INVESTMENTS IN DEBT SECURITIES (Tables)

3 Months Ended

Mar. 31, 2020

INVESTMENTS IN DEBT SECURITIES [Abstract]

Schedule of Available-for-sale Securities Reconciliation

	At
	March 31, 2020
					Gross
			Amortized		Unrealized				FV as a %
(in thousands)	UPB		Cost (1)		Gains		FV		of UPB
Infrastructure Bond	$	26,885	$	20,840	$	2,691	$	23,531		88%
Multifamily tax-exempt bonds		4,000		─		6,114		6,114		153%
Total	$	30,885	$	20,840	$	8,805	$	29,645		96%

	At
	December 31, 2019
					Gross
			Amortized		Unrealized				FV as a %
(in thousands)	UPB		Cost (1)		Gains		FV		of UPB
Infrastructure Bond	$	26,885	$	20,797	$	4,542	$	25,339	94%
Multifamily tax-exempt bonds		4,000		─		6,026		6,026	151%
Total	$	30,885	$	20,797	$	10,568	$	31,365	102%

⁽¹⁾ Amortized cost consists of the UPB, unamortized premiums, discounts and other cost basis adjustments, as well as OTTI recognized in “Impairments” in our Consolidated Statements of Operations.

Gain (Loss) on Investments

	For the three months ended
	March 31,
(in thousands)	2020		2019
Gains recognized at time of sale or redemption	$	─	$	3,571