FINANCIAL INSTRUMENTS (Tables)

6 Months Ended

Jun. 30, 2018

Investments, All Other Investments [Abstract]

Summary of Characteristics of Financial Instruments

The following table presents characteristics for certain of the Company’s financial instruments at June 30, 2018 and December 31, 2017.

Financial Instruments (1)
Balance Sheet Location	Form	Measurement Basis	June 30, 2018		December 31, 2017
Assets		(dollars in thousands)
Agency mortgage-backed securities	Securities	Fair value, with unrealized gains (losses) through other comprehensive income	$	85,593,158	$	89,426,437
Agency mortgage-backed securities	Securities	Fair value, with unrealized gains (losses) through earnings	999,900		1,125,326
Total agency mortgage-backed securities			86,593,058		90,551,763
Credit risk transfer securities	Securities	Fair value, with unrealized gains (losses) through earnings	563,796		651,764
Non-agency mortgage-backed securities	Securities	Fair value, with unrealized gains (losses) through earnings	1,006,785		1,097,294
Residential mortgage loans	Loans	Fair value, with unrealized gains (losses) through earnings	1,666,157		1,438,322
Commercial real estate debt investments	Loans	Fair value, with unrealized gains (losses) through earnings	2,542,413		2,826,357
Commercial real estate debt investments	Securities	Fair value, with unrealized gains (losses) through other comprehensive income	204,319		244,636
Commercial real estate debt investments	Securities	Fair value, with unrealized gains (losses) through earnings	110,731		18,115
Total commercial real estate debt investments			2,857,463		3,089,108
Commercial real estate debt and preferred equity, held for investment	Loans	Amortized cost	1,251,138		1,029,327
Loans held for sale, net	Loans	Lower of amortized cost or fair value	42,458		—
Corporate debt	Loans	Amortized cost	1,256,276		1,011,275
Reverse repurchase agreements	Reverse repurchase agreements	Amortized cost	259,762		—
Liabilities
Repurchase agreements	Repurchase agreements	Amortized cost	75,760,655		77,696,343
Other secured financing	Loans	Amortized cost	3,760,487		3,837,528
Securitized debt of consolidated VIEs	Securities	Fair value, with unrealized gains (losses) through earnings	2,728,692		2,971,771
Mortgages payable	Loans	Amortized cost	309,878		309,686

⁽¹⁾ Receivable for investments sold, Accrued interest and dividends receivable, Dividends payable, Payable for investments purchased and Accrued interest payable are accounted for at cost.