FAIR VALUE (Tables)

6 Months Ended

Jun. 30, 2019

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

		June 30, 2019				December 31, 2018
	Fair Value Hierarchy	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets:
Residential mortgage loans	Level 2	$	991	$	1,000	$	1,425	$	1,400
Lending counterparty investments	Level 3		–		–		5,002		5,002
Secured borrowings-related interest rate swap agreements	Level 2		2,128		2,128		–		–
Financial liabilities:
Unsecured borrowings	Level 2		98,342		71,800		98,292		76,600
Unsecured borrowings-related interest rate swap agreements	Level 2		28,284		28,284		17,834		17,834

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, 2019
Agency Securities classified as available-for-sale:
Fannie Mae/Freddie Mac	$	8,824,098	$	78,577	$	28,291	$	8,874,384
Ginnie Mae		2,640,291		20,499		6,005		2,654,785
Residential mortgage securities classified as held-to-maturity		1,059		3	–			1,062

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

	June 30, 2019				December 31, 2018
	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
Securities in an unrealized loss position:
One year or greater	$	3,326,654	$	26,278	$	4,736,171	$	83,407
Less than one year		1,184,987		8,018		1,475,120		8,561
	$	4,511,641	$	34,296	$	6,211,291	$	91,968