there has been a significant amount of speculation over the size , scope and potential impact of proposed fiscal stimulus measures and policy actions that may come from the new administration , but we feel there is too much uncertainty to gauge the economic impact at this time . given an increased distribution of possible economic outcomes and , as a result , ranges of possible interest rate scenarios , we chose to reduce our duration gap during the fourth quarter and to hedge the sizeable extension risk of our agency rmbs . we added pay-fixed swaps as well as sold agency rmbs , us treasuries and us treasury futures during the quarter . spreads for legacy mortgage assets ( securities issued in 2010 or earlier ) tightened through the end of the year following the u.s. election . persistently favorable fundamentals and strong net demand continue to support positive performance in the legacy mortgage sectors . spreads for the credit-risk transfer ( crt ) sector were relatively volatile during the fourth quarter as election uncertainty and a heavy new issue calendar weighed on the market . spreads reversed course following the year 's final crt deal which priced in early december . during the quarter , we chose to rotate out of a portion of our crt positions , rpl/npl securities , and residential loans . additionally , a consumer abs position was refinanced and called by the issuer in october . we made an equity investment in a seasoned pool of performing and re-performing loans through a securitization , which is included in our alt-a investment category , and purchased a commercial real estate loan during the quarter . fixed rate securities and cmbs interest only securities experienced unrealized fair value losses due to higher interest rates during the fourth quarter . those losses were partially offset by credit spread tightening and there was an overall decline in credit book value for the fourth quarter . housing , economic and interest rate trends inclusive of distressed sales , home prices nationwide increased by 7.2 % on a year-over-year basis in december 2016 as compared with december 2015 , according to data released by corelogic . this marks the 59th consecutive monthly increase year-over-year in national home prices . the housing market remains strong ; however , given the duration and strength of the recovery , we expect home price appreciation to moderate but remain positive over the course of 2017. the u.s. government agencies and the federal reserve ( the “ fed ” ) policy sponsorship of housing via lower mortgage rates and the further loosening of credit available to prospective homeowners , coupled with a stable broader domestic economy , have provided some support for the housing market recovery . 44 according to corelogic , the aggregate value of all residential properties with negative equity ( homes where the homeowner owes more on the home than the home is worth ) decreased to $ 281.9 billion in the third quarter of 2016 , from $ 306.9 billion in the third quarter of 2015 , a decrease of 8.2 % . for much of the country , the negative equity epidemic that developed during the 2008-2009 recession has lifted due to the rise in home prices over the past five years . corelogic predicts that if home prices rise an additional 5.0 % in the next twelve months , 600,000 homeowners could regain positive equity . additionally , credit performance in terms of serious delinquencies and subsequent default rates continued to improve in 2016 and is anticipated to remain stable in the near future . the fed , in its december 14 , 2016 meeting , decided to raise the federal funds interest rate by 0.25 % . progress continues to be made with respect to the fed 's dual mandate of full employment and price stability , as unemployment remains below 5 % and year-over-year core personal consumption expenditures ( core pce ) inches toward the fed 's 2 % target . at the december meeting , the fed modestly increased its median forecast for real gdp growth for 2016 , 2017 and 2019 , while lowering its median forecast for the unemployment rate in each of those same years . as a result , the fed increased their median expectation for the number of further federal funds rate increases in 2017 from two 25bp moves to three 25bps moves . u.s. dollar strength , negative demographic trends and meager productivity growth continue to constrain longer term growth prospects and hold down the neutral federal funds rate . notwithstanding the fed 's increased forecasts , the pace of federal funds rate moves beyond 2017 was unchanged from the previous gradual pace . the initial reading on fourth quarter gdp growth decelerated sharply to 1.9 % from 3.5 % in the third quarter of 2016. net exports and investment in nonresidential structures each proved to be a larger drag than expected , while personal consumption slowed in-line with expectations . a surprise inventory accumulation