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FINANCIAL INSTRUMENTS (Tables)
 9 Months Ended
Sep. 30, 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 September 30, 2018 and December 31, 2017.
Financial Instruments (1)
Balance Sheet Line Item
Type / Form
Measurement Basis
September 30, 2018
 
December 31, 2017
 
Assets
(dollars in thousands)
 
 
 
Securities
Agency mortgage-backed securities (2)
Fair value, with unrealized gains (losses) through other comprehensive income
$
88,363,876

 
$
89,426,437

Securities
Agency mortgage-backed securities (3)

Fair value, with unrealized gains (losses) through earnings
926,252

 
1,125,326

Securities
Credit risk transfer securities
Fair value, with unrealized gains (losses) through earnings
688,521

 
651,764

Securities
Non-agency mortgage-backed securities
Fair value, with unrealized gains (losses) through earnings
1,173,467

 
1,097,294

Securities
Commercial real estate debt investments - CMBS
Fair value, with unrealized gains (losses) through other comprehensive income
162,678

 
244,636

Securities
Commercial real estate debt investments - Conduit CMBS
Fair value, with unrealized gains (losses) through earnings
23,817

 
18,115

Total securities

 
91,338,611

 
92,563,572

Loans
Residential mortgage loans
Fair value, with unrealized gains (losses) through earnings
1,217,139

 
958,546

Loans
Commercial real estate debt and preferred equity, held for investment
Amortized cost
1,435,865

 
1,029,327

Loans
Loans held for sale, net
Lower of amortized cost or fair value
42,325

 
—

Loans
Corporate debt
Amortized cost
1,528,874

 
1,011,275

Total loans
 
 
4,224,203

 
2,999,148

Assets transferred or pledged to securitization vehicles

Residential mortgage loans
Fair value, with unrealized gains (losses) through earnings
765,876

 
479,776

Assets transferred or pledged to securitization vehicles
Commercial mortgage loans
Fair value, with unrealized gains (losses) through earnings
3,521,945

 
2,826,357

Total assets transferred or pledged to securitization vehicles
 
4,287,821

 
3,306,133

Reverse repurchase agreements
Reverse repurchase agreements
Amortized cost
1,234,704

 
—

 
Liabilities
 
 
 
 
Repurchase agreements
Repurchase agreements
Amortized cost
79,073,026

 
77,696,343

Other secured financing
Loans
Amortized cost
4,108,547

 
3,837,528

Debt issued by securitization vehicles
Securities
Fair value, with unrealized gains (losses) through earnings
3,799,542

 
2,971,771

Mortgages payable
Loans
Amortized cost
511,588

 
309,686

(1)
Receivable for unsettled trades, Interest receivable, Dividends payable, Payable for unsettled trades and Interest payable are accounted for at cost.
(2)
Includes Agency pass-through, CMO and multifamily securities.
(3)
Includes interest-only securities and reverse mortgages.