FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Mar. 31, 2018

Investments, All Other Investments [Abstract]

Summary of Characteristics of Financial Instruments

The following table presents characteristics for certain of the Company’s financial instruments at March 31, 2018 and December 31, 2017.



Financial Instruments ⁽¹⁾
Balance Sheet Location	Form	Measurement Basis	March 31, 2018		December 31, 2017
(dollars in thousands)
Assets
Agency mortgage-backed securities	Securities	Fair value, with unrealized gains (losses) through other comprehensive income	$	87,519,400	$	89,426,437
Agency mortgage-backed securities	Securities	Fair value, with unrealized gains (losses) through earnings	1,059,697		1,125,326
Total agency mortgage-backed securities			88,579,097		90,551,763
Credit risk transfer securities	Securities	Fair value, with unrealized gains (losses) through earnings	628,942		651,764
Non-agency mortgage-backed securities	Securities	Fair value, with unrealized gains (losses) through earnings	1,066,343		1,097,294
Residential mortgage loans	Loans	Fair value, with unrealized gains (losses) through earnings	1,535,685		1,438,322
Commercial real estate debt investments	Loans	Fair value, with unrealized gains (losses) through earnings	2,695,513		2,826,357
Commercial real estate debt investments	Securities	Fair value, with unrealized gains (losses) through other comprehensive income	238,490		244,636
Commercial real estate debt investments	Securities	Fair value, with unrealized gains (losses) through earnings	26,320		18,115
Total commercial real estate debt investments			2,960,323		3,089,108
Commercial real estate debt and preferred equity, held for investment	Loans	Amortized cost	1,081,295		1,029,327
Corporate debt	Loans	Amortized cost	1,152,745		1,011,275
Reverse repurchase agreements	Reverse repurchase agreements	Amortized cost	200,459		—
Liabilities
Repurchase agreements	Repurchase agreements	Amortized cost	78,015,431		77,696,343
Other secured financing	Loans	Amortized cost	3,830,075		3,837,528
Securitized debt of consolidated VIEs	Securities	Fair value, with unrealized gains (losses) through earnings	2,904,873		2,971,771
Mortgages payable	Loans	Amortized cost	309,794		309,686

(1) Receivable for investments sold, Accrued interest and dividends receivable, Dividends payable, Payable for investments purchased and Accrued interest payable are accounted for at cost.