added one percentage point to gdp growth , however real final sales rose just 0.9 % in the fourth quarter . the rise in savings rates since the financial crisis , continued low interest rates , steady employment gains and low energy costs have all contributed to significant improvement in the consumer 's balance sheet . this continues to fuel our optimism about the prospects of further housing recovery and longer term moderate home price appreciation . the u.s. housing market still benefits from favorable supply/demand dynamics , historically low mortgage rates and a willingness on the part of federal regulators at the federal housing finance agency ( “ fhfa ” ) to further credit expansion and assist household formation . however , we expect that , without an increase in median income , the pace of home price appreciation is likely to moderate over the coming years . story_separator_special_tag million , offset by unrealized gains on tbas of $ 1.4 million during the year . other income other income pertains to certain fees we receive on our residential mortgage loans . year ended december 31 , 2016 compared to the year ended december 31 , 2015 for the years ended december 31 , 2016 and december 31 , 2015 , other income was $ 0.4 million and $ 66,250 , respectively . the increase in other income pertains to increased fees we received on one of our residential mortgage loan pools . 49 year ended december 31 , 2015 compared to the year ended december 31 , 2014 for the years ended december 31 , 2015 and december 31 , 2014 other income was $ 66,250 and $ 29,127 , respectively . the increase in other income pertains to increased fees we received for holding our residential mortgage loan pools for an entire year . management fee to affiliate our management fee is based upon a percentage of our stockholders ' equity after excluding unrealized gains or losses and other non-cash items . see the “ contractual obligations ” section of this item 7 for further detail on the calculation of our management fee . year ended december 31 , 2016 compared to the year ended december 31 , 2015 for the years ended december 31 , 2016 and december 31 , 2015 our management fees were $ 9.8 million and $ 10.0 million , respectively . management fees decreased slightly primarily due to the decrease in our stockholders ' equity from $ 666.9 million at december 31 , 2015 to $ 655.9 million at december 31 , 2016. year ended december 31 , 2015 compared to the year ended december 31 , 2014 for the years ended december 31 , 2015 and december 31 , 2014 our management fees were $ 10.0 million and $ 10.1 million , respectively . management fees decreased slightly primarily due to the decrease in our stockholders ' equity from $ 732.7 million at december 31 , 2014 to $ 666.9 million at december 31 , 2015. other operating expenses these amounts are primarily comprised of professional fees , directors ' and officers ' ( “ d & o ” ) insurance and directors ' fees , as well as certain expenses reimbursable to the manager . we are required to reimburse our manager or its affiliates for operating expenses which are incurred by our manager or its affiliates on our behalf , including certain salary expenses and other expenses relating to accounting , legal , due diligence , and other services . year ended december 31 , 2016 compared to the year ended december 31 , 2015 for the years ended december 31 , 2016 and december 31 , 2015 , other operating expenses were $ 10.3 million and $ 12.4 million , respectively . the decrease of $ 2.1 million is primarily a result of decreased amounts reimbursed to the manager , decreased professional fees , and decreased fees paid for d & o insurance . of the $ 10.3 million and $ 12.4 million of other operating expenses for year ended december 31 , 2016 and december 31 , 2015 , respectively , the company has expensed $ 6.0 million and $ 7.1 million , respectively , representing a reimbursement of expenses to the manager or its affiliates . year ended december 31 , 2015 compared to the year ended december 31 , 2014 for the years ended december 31 , 2015 and december 31 , 2014 , other operating expenses were $ 12.4 million and $ 11.9 million , respectively . the increase of $ 0.5 million is primarily a result of increased amounts reimbursed to the manager for certain deal related expenses as well as increased professional fees . of the $ 12.4 million and $ 11.9 million of other operating expenses for year ended december 31 , 2015 and december 31 , 2014 , respectively , the company has expensed $ 7.1 million and $ 6.9 million , respectively , representing a reimbursement of expenses to the manager or its affiliates . 