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FAIR VALUE OF FINANCIAL INSTRUMENTS - Estimated Fair Values of Financial Instruments (Details)
$ in Thousands
6 Months Ended 12 Months Ended
Jun. 30, 2018
USD ($)
Dec. 31, 2017
USD ($)
Assets:    
Fair Value $ 3,947,492 $ 3,602,378
Provision for loan losses (7,300) (4,000)
Liabilities:    
Fair Value 4,657,530 4,414,782
Recurring    
Assets:    
Fair Value 1,107,018 1,107,405
CMBS | Recurring | Internal Model Third Party Inputs Valuation Technique    
Assets:    
Outstanding Face Amount 999,461 945,167
Amortized Cost Basis 1,005,795 954,397
Fair Value $ 994,297 $ 953,499
Debt securities, available-for-sale, measurement input 0.0292 0.0279
Liabilities:    
Weighted average remaining maturity/duration 2 years 10 months 6 days 2 years 10 months 20 days
CMBS interest-only | Recurring | Internal Model Third Party Inputs Valuation Technique    
Assets:    
Outstanding Face Amount $ 2,466,340 $ 3,140,297
Amortized Cost Basis 74,383 112,609
Fair Value $ 74,546 $ 113,071
Debt securities, available-for-sale, measurement input 0.0325 0.0316
Liabilities:    
Weighted average remaining maturity/duration 2 years 10 months 13 days 3 years 29 days
GNMA interest-only | Recurring | Internal Model Third Party Inputs Valuation Technique    
Assets:    
Outstanding Face Amount $ 143,738 $ 172,916
Amortized Cost Basis 3,651 5,245
Fair Value $ 3,196 $ 4,477
Debt securities, available-for-sale, measurement input 0.0719 0.0670
Liabilities:    
Weighted average remaining maturity/duration 4 years 1 month 6 days 4 years 2 months 4 days
Agency securities | Recurring | Internal Model Third Party Inputs Valuation Technique    
Assets:    
Outstanding Face Amount $ 696 $ 720
Amortized Cost Basis 712 743
Fair Value $ 686 $ 728
Debt securities, available-for-sale, measurement input 0.0193 0.0180
Liabilities:    
Weighted average remaining maturity/duration 2 years 7 months 20 days 2 years 11 months 8 days
GNMA permanent securities | Recurring | Internal Model Third Party Inputs Valuation Technique    
Assets:    
Outstanding Face Amount $ 33,196 $ 33,745
Amortized Cost Basis 33,471 34,386
Fair Value $ 33,633 $ 34,742
Debt securities, available-for-sale, measurement input 0.0377 0.0362
Liabilities:    
Weighted average remaining maturity/duration 5 years 4 months 6 days 5 years 7 months 27 days
Mortgage loan receivables held for investment, net, at amortized cost    
Liabilities:    
Period of short interest rate reset risk 30 days  
Mortgage loan receivables held for investment, net, at amortized cost | Recurring    
Assets:    
Provision for loan losses $ (7,300) $ (4,000)
Mortgage loan receivables held for investment, net, at amortized cost | Recurring | Discounted Cash Flow    
Assets:    
Outstanding Face Amount 3,788,546 3,300,709
Amortized Cost Basis 3,764,172 3,282,462
Fair Value $ 3,766,295 $ 3,292,035
Debt securities, available-for-sale, measurement input 0.0770 0.0718
Liabilities:    
Weighted average remaining maturity/duration 1 year 5 months 23 days 1 year 7 months 9 days
Mortgage loan receivables held for sale | Recurring | Internal Model Third Party Inputs Valuation Technique    
Assets:    
Outstanding Face Amount $ 108,340 $ 232,527
Amortized Cost Basis 107,744 230,180
Fair Value $ 110,582 $ 236,428
Debt securities, available-for-sale, measurement input 0.0524 0.0488
Liabilities:    
Weighted average remaining maturity/duration 9 years 9 months 14 days 8 years 2 months 1 day
