FAIR VALUES OF FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2018

The following table presents the fair value for the Company’s financial instruments as of the indicated dates (in thousands):

		December 31, 2018				December 31, 2017
	Fair Value Hierarchy	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets:
Residential mortgage loans	Level 2	$	1,425	$	1,400	$	1,864	$	1,900
Lending counterparty investments	Level 2		5,002		5,002		5,002		5,002
Financial liabilities:
Secured borrowings with initial terms of greater than 120 days	Level 2		–		–		33,073		33,100
Unsecured borrowings	Level 2		98,292		76,600		98,191		74,100
Unsecured borrowings-related interest rate swap agreements	Level 2		17,834		17,834		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
December 31, 2018
Agency Securities classified as available-for-sale:
Fannie Mae/Freddie Mac	$	8,949,793	$	56,041	$	74,276	$	8,931,558
Ginnie Mae		3,040,275		8,681		17,692		3,031,264
Residential mortgage securities classified as held-to-maturity		1,134		3		–		1,137
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

	December 31, 2018				December 31, 2017
	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
Securities in an unrealized loss position:
One year or greater	$	4,736,171	$	83,407	$	2,552,668	$	26,701
Less than one year		1,475,120		8,561		4,665,883		22,752
	$	6,211,291	$	91,968	$	7,218,551	$	49,453