INVESTMENTS IN DEBT SECURITIES (Tables)

6 Months Ended

Jun. 30, 2019

INVESTMENTS IN DEBT SECURITIES [Abstract]

Schedule of Available-for-sale Securities Reconciliation

	At
	June 30, 2019
					Gross
			Amortized		Unrealized				FV as a %
(in thousands)	UPB		Cost (1)		Gains		FV		of UPB
Multifamily tax-exempt bonds	$	7,974	$	844	$	9,635	$	10,479		131%
Infrastructure Bond		27,170		20,995		3,762		24,757		91%
Total	$	35,144	$	21,839	$	13,397	$	35,236		100%

	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%
Infrastructure Bond		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
June 30, 2019	$	28,984	$	21,263	$	26,869
July 1 through December 31, 2019		─		─		─
2020		─		─		─
2021		6,160		576		8,367
2022		─		─		─
2023		─		─		─
Thereafter		─		─		─
Bonds that may not be prepaid		─		─		─
Total	$	35,144	$	21,839	$	35,236

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

	At		At
	June 30,		December 31,
(in thousands)	2019		2018
Total current	$	33,125	$	84,307
30-59 days past due		─		─
60-89 days past due		─		─
90 days or greater		2,111		12,883
Total	$	35,236	$	97,190

Gain (Loss) on Investments

	For the three months ended				For the six months ended
	June 30,				June 30,
(in thousands)	2019		2018		2019		2018
Gains recognized at time of sale or redemption	$	20,693	$	─	$	24,264	$	─
OTTI losses recognized on bonds held at each period-end		─		─		─		(6)
Total net gains (losses) on bonds	$	20,693	$	─	$	24,264	$	(6)