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Residential Whole Loans (Tables)
 6 Months Ended
Jun. 30, 2017
Investments, Debt and Equity Securities [Abstract]  
Schedule of Activity in Allowance for Loan Losses, Residential Whole Loans
The following table presents the activity in the Company’s allowance for loan losses on its residential whole loan pools held at carrying value for the three and six months ended June 30, 2017 and 2016:

 (In Thousands)
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
 
2017

2016
 
2017
 
2016
Balance at the beginning of period
 
$
769

 
$
1,128

 
$
990

 
$
1,165

Reversal of provisions for loan losses
 
(394
)
 
(105
)
 
(615
)
 
(142
)
Balance at the end of period
 
$
375

 
$
1,023

 
$
375

 
$
1,023
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period
The following table presents information regarding estimates of the contractually required payments, the cash flows expected to be collected, and the estimated fair value of the residential whole loans held at carrying value acquired by the Company for the three and six months ended June 30, 2017 and 2016:

 (In Thousands)
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
 
2017 (1)
 
2016
 
2017 (1)
 
2016
Contractually required principal and interest
 
$
—

 
$
42,234

 
$
—

 
$
241,326

Contractual cash flows not expected to be collected (non-accretable yield)
 
—

 
(6,374
)
 
—

 
(35,037
)
Expected cash flows to be collected
 
—

 
35,860

 
—

 
206,289

Interest component of expected cash flows (accretable yield)
 
—

 
(11,240
)
 
—

 
(69,749
)
Fair value at the date of acquisition
 
$
—

 
$
24,620

 
$
—

 
$
136,540



(1) Excluded from the table above are approximately $101.4 million of residential whole loans held at carrying value for which the closing of the purchase transaction had not occurred as of June 30, 2017.

Certain Loans Acquired in Transfer Accounted for as Debt Securities, Accretable Yield Movement
The following table presents accretable yield activity for the Company’s residential whole loans held at carrying value for the three and six months ended June 30, 2017 and 2016:

 (In Thousands)
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
 
2017 (1)
 
2016
 
2017 (1)
 
2016
Balance at beginning of period
 
$
325,551

 
$
229,408

 
$
334,379

 
$
175,271

  Additions
 
—

 
11,240

 
—

 
69,749

  Accretion
 
(8,503
)
 
(5,758
)
 
(17,193
)
 
(10,195
)
  Reclassifications from/(to) non-accretable difference, net
 
1,077

 
(363
)
 
939

 
(298
)
Balance at end of period
 
$
318,125

 
$
234,527

 
$
318,125

 
$
234,527



(1) Excluded from the table above are approximately $101.4 million of residential whole loans held at carrying value for which the closing of the purchase transaction had not occurred as of June 30, 2017.

Residential Whole Loans, Fair Value
The following table presents information regarding the Company’s residential whole loans held at fair value at June 30, 2017 and December 31, 2016:
 (Dollars in Thousands)
 
June 30, 2017 (1)
 
December 31, 2016
Outstanding principal balance
 
$
860,902

 
$
966,174

Aggregate fair value
 
$
744,072

 
$
814,682

Number of loans
 
3,335

 
3,812



(1) Excluded from the table above are approximately $239.2 million of residential whole loans held at fair value for which the closing of the purchase transaction had not occurred as of June 30, 2017.

Residential Whole Loans, Fair Value, Component of Net gain on residential whole loans
The following table presents the components of Net gain on residential whole loans held at fair value for the three and six months ended June 30, 2017 and 2016:
 (In Thousands)
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
 
2017
 
2016
 
2017
 
2016
Coupon payments and other income received
 
$
9,974

 
$
5,333

 
$
18,148

 
$
9,734

Net unrealized gains
 
4,262

 
8,390

 
7,209

 
14,616

Net gain on payoff/liquidation of loans
 
752

 
747

 
1,619

 
2,001

Net gain on transfer to REO
 
1,220

 
1,272

 
3,005

 
1,739

    Total
 
$
16,208

 
$
15,742

 
$
29,981

 
$
28,090