INVESTMENTS IN DEBT SECURITIES (Tables)

3 Months Ended

Mar. 31, 2019

INVESTMENTS IN DEBT SECURITIES [Abstract]

Schedule of Available-for-sale Securities Reconciliation

	At
	March 31, 2019
					Gross
			Amortized		Unrealized				FV as a %
(in thousands)	UPB		Cost (1)		Gains		FV		of UPB
Multifamily tax-exempt bonds	$	49,493	$	25,689	$	29,840	$	55,529		112%
Other real estate-related bond    investments		27,170		20,953		4,620		25,573		94%
Total	$	76,663	$	46,642	$	34,460	$	81,102		106%

	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%

⁽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.

Bonds with Prepayment Features

(in thousands)	UPB		Amortized Cost		Fair Value
March 31, 2019	$	28,998	$	21,221	$	27,679
April 1 through December 31, 2019		─		─		─
2020		─		─		─
2021		17,459		4,107		19,670
2022		30,206		21,314		33,753
2023		─		─		─
Thereafter		─		─		─
Bonds that may not be prepaid		─		─		─
Total	$	76,663	$	46,642	$	81,102

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

	At		At
	March 31,		December 31,
(in thousands)	2019		2018
Total current	$	65,915	$	84,307
30-59 days past due		─		─
60-89 days past due		2,107		─
90 days or greater		13,080		12,883
Total	$	81,102	$	97,190

Gain (Loss) on Investments

	For the three months ended
	March 31,
(in thousands)	2019		2018
OTTI losses recognized on bonds held at each period-end	$	─	$	(6)
Gains recognized at time of sale or redemption		3,571		─
Total net gains (losses) on bonds	$	3,571	$	(6)