FAIR VALUE (Tables)

6 Months Ended

Jun. 30, 2018

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

	June 30, 2018				December 31, 2017
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets:
Residential mortgage loans	$	1,709	$	1,700	$	1,864	$	1,900
Lending counterparty investments		5,002		5,002		5,002		5,002
Financial liabilities:
Secured borrowings with initial terms of greater than 120 days		–		–		33,073		33,100
Unsecured borrowings		98,241		80,500		98,191		74,100
Unsecured borrowings-related interest rate swap agreements		16,161		16,161		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
June 30, 2018
Agency Securities classified as available-for-sale:
Fannie Mae/Freddie Mac	$	10,057,786	$	75,587	$	79,699	$	10,053,674
Ginnie Mae		2,971,627		9,485		20,694		2,960,418
Residential mortgage securities classified as held-to-maturity		1,306		7	–			1,313

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

	June 30, 2018				December 31, 2017
	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
Securities in an unrealized loss position:
One year or greater	$	2,374,505	$	40,572	$	2,552,668	$	26,701
Less than one year		4,359,229		59,821		4,665,883		22,752
	$	6,733,734	$	100,393	$	7,218,551	$	49,453