50 servicing fees we incur servicing fee expenses in connection with the servicing of our residential mortgage loans . we previously acquired three pools of residential mortgage loans and will continue to pay fees as we hold these assets . year ended december 31 , 2016 compared to the year ended december 31 , 2015 for the years ended december 31 , 2016 and december 31 , 2015 our servicing fees were $ 0.4 million and $ 0.7 million , respectively . the decrease in fees primarily pertains to sales of residential mortgage loans during the period . year ended december 31 , 2015 compared to the year ended december 31 , 2014 for the years ended december 31 , 2015 and december 31 , 2014 our servicing fees were $ 0.7 million and $ 0.5 million , respectively . the increase in fees primarily pertains to the recognition of a full year 's worth of expense on our residential mortgage loans in 2015 , after purchases of residential mortgage loans in 2014. equity based compensation to affiliate equity based compensation to affiliates represents the amortization of the fair value of our restricted stock units remeasured quarterly , less the present value of dividends expected to be paid on the underlying shares through the requisite service period . year ended december 31 , 2016 compared to the year ended december 31 , 2015 for the years ended december 31 , 2016 and december 31 , 2015 , our equity based compensation to affiliate was $ 0.3 million and $ 0.2 million , respectively . the increase is a result of an increased stock price for the year . year ended december 31 , 2015 compared to the year ended december 31 , 2014 for the years ended december 31 , 2015 and december 31 ,

liquidity and capital resources our liquidity determines our ability to meet our cash obligations , including commitments to make distributions to our stockholders , pay our expenses , finance our investments and satisfy other general business needs . our principal sources of cash as of december 31 , 2016 consisted of borrowings under repurchase agreements , payments of principal and interest we receive on our agency rmbs and credit portfolio , cash generated from our operating results , and proceeds from capital market transactions . we typically use cash to repay principal and interest on our repurchase agreements , to purchase real estate securities , loans and other real estate related assets , to make dividend payments on our capital stock , and to fund our operations . at december 31 , 2016 , we had $ 137.9 million available to support our liquidity needs , comprised of $ 52.5 million of cash , $ 52.4 million of agency rmbs , and $ 33.0 million of agency interest-only securities that have not been pledged as collateral under any of our financing agreements . refer to the “ contractual obligations ” section of this item 7 for additional obligations that could impact our liquidity . leverage the amount of leverage we may deploy for particular assets depends upon our manager 's assessment of the credit and other risks of those assets , and also depends on any limitations placed upon us through covenants contained in our master repurchase agreements . as of december 31 , 2016 , our non-gaap “ at-risk ” and gaap debt-to-equity leverage ratios were 2.9 to 1 and 2.9 to 1 , respectively .


 Write a concise suspicious activity report of the following text delimited by triple backquotes. Return your response as a formal report which covers the key points highlighting the location,dates,entity names and account holder information in chronological order of the text.
     ```liquidity and capital resources our liquidity determines our ability to meet our cash obligations , including commitments to make distributions to our stockholders , pay our expenses , finance our investments and satisfy other general business needs . our principal sources of cash as of december 31 , 2016 consisted of borrowings under repurchase agreements , payments of principal and interest we receive on our agency rmbs and credit portfolio , cash generated from our operating results , and proceeds from capital market transactions . we typically use cash to repay principal and interest on our repurchase agreements , to purchase real estate securities , loans and other real estate related assets , to make dividend payments on our capital stock , and to fund our operations . at december 31 , 2016 , we had $ 137.9 million available to support our liquidity needs , comprised of $ 52.5 million of cash , $ 52.4 million of agency rmbs , and $ 33.0 million of agency interest-only securities that have not been pledged as collateral under any of our financing agreements . refer to the “ contractual obligations ” section of this item 7 for additional obligations that could impact our liquidity . leverage the amount of leverage we may deploy for particular assets depends upon our manager 's assessment of the credit and other risks of those assets , and also depends on any limitations placed upon us through covenants contained in our master repurchase agreements . as of december 31 , 2016 , our non-gaap “ at-risk ” and gaap debt-to-equity leverage ratios were 2.9 to 1 and 2.9 to 1 , respectively .
