The following tables present the components of accumulated other comprehensive income. The tables exclude MBS and GSE CRTs that are accounted for under the fair value option.



	Three Months Ended September 30, 2017
$ in thousands	Equity method investments		Available-for-sale securities		Derivatives and hedging		Total
Other comprehensive income/(loss), net
Unrealized gain (loss) on mortgage-backed and credit risk transfer securities, net	—		19,089		—		19,089
Reclassification of unrealized (gain) loss on sale of mortgage-backed and credit risk transfer securities to gain (loss) on investments, net	—		7		—		7
Reclassification of amortization of net deferred (gain) loss on de-designated interest rate swaps to repurchase agreements interest expense	—		—		(6,438	)	(6,438	)
Currency translation adjustments on investment in unconsolidated venture	807		—		—		807
Other comprehensive income/(loss), net	807		19,096		(6,438	)	13,465

Balance at beginning of period	(375	)	201,158		136,608		337,391
Other comprehensive income/(loss), net	807		19,096		(6,438	)	13,465
Other comprehensive income/(loss) attributable to non-controlling interest	(10	)	(241	)	81		(170	)
Rebalancing of ownership percentage of non-controlling interest	—		—		—		—
Balance at end of period	422		220,013		130,251		350,686



	Three Months Ended September 30, 2016
$ in thousands	Equity method investments		Available-for-sale securities		Derivatives and hedging		Total
Other comprehensive income/(loss), net
Unrealized gain (loss) on mortgage-backed and credit risk transfer securities, net	—		32,015		—		32,015
Reclassification of unrealized (gain) loss on sale of mortgage-backed and credit risk transfer securities to gain (loss) on investments, net	—		—		—		—
Reclassification of amortization of net deferred (gain) loss on de-designated interest rate swaps to repurchase agreements interest expense	—		—		(4,831	)	(4,831	)
Currency translation adjustments on investment in unconsolidated venture	(235	)	—		—		(235	)
Other comprehensive income/(loss), net	(235	)	32,015		(4,831	)	26,949

Balance at beginning of period	190		394,531		164,233		558,954
Other comprehensive income/(loss), net	(235	)	32,015		(4,831	)	26,949
Other comprehensive income/(loss) attributable to non-controlling interest	3		(404	)	61		(340	)
Balance at end of period	(42	)	426,142		159,463		585,563



	Nine Months Ended September 30, 2017
$ in thousands	Equity method investments		Available-for-sale securities		Derivatives and hedging		Total
Other comprehensive income/(loss), net
Unrealized gain (loss) on mortgage-backed and credit risk transfer securities, net	—		75,011		—		75,011
Reclassification of unrealized (gain) loss on sale of mortgage-backed and credit risk transfer securities to gain (loss) on investments, net	—		1,508		—		1,508
Reclassification of amortization of net deferred (gain) loss on de-designated interest rate swaps to repurchase agreements interest expense	—		—		(19,105	)	(19,105	)
Currency translation adjustments on investment in unconsolidated venture	331		—		—		331
Other comprehensive income/(loss), net	331		76,519		(19,105	)	57,745

Balance at beginning of period	95		144,458		149,115		293,668
Other comprehensive income/(loss), net	331		76,519		(19,105	)	57,745
Other comprehensive income/(loss) attributable to non-controlling interest	(4	)	(965	)	241		(728	)
Rebalancing of ownership percentage of non-controlling interest	—		1		—		1
Balance at end of period	422		220,013		130,251		350,686



	Nine Months Ended September 30, 2016
$ in thousands	Equity method investments		Available-for-sale securities		Derivatives and hedging		Total
Other comprehensive income/(loss), net
Unrealized gain (loss) on mortgage-backed and credit risk transfer securities, net	—		270,591		—		270,591
Reclassification of unrealized (gain) loss on sale of mortgage-backed and credit risk transfer securities to gain (loss) on investments, net	—		(11,581	)	—		(11,581	)
Reclassification of amortization of net deferred (gain) loss on de-designated interest rate swaps to repurchase agreements interest expense	—		—		11,331		11,331
Currency translation adjustments on investment in unconsolidated venture	(10	)	—		—		(10	)
Other comprehensive income/(loss), net	(10	)	259,010		11,331		270,331

Balance at beginning of period	(32	)	170,383		148,273		318,624
Other comprehensive income/(loss), net	(10	)	259,010		11,331		270,331
Other comprehensive income/(loss) attributable to non-controlling interest	—		(3,251	)	(141	)	(3,392	)
Balance at end of period	(42	)	426,142		159,463		585,563