INVESTMENTS IN DEBT SECURITIES (Tables)

9 Months Ended

Sep. 30, 2019

INVESTMENTS IN DEBT SECURITIES [Abstract]

Schedule of Available-for-sale Securities Reconciliation

	At
	September 30, 2019
					Gross
			Amortized		Unrealized				FV as a %
(in thousands)	UPB		Cost (1)		Gains		FV		of UPB
Multifamily tax-exempt bonds	$	6,160	$	576	$	8,145	$	8,721		142%
Infrastructure Bond		27,170		21,038		4,362		25,400		93%
Total	$	33,330	$	21,614	$	12,507	$	34,121		102%

	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.

Gain (Loss) on Investments

	For the three months ended				For the nine months ended
	September 30,				September 30,
(in thousands)	2019		2018		2019		2018
Gains recognized at time of sale or redemption	$	2,156	$	5,080	$	26,420	$	5,080
OTTI losses recognized on bonds held at each period-end		─		─		─		(6)
Total net gains on bonds	$	2,156	$	5,080	$	26,420	$	5,074