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 Suspicious Activity Report : there has been a significant amount of speculation over the size , scope and potential impact of proposed fiscal stimulus measures and policy actions that may come from the new administration , but we feel there is too much uncertainty to gauge the economic impact at this time . given an increased distribution of possible economic outcomes and , as a result , ranges of possible interest rate scenarios , we chose to reduce our duration gap during the fourth quarter and to hedge the sizeable extension risk of our agency rmbs . we added pay-fixed swaps as well as sold agency rmbs , us treasuries and us treasury futures during the quarter . spreads for legacy mortgage assets ( securities issued in 2010 or earlier ) tightened through the end of the year following the u.s. election . persistently favorable fundamentals and strong net demand continue to support positive performance in the legacy mortgage sectors . spreads for the credit-risk transfer ( crt ) sector were relatively volatile during the fourth quarter as election uncertainty and a heavy new issue calendar weighed on the market . spreads reversed course following the year 's final crt deal which priced in early december . during the quarter , we chose to rotate out of a portion of our crt positions , rpl/npl securities , and residential loans . additionally , a consumer abs position was refinanced and called by the issuer in october . we made an equity investment in a seasoned pool of performing and re-performing loans through a securitization , which is included in our alt-a investment category , and purchased a commercial real estate loan during the quarter . fixed rate securities and cmbs interest only securities experienced unrealized fair value losses due to higher interest rates during the fourth quarter . those losses were partially offset by credit spread tightening and there was an overall decline in credit book value for the fourth quarter . housing , economic and interest rate trends inclusive of distressed sales , home prices nationwide increased by 7.2 % on a year-over-year basis in december 2016 as compared with december 2015 , according to data released by corelogic . this marks the 59th consecutive monthly increase year-over-year in national home prices . the housing market remains strong ; however , given the duration and strength of the recovery , we expect home price appreciation to moderate but remain positive over the course of 2017. the u.s. government agencies and the federal reserve ( the “ fed ” ) policy sponsorship of housing via lower mortgage rates and the further loosening of credit available to prospective homeowners , coupled with a stable broader domestic economy , have provided some support for the housing market recovery . 44 according to corelogic , the aggregate value of all residential properties with negative equity ( homes where the homeowner owes more on the home than the home is worth ) decreased to $ 281.9 billion in the third quarter of 2016 , from $ 306.9 billion in the third quarter of 2015 , a decrease of 8.2 % . for much of the country , the negative equity epidemic that developed during the 2008-2009 recession has lifted due to the rise in home prices over the past five years . corelogic predicts that if home prices rise an additional 5.0 % in the next twelve months , 600,000 homeowners could regain positive equity . additionally , credit performance in terms of serious delinquencies and subsequent default rates continued to improve in 2016 and is anticipated to remain stable in the near future . the fed , in its december 14 , 2016 meeting , decided to raise the federal funds interest rate by 0.25 % . progress continues to be made with respect to the fed 's dual mandate of full employment and price stability , as unemployment remains below 5 % and year-over-year core personal consumption expenditures ( core pce ) inches toward the fed 's 2 % target . at the december meeting , the fed modestly increased its median forecast for real gdp growth for 2016 , 2017 and 2019 , while lowering its median forecast for the unemployment rate in each of those same years . as a result , the fed increased their median expectation for the number of further federal funds rate increases in 2017 from two 25bp moves to three 25bps moves . u.s. dollar strength , negative demographic trends and meager productivity growth continue to constrain longer term growth prospects and hold down the neutral federal funds rate . notwithstanding the fed 's increased forecasts , the pace of federal funds rate moves beyond 2017 was unchanged from the previous gradual pace . the initial reading on fourth quarter gdp growth decelerated sharply to 1.9 % from 3.5 % in the third quarter of 2016. net exports and investment in nonresidential structures each proved to be a larger drag than expected , while personal consumption slowed in-line with expectations . a surprise inventory accumulation added one percentage point to gdp growth , however real final sales rose just 0.9 % in the fourth quarter . the rise in savings rates since the financial crisis , continued low interest rates , steady employment gains and low energy costs have all contributed to significant improvement in the consumer 's balance sheet . this continues to fuel our optimism about the prospects of further housing recovery and longer term moderate home price appreciation . the u.s. housing market still benefits from favorable supply/demand dynamics , historically low mortgage rates and a willingness on the part of federal regulators at the federal housing finance agency ( “ fhfa ” ) to further credit expansion and assist household formation . however , we expect that , without an increase in median income , the pace of home price appreciation is likely to moderate over the coming years . story_separator_special_tag million , offset by unrealized gains on tbas of $ 1.4 million during the year . other income other income pertains to certain fees we receive on our residential mortgage loans . year ended december 31 , 2016 compared to the year ended december 31 , 2015 for the years ended december 31 , 2016 and december 31 , 2015 , other income was $ 0.4 million and $ 66,250 , respectively . the increase in other income pertains to increased fees we received on one of our residential mortgage loan pools . 