FHLB stock | Recurring | FHLB stock    
Assets:    
Outstanding Face Amount $ 77,915 $ 77,915
Amortized Cost Basis 77,915 77,915
Fair Value $ 77,915 $ 77,915
Debt securities, available-for-sale, measurement input 0.0425 0.0425
Nonhedge derivatives | Recurring | Counterparty Quotations Valuation Technique    
Assets:    
Nonhedge derivative assets $ 579,800 $ 594,140
Fair Value $ 660 $ 888
Liabilities:    
Weighted average remaining maturity/duration 3 months 2 months 26 days
Repurchase agreements - short-term | Recurring | Discounted Cash Flow    
Assets:    
Debt securities, available-for-sale, measurement input 0.0351 0.0319
Liabilities:    
Outstanding Face Amount $ 563,870 $ 371,427
Amortized Cost Basis 563,870 371,427
Fair Value $ 563,870 $ 371,427
Weighted average remaining maturity/duration 7 months 6 days 4 months 6 days
Repurchase agreements - long-term | Recurring | Discounted Cash Flow    
Assets:    
Debt securities, available-for-sale, measurement input 0.0272 0.0262
Liabilities:    
Outstanding Face Amount $ 256,093 $ 101,983
Amortized Cost Basis 256,093 101,983
Fair Value $ 256,093 $ 101,983
Weighted average remaining maturity/duration 1 year 8 months 8 days 2 years 7 months 20 days
Mortgage loan financing | Recurring | Discounted Cash Flow    
Assets:    
Debt securities, available-for-sale, measurement input 0.0501 0.0491
Liabilities:    
Outstanding Face Amount $ 784,366 $ 692,394
Amortized Cost Basis 770,880 692,696
Fair Value $ 752,120 $ 693,055
Weighted average remaining maturity/duration 2 years 10 months 9 days 6 years 9 months 21 days
CLO debt    
Liabilities:    
Period of short interest rate reset risk 30 days 30 days
CLO debt | Recurring | Discounted Cash Flow    
Assets:    
Debt securities, available-for-sale, measurement input 0.0395 0.0340
Liabilities:    
Outstanding Face Amount $ 685,416 $ 688,479
Amortized Cost Basis 685,416 688,479
Fair Value $ 685,416 $ 688,479
Weighted average remaining maturity/duration 10 years 2 months 26 days 10 years 9 months 7 days
Participation Financing - Mortgage Loan Receivable | Recurring | Discounted Cash Flow    
Assets:    
Debt securities, available-for-sale, measurement input 0.1700 0.1700
Liabilities:    
Outstanding Face Amount $ 2,647 $ 3,107
Amortized Cost Basis 2,647 3,107
Fair Value $ 2,647 $ 3,107
Weighted average remaining maturity/duration 5 months 8 days 5 months 4 days
Borrowings from the FHLB | Recurring | Discounted Cash Flow    
Assets:    
Debt securities, available-for-sale, measurement input 0.0207 0.0161
Liabilities:    
Outstanding Face Amount $ 1,270,000 $ 1,370,000
Amortized Cost Basis 1,270,000 1,370,000
Fair Value $ 1,253,440 $ 1,369,544
Weighted average remaining maturity/duration 2 years 5 months 4 days 2 years 5 months 26 days
Senior unsecured notes | Recurring | Broker Quotations Pricing Services Valuation Technique    
Assets:    
Debt securities, available-for-sale, measurement input 0.0539 0.0539
Liabilities:    
Outstanding Face Amount $ 1,166,201 $ 1,166,201
Amortized Cost Basis 1,153,543 1,152,134
Fair Value $ 1,143,944 $ 1,187,187
Weighted average remaining maturity/duration 4 years 9 months 10 days 5 years 3 months 10 days
Nonhedge derivatives | Recurring | Counterparty Quotations Valuation Technique    
Liabilities:    
Nonhedge derivative liabilities $ 96,471 $ 54,160
Fair Value $ 0 $ 2,606
Weighted average remaining maturity/duration 1 year 10 months 6 days 2 years 5 months 8 days