FAIR VALUES OF FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2019

Fair Value Disclosures [Abstract