FAIR VALUE (Tables)

3 Months Ended

Mar. 31, 2018

Fair value-related disclosures for financial instruments other than debt securities were as follows as of the indicated dates (in thousands):

	March 31, 2018				December 31, 2017
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets:
Residential mortgage loans	$	1,786	$	1,800	$	1,864	$	1,900
Lending counterparty investments		5,002		5,002		5,002		5,002
Secured borrowings-related interest rate swap agreements		387		387		–		–
Financial liabilities:
Secured borrowings with initial terms of greater than 120 days		–		–		33,073		33,100
Unsecured borrowings		98,216		77,600		98,191		74,100
Unsecured borrowings-related interest rate swap agreements		18,265		18,265		23,772		23,772

Fair value-related disclosures for debt securities were as follows as of the indicated dates (in thousands):

	Amortized		Gross Unrealized
	Cost Basis		Gains		Losses		Fair Value
March 31, 2018
Agency Securities classified as available-for-sale:
Fannie Mae/Freddie Mac	$	10,207,636	$	79,710	$	68,746	$	10,218,600
Ginnie Mae		2,840,066		9,628		19,401		2,830,293
Residential mortgage securities classified as held-to-maturity		1,392		14	–			1,406

December 31, 2017
Agency Securities classified as available-for-sale:
Fannie Mae/Freddie Mac		10,529,646		85,740		37,022		10,578,364
Ginnie Mae		2,875,637		8,958		12,432		2,872,163
Residential mortgage securities classified as held-to-maturity		1,706		17	–			1,723

	March 31, 2018				December 31, 2017
	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
Securities in an unrealized loss position:
One year or greater	$	2,342,577	$	34,142	$	2,552,668	$	26,701
Less than one year		4,844,667		54,005		4,665,883		22,752
	$	7,187,244	$	88,147	$	7,218,551	$	49,453