INVESTMENTS IN DEBT SECURITIES (Tables)

12 Months Ended

Dec. 31, 2018

INVESTMENTS IN DEBT SECURITIES [Abstract]

Schedule of Available-for-sale Securities Reconciliation


	At
	December 31, 2018
					Gross
			Amortized		Unrealized				FV as a %
(in thousands)	UPB		Cost (1)		Gains		FV		of UPB
Multifamily tax-exempt bonds	$	65,162	$	38,653	$	33,564	$	72,217		111%
Other real estate-related bond investments		27,170		20,912		4,061		24,973		92%
Total	$	92,332	$	59,565	$	37,625	$	97,190		105%


	At
	December 31, 2017
					Gross		Gross
			Amortized		Unrealized		Unrealized				FV as a %
(in thousands)	UPB		Cost (1)		Gains		Losses (2)		FV		of UPB
Multifamily tax-exempt bonds	$	105,472	$	67,982	$	43,587	$	─	$	111,569	106%
Other real estate-related bond investments		37,050		31,163		1,203		(331)		32,035	86%
Total	$	142,522	$	99,145	$	44,790	$	(331)	$	143,604	101%

⁽¹⁾

Amortized cost consists of the UPB, unamortized premiums, discounts and other cost basis adjustments, as well as net OTTI recognized in “Impairments” in our Consolidated Statements of Operations.

⁽²⁾

Includes one bond that was in a gross unrealized loss position for more than 12 consecutive months and that had a fair value of $15.0 million at December 31, 2017.

Bonds with Prepayment Features


(in thousands)	UPB		Amortized Cost		Fair Value
December 31, 2018	$	29,012	$	21,180	$	27,071
2019		5,170		4,079		5,189
2020		─		─		─
2021		27,895		12,943		31,106
2022		30,255		21,363		33,824
Thereafter		─		─		─
Bonds that may not be prepaid		─		─		─
Total	$	92,332	$	59,565	$	97,190

Past Due Analysis of Available-for-sale Securities Bonds, Current


	At		At
	December 31,		December 31,
(in thousands)	2018		2017
Total current	$	84,307	$	135,571
30-59 days past due		─		─
60-89 days past due		─		─
90 days or greater		12,883		8,033
Total	$	97,190	$	143,604

Gain (Loss) on Investments


	For the year ended
	December 31,
(in thousands)	2018		2017
OTTI losses recognized on bonds held at each period-end	$	(6)	$	(945)
Gains recognized at time of sale or redemption		21,875		620
Total net gains (losses) on bonds	$	21,869	$	(325)

- Definition

Tabular disclosure of the realized and unrealized gains and losses reported in the statement of income which have resulted from the sale and holding of marketable securities, respectively, as well as the sale or disposal of cost method investments. Such amounts would include realized gains and losses on the sale or disposal of trading, available-for-sale, and held-to-maturity securities, unrealized gains and losses on trading securities, unrealized gains and losses on available-for-sale and held-to-maturity securities transferred to the trading securities category, realized gains and losses on the sale or disposal of cost method investments, and losses recognized for other than temporary impairments (OTTI) of such investments.

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