FAIR VALUE (Tables)

6 Months Ended

Jun. 30, 2021

Fair Value Disclosures [Abstract]

Financial Instruments Other than Debt Securities

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

		June 30, 2021				December 31, 2020
	Fair Value Hierarchy	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial liabilities:
Secured borrowings with initial terms    of greater than 120 days	Level 2	$	500,000	$	500,100	$	500,000	$	500,100
Unsecured borrowings	Level 2		98,544		74,200		98,493		59,900
Unsecured borrowings-related interest    rate swap agreements	Level 2		33,335		33,335		41,484		41,484

Fair Value and Related Disclosures for Debt Securities

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, 2021
Agency Securities classified as available-for-sale:
Fannie Mae/Freddie Mac	$	6,926,100	$	57,710	$	21,886	$	6,961,924
Ginnie Mae		462,505		6,009		646		467,868
December 31, 2020
Agency Securities classified as available-for-sale:
Fannie Mae/Freddie Mac		7,235,571		87,158		12,640		7,310,089
Ginnie Mae		617,430		10,541		508		627,463

Securities in Unrealized Loss Position

	June 30, 2021				December 31, 2020
	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
Securities in an unrealized loss position of one year or greater:
Fannie Mae/Freddie Mac	$	266,867	$	3,478	$	690,227	$	9,533
Ginnie Mae		36,923		373		27,462		285
Securities in an unrealized loss position less than one year:
Fannie Mae/Freddie Mac		2,529,952		18,408		583,870		3,107
Ginnie Mae		55,522		273		41,527		223
	$	2,889,264	$	22,532	$	1,343,086	$	13,148