INVESTMENTS IN PREFERRED STOCK	9 Months Ended
Sep. 30, 2015
INVESTMENT IN PREFERRED STOCK [Abstract]
INVESTMENTS IN PREFERRED STOCK	NOTE 3—INVESTMENTS IN PREFERRED STOCK The Company’s investments in preferred stock are prepayable at any time and represent an interest in a private national mortgage lender and servicer that specializes in affordable and market rate multifamily housing, senior housing and healthcare. At September 30, 2015, the carrying value of the Company’s investments in preferred stock was $31.4 million and the UPB and estimated fair value was $36.6 million with a weighted average pay rate of 14.4%. The Company accounts for its investment in preferred stock using the cost method of accounting and tests such investment for impairment at each balance sheet date. The Company did not recognize any impairment losses associated with its investment in preferred stock for the nine months ended September 30, 2015 and 2014. As of September 30, 2015, a significant portion of our investment in preferred stock ($25.0 million) was the referenced asset in two total return swap agreements that expire on March 31, 2016. On October 30, 2015, the Company’s investments in preferred stock were fully redeemed by the issuer at a par value of $36.6 million and, as a result, the Company terminated the two aforementioned total return swaps and will recognize a gain of $5.2 million during the fourth quarter of 2015. Refer to Note 6, “Debt,” for more information.

NOTE 3—INVESTMENTS IN PREFERRED STOCK

The Company’s investments in preferred stock are prepayable at any time and represent an interest in a private national mortgage lender and servicer that specializes in affordable and market rate multifamily housing, senior housing and healthcare. At September 30, 2015, the carrying value of the Company’s investments in preferred stock was $31.4 million and the UPB and estimated fair value was $36.6 million with a weighted average pay rate of 14.4%. The Company accounts for its investment in preferred stock using the cost method of accounting and tests such investment for impairment at each balance sheet date. The Company did not recognize any impairment losses associated with its investment in preferred stock for the nine months ended September 30, 2015 and 2014.

As of September 30, 2015, a significant portion of our investment in preferred stock ($25.0 million) was the referenced asset in two total return swap agreements that expire on March 31, 2016.

On October 30, 2015, the Company’s investments in preferred stock were fully redeemed by the issuer at a par value of $36.6 million and, as a result, the Company terminated the two aforementioned total return swaps and will recognize a gain of $5.2 million during the fourth quarter of 2015. Refer to Note 6, “Debt,” for more information.