49 year ended december 31 , 2015 compared to the year ended december 31 , 2014 for the years ended december 31 , 2015 and december 31 , 2014 other income was $ 66,250 and $ 29,127 , respectively . the increase in other income pertains to increased fees we received for holding our residential mortgage loan pools for an entire year . management fee to affiliate our management fee is based upon a percentage of our stockholders ' equity after excluding unrealized gains or losses and other non-cash items . see the “ contractual obligations ” section of this item 7 for further detail on the calculation of our management fee . year ended december 31 , 2016 compared to the year ended december 31 , 2015 for the years ended december 31 , 2016 and december 31 , 2015 our management fees were $ 9.8 million and $ 10.0 million , respectively . management fees decreased slightly primarily due to the decrease in our stockholders ' equity from $ 666.9 million at december 31 , 2015 to $ 655.9 million at december 31 , 2016. year ended december 31 , 2015 compared to the year ended december 31 , 2014 for the years ended december 31 , 2015 and december 31 , 2014 our management fees were $ 10.0 million and $ 10.1 million , respectively . management fees decreased slightly primarily due to the decrease in our stockholders ' equity from $ 732.7 million at december 31 , 2014 to $ 666.9 million at december 31 , 2015. other operating expenses these amounts are primarily comprised of professional fees , directors ' and officers ' ( “ d & o ” ) insurance and directors ' fees , as well as certain expenses reimbursable to the manager . we are required to reimburse our manager or its affiliates for operating expenses which are incurred by our manager or its affiliates on our behalf , including certain salary expenses and other expenses relating to accounting , legal , due diligence , and other services . year ended december 31 , 2016 compared to the year ended december 31 , 2015 for the years ended december 31 , 2016 and december 31 , 2015 , other operating expenses were $ 10.3 million and $ 12.4 million , respectively . the decrease of $ 2.1 million is primarily a result of decreased amounts reimbursed to the manager , decreased professional fees , and decreased fees paid for d & o insurance . of the $ 10.3 million and $ 12.4 million of other operating expenses for year ended december 31 , 2016 and december 31 , 2015 , respectively , the company has expensed $ 6.0 million and $ 7.1 million , respectively , representing a reimbursement of expenses to the manager or its affiliates . year ended december 31 , 2015 compared to the year ended december 31 , 2014 for the years ended december 31 , 2015 and december 31 , 2014 , other operating expenses were $ 12.4 million and $ 11.9 million , respectively . the increase of $ 0.5 million is primarily a result of increased amounts reimbursed to the manager for certain deal related expenses as well as increased professional fees . of the $ 12.4 million and $ 11.9 million of other operating expenses for year ended december 31 , 2015 and december 31 , 2014 , respectively , the company has expensed $ 7.1 million and $ 6.9 million , respectively , representing a reimbursement of expenses to the manager or its affiliates . 50 servicing fees we incur servicing fee expenses in connection with the servicing of our residential mortgage loans . we previously acquired three pools of residential mortgage loans and will continue to pay fees as we hold these assets . year ended december 31 , 2016 compared to the year ended december 31 , 2015 for the years ended december 31 , 2016 and december 31 , 2015 our servicing fees were $ 0.4 million and $ 0.7 million , respectively . the decrease in fees primarily pertains to sales of residential mortgage loans during the period . year ended december 31 , 2015 compared to the year ended december 31 , 2014 for the years ended december 31 , 2015 and december 31 , 2014 our servicing fees were $ 0.7 million and $ 0.5 million , respectively . the increase in fees primarily pertains to the recognition of a full year 's worth of expense on our residential mortgage loans in 2015 , after purchases of residential mortgage loans in 2014. equity based compensation to affiliate equity based compensation to affiliates represents the amortization of the fair value of our restricted stock units remeasured quarterly , less the present value of dividends expected to be paid on the underlying shares through the requisite service period . year ended december 31 , 2016 compared to the year ended december 31 , 2015 for the years ended december 31 , 2016 and december 31 , 2015 , our equity based compensation to affiliate was $ 0.3 million and $ 0.2 million , respectively . the increase is a result of an increased stock price for the year . year ended december 31 , 2015 compared to the year ended december 31 , 2014 for the years ended december 31 , 2015 and december 31 ,

