INVESTMENTS IN DEBT SECURITIES (Tables)

12 Months Ended

Dec. 31, 2019

INVESTMENTS IN DEBT SECURITIES [Abstract]

Schedule of Available-for-sale Securities Reconciliation

	At
	December 31, 2019
					Gross
			Amortized		Unrealized				FV as a %
(in thousands)	UPB		Cost (1)		Gains		FV		of UPB
Multifamily tax-exempt bonds	$	4,000	$	─	$	6,026	$	6,026		151%
Infrastructure Bond		26,885		20,797		4,542		25,339		94%
Total	$	30,885	$	20,797	$	10,568	$	31,365		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 year ended
	December 31,
(in thousands)	2019		2018
Gains recognized at time of sale or redemption	$	28,606	$	21,875
OTTI losses recognized on bonds held at each period-end		─		(6)
Total net gains on bonds	$	28,606	$	21,869