Collateral Positions (Tables)

12 Months Ended

Dec. 31, 2014

Schedule of fair value of collateral pledged and collateral held

The following table summarizes the fair value of the Company’s collateral positions, which includes collateral pledged and collateral held, with respect to its borrowings under repurchase agreements, reverse repurchase agreements and derivative hedging instruments at December 31, 2014 and 2013:



	December 31, 2014				December 31, 2013
(In Thousands)	Assets Pledged		Collateral Held		Assets Pledged		Collateral Held
Derivative Hedging Instruments:
Agency MBS	$	57,247	$	—	$	73,859	$	—
Cash (1)	66,486		—		37,520		—
	123,733		—		111,379		—
Repurchase Agreement Borrowings:
Agency MBS	$	5,462,566	$	—	$	6,068,447	$	—
Non-Agency MBS (2)(3)	3,652,000		—		3,663,523		—
U.S. Treasury securities	512,105		—		383,743		—
CRT securities	94,610		—		—
Residential whole loans	212,986		—		—		—
Cash (1)	769		—		—		—
	9,935,036		—		10,115,713		—
Reverse Repurchase Agreements:
U.S. Treasury securities	$	—	$	512,105	$	—	$	383,743
	—		512,105		—		383,743
Total	$	10,058,769	$	512,105	$	10,227,092	$	383,743

(1) Cash pledged as collateral is reported as “restricted cash” on the Company’s consolidated balance sheets.

(2) Includes $1.275 billion and $1.885 billion of Non-Agency MBS acquired in connection with resecuritization transactions from consolidated VIEs at December 31, 2014 and 2013, respectively, that are eliminated from the Company’s consolidated balance sheets.

(3) In addition, $731.0 million and $738.3 million of Non-Agency MBS are pledged as collateral in connection with contemporaneous repurchase and reverse repurchase agreements entered into with a single counterparty at December 31, 2014 and 2013, respectively.

Schedule of additional information about assets Pledged as collateral pursuant to borrowings under repurchase agreements and Derivative Hedging Contracts

The following table presents detailed information about the Company’s assets pledged as collateral pursuant to its borrowings under repurchase agreements and derivative hedging instruments at December 31, 2014:



	Assets Pledged Under Repurchase Agreements						Assets Pledged Against Derivative Hedging Instruments						Total Fair Value of Assets Pledged and Accrued Interest
(In Thousands)	Fair Value		Amortized Cost		Accrued Interest on Pledged Assets		Fair Value/ Carrying Value		Amortized Cost		Accrued Interest on Pledged Assets		Total Fair Value of Assets Pledged and Accrued Interest

Agency MBS	$	5,462,566	$	5,390,415	$	13,277	$	57,247	$	58,235	$	120	$	5,533,210
Non-Agency MBS(1)(2)	3,652,000		2,832,577		12,579		—		—		—		3,664,579
U.S. Treasuries	512,105		512,105		—		—		—		—		512,105
CRT securities	94,610		96,474		66		—		—		—		94,676
Residential whole loans	212,986		211,054		—		—		—		—		212,986
Total	$	9,934,267	$	9,042,625	$	25,922	$	57,247	$	58,235	$	120	$	10,017,556

(1) Includes $1.275 billion of Non-Agency MBS acquired in connection with resecuritization transactions from consolidated VIEs at December 31, 2014 that are eliminated from the Company’s consolidated balance sheets.

(2) In addition, $731.0 million of Non-Agency MBS are pledged as collateral in connection with contemporaneous repurchase and reverse repurchase agreements entered into with a single counterparty at December 31, 2014.