v3.19.3

Investment in Securities (Summary of Investment in Securities) (Details) - USD ($) $ in Thousands | 9 Months Ended |
--- | --- | ---
Sep. 30, 2019 | Dec. 31, 2018
Securities, Available-for-sale [Line Items] |  |
Current Principal | $ 1,802,133 |
Unamortized Premium (Discount) | (106,592) |
Amortized Cost | 1,808,453 |
Gross Unrealized Gains | 38,995 |
Gross Unrealized Losses | (8,428) |
Investment Owned At Fair Value, Net | 1,839,020 |
Securities, at fair value | 1,875,929 |
Securities sold short, at fair value | $ (36,909) | $ (850,577)
Fair Value |  | $ 2,939,311
Weighted Average |  |
Securities, Available-for-sale [Line Items] |  |
Weighted Average Coupon | 4.25% |
Weighted Average Yield | 4.24% |
Weighted average life | 5 years 128 days |
Long |  |
Securities, Available-for-sale [Line Items] |  |
Current Principal | $ 1,838,327 |
Unamortized Premium (Discount) | (106,399) |
Amortized Cost | 1,844,840 |
Gross Unrealized Gains | 38,994 |
Gross Unrealized Losses | (7,905) |
Securities, at fair value | $ 1,875,929 |
Long | Weighted Average |  |
Securities, Available-for-sale [Line Items] |  |
Weighted Average Coupon | 4.20% |
Weighted Average Yield | 4.29% |
Weighted average life | 5 years 124 days |
Long | 15-year fixed-rate mortgages |  |
Securities, Available-for-sale [Line Items] |  |
Current Principal | $ 176,990 |
Unamortized Premium (Discount) | 3,542 |
Amortized Cost | 180,532 |
Gross Unrealized Gains | 1,710 |
Gross Unrealized Losses | (250) |
Securities, at fair value | $ 181,992 |
Long | 15-year fixed-rate mortgages | Weighted Average |  |
Securities, Available-for-sale [Line Items] |  |
Weighted Average Coupon | 3.09% |
Weighted Average Yield | 2.41% |
Weighted average life | 3 years 99 days |
Long | 20-year fixed-rate mortgages |  |
Securities, Available-for-sale [Line Items] |  |
Current Principal | $ 820 |
Unamortized Premium (Discount) | 53 |
Amortized Cost | 873 |
Gross Unrealized Gains | 8 |
Gross Unrealized Losses | 0 |
Securities, at fair value | $ 881 |
Long | 20-year fixed-rate mortgages | Weighted Average |  |
Securities, Available-for-sale [Line Items] |  |
Weighted Average Coupon | 4.54% |
Weighted Average Yield | 3.00% |
Weighted average life | 4 years 274 days |
Long | 30-year fixed-rate mortgages |  |
Securities, Available-for-sale [Line Items] |  |
Current Principal | $ 1,132,923 |
Unamortized Premium (Discount) | 55,885 |
Amortized Cost | 1,188,808 |
Gross Unrealized Gains | 13,225 |
Gross Unrealized Losses | (2,593) |
Securities, at fair value | $ 1,199,440 |
Long | 30-year fixed-rate mortgages | Weighted Average |  |
Securities, Available-for-sale [Line Items] |  |
Weighted Average Coupon | 4.24% |
Weighted Average Yield | 3.13% |
Weighted average life | 5 years 234 days |
Long | Adjustable rate mortgages |  |
Securities, Available-for-sale [Line Items] |  |
Current Principal | $ 10,772 |
Unamortized Premium (Discount) | 387 |
Amortized Cost | 11,159 |
Gross Unrealized Gains | 83 |
Gross Unrealized Losses | (62) |
Securities, at fair value | $ 11,180 |
Long | Adjustable rate mortgages | Weighted Average |  |
Securities, Available-for-sale [Line Items] |  |
Weighted Average Coupon | 3.98% |
Weighted Average Yield | 2.26% |
Weighted average life | 2 years 204 days |
Long | Reverse mortgages |  |
Securities, Available-for-sale [Line Items] |  |
Current Principal | $ 123,557 |
Unamortized Premium (Discount) | 8,606 |
Amortized Cost | 132,163 |
Gross Unrealized Gains | 2,325 |
Gross Unrealized Losses | (22) |
Securities, at fair value | $ 134,466 |
Long | Reverse mortgages | Weighted Average |  |
Securities, Available-for-sale [Line Items] |  |
Weighted Average Coupon | 4.45% |
Weighted Average Yield | 2.86% |
Weighted average life | 6 years 307 days |
Long | Interest only securities |  |
Securities, Available-for-sale [Line Items] |  |
Amortized Cost | $ 35,775 |
Gross Unrealized Gains | 1,920 |
Gross Unrealized Losses | (647) |
Securities, at fair value | $ 37,048 |
Long | Interest only securities | Weighted Average |  |
Securities, Available-for-sale [Line Items] |  |
Weighted Average Coupon | 2.40% |
Weighted Average Yield | 9.03% |
Weighted average life | 3 years 183 days |
Long | Non-Agency RMBS |  |
Securities, Available-for-sale [Line Items] |  |
Current Principal | $ 250,196 |
Unamortized Premium (Discount) | (106,851) |
Amortized Cost | 143,345 |
Gross Unrealized Gains | 12,937 |
Gross Unrealized Losses | (2,668) |
Securities, at fair value | $ 153,614 |
Long | Non-Agency RMBS | Weighted Average |  |
Securities, Available-for-sale [Line Items] |  |
Weighted Average Coupon | 3.63% |
Weighted Average Yield | 6.66% |
Weighted average life | 5 years 95 days |
Long | CMBS |  |
Securities, Available-for-sale [Line Items] |  |
Current Principal | $ 71,217 |
Unamortized Premium (Discount) | (38,214) |
Amortized Cost | 33,003 |
Gross Unrealized Gains | 3,115 |
Gross Unrealized Losses | (26) |
Securities, at fair value | $ 36,092 |
Long | CMBS | Weighted Average |  |
Securities, Available-for-sale [Line Items] |  |
Weighted Average Coupon | 3.44% |
Weighted Average Yield | 9.38% |
Weighted average life | 8 years 241 days |
Long | Non-Agency IOs |  |
Securities, Available-for-sale [Line Items] |  |
Amortized Cost | $ 5,146 |
Gross Unrealized Gains | 1,936 |
Gross Unrealized Losses | 0 |
Securities, at fair value | $ 7,082 |
Long | Non-Agency IOs | Weighted Average |  |
Securities, Available-for-sale [Line Items] |  |
Weighted Average Coupon | 0.98% |
Weighted Average Yield | 20.49% |
Weighted average life | 3 years 150 days |
Long | CLOs |  |
Securities, Available-for-sale [Line Items] |  |
Amortized Cost | $ 68,187 |
Gross Unrealized Gains | 569 |
Gross Unrealized Losses | (1,356) |
Securities, at fair value | $ 67,400 |
Long | CLOs | Weighted Average |  |
Securities, Available-for-sale [Line Items] |  |
Weighted Average Coupon | 3.23% |
Weighted Average Yield | 15.56% |
Weighted average life | 5 years 212 days |
Long | Asset-backed securities, backed by consumer loans |  |
Securities, Available-for-sale [Line Items] |  |
Current Principal | $ 47,785 |
Unamortized Premium (Discount) | (8,817) |
Amortized Cost | 38,968 |
Gross Unrealized Gains | 628 |
Gross Unrealized Losses | (280) |
Securities, at fair value | $ 39,316 |
Long | Asset-backed securities, backed by consumer loans | Weighted Average |  |
Securities, Available-for-sale [Line Items] |  |
Weighted Average Coupon | 14.86% |
Weighted Average Yield | 14.43% |
Weighted average life | 1 year 69 days |
Long | Corporate debt securities |  |
Securities, Available-for-sale [Line Items] |  |
Current Principal | $ 24,067 |
Unamortized Premium (Discount) | (20,990) |
Amortized Cost | 3,077 |
Gross Unrealized Gains | 106 |
Gross Unrealized Losses | (1) |
Securities, at fair value | $ 3,182 |
Long | Corporate debt securities | Weighted Average |  |
Securities, Available-for-sale [Line Items] |  |
Weighted Average Coupon | 0.00% |
Weighted Average Yield | 11.06% |
Weighted average life | 1 year 124 days |
Long | Corporate equity securities |  |
Securities, Available-for-sale [Line Items] |  |
Amortized Cost | $ 3,804 |
Securities, at fair value | 4,236 |
Corporate equity, gross unrealized gains | 432 |
Corporate equity, gross unrealized losses | 0 |
Short |  |
Securities, Available-for-sale [Line Items] |  |
Current Principal | (36,194) |
Unamortized Premium (Discount) | (193) |
Investment Sold, Not yet Purchased, Sale Proceeds | (36,387) |
Gross Unrealized Gains | 1 |
Gross Unrealized Losses | (523) |
Securities sold short, at fair value | $ (36,909) |
Short | Weighted Average |  |
Securities, Available-for-sale [Line Items] |  |
Weighted Average Coupon | 1.72% |
Weighted Average Yield | 1.54% |
Weighted average life | 4 years 223 days |
Short | Corporate debt securities |  |
Securities, Available-for-sale [Line Items] |  |
Current Principal | $ (450) |
Unamortized Premium (Discount) | (6) |
Investment Sold, Not yet Purchased, Sale Proceeds | (456) |
Gross Unrealized Gains | 1 |
Gross Unrealized Losses | (18) |
Securities sold short, at fair value | $ (473) |
Short | Corporate debt securities | Weighted Average |  |
Securities, Available-for-sale [Line Items] |  |
Weighted Average Coupon | 5.46% |
Weighted Average Yield | 5.21% |
Weighted average life | 5 years 62 days |
Short | U.S. Treasury securities |  |
Securities, Available-for-sale [Line Items] |  |
Current Principal | $ (26,260) |
Unamortized Premium (Discount) | (29) |
Investment Sold, Not yet Purchased, Sale Proceeds | (26,289) |
Gross Unrealized Gains | 0 |
Gross Unrealized Losses | (441) |
Securities sold short, at fair value | $ (26,730) |
Short | U.S. Treasury securities | Weighted Average |  |
Securities, Available-for-sale [Line Items] |  |
Weighted Average Coupon | 2.00% |
Weighted Average Yield | 2.00% |
Weighted average life | 5 years 223 days |
Short | European sovereign bonds |  |
Securities, Available-for-sale [Line Items] |  |
Current Principal | $ (9,484) |
Unamortized Premium (Discount) | (158) |
Investment Sold, Not yet Purchased, Sale Proceeds | (9,642) |
Gross Unrealized Gains | 0 |
Gross Unrealized Losses | (64) |
Securities sold short, at fair value | $ (9,706) |
Short | European sovereign bonds | Weighted Average |  |
Securities, Available-for-sale [Line Items] |  |
Weighted Average Coupon | 0.75% |
Weighted Average Yield | 0.12% |
Weighted average life | 1 year 303 days |

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