,146	3,016,715
Real estate owned		290,587	249,413	$ 182,940	$ 152,356
Other real estate, fair value		320,000	273,400
Asset-backed Securities, Securitized Loans and Receivables
Variable Interest Entity [Line Items]
Purchased credit impaired loans		202,700	209,400
Residential whole loans, at fair value		647,000	694,700
Securitized debt		659,184	684,420
Other Assets | Asset-backed Securities, Securitized Loans and Receivables
Variable Interest Entity [Line Items]
Real estate owned at fair value		$ 102,500	$ 79,000
[1]	Includes approximately $202.7 million and $209.4 million of Residential whole loans, at carrying value and $647.0 million and $694.7 million of Residential whole loans, at fair value transferred to consolidated variable interest entities (“VIEs”) at March 31, 2019 and December 31, 2018, respectively. Such assets can be used only to settle the obligations of each respective VIE.

Uncategorized Items - mfa-20190

Label	Element	Value
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ 295,000
Retained Earnings [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ 295,000