MORTGAGE-BACKED SECURITIES (Tables) - Residential Mortgage Backed Securities [Member]

12 Months Ended

Dec. 31, 2021

Mortgage Backed Securities [Line Items]

Schedule of RMBS portfolio

The following table presents the Company’s RMBS portfolio as of December 31, 2021 and December 31, 2020:

(in thousands)

December 31, 2021

December 31, 2020

Pass-Through RMBS Certificates:

Fixed-rate Mortgages 

$

6,298,189

$

3,560,746

Fixed-rate CMOs

-

137,453

Total Pass-Through Certificates

6,298,189

3,698,199

Structured RMBS Certificates:

Interest-Only Securities

210,382

28,696

Inverse Interest-Only Securities

2,524

-

Total Structured RMBS Certificates

212,906

28,696

Total

$

6,511,095

$

3,726,895

Gain (Loss) on Securities [Table Text Block]

The following table is a summary of our net gain (loss) from the sale of mortgage-backed securities for the years ended December 31,

2021, 2020 and 2019.

(in thousands)

2021

2020

2019

Total

Total

Total

Carrying value of RMBS sold

$

2,857,250

$

4,225,522

$

3,332,083

Proceeds from sales of RMBS

2,851,708

4,200,536

3,321,206

Net (loss) gain on sales of RMBS

$

(5,542)

$

(24,986)

$

(10,877)

Gross gain on sales of RMBS

$

7,930

$

8,678

$

2,177

Gross loss on sales of RMBS

(13,472)

(33,664)

(13,054)

Net gain (loss) on sales of RMBS

$

(5,542)

$

(24,986)

$

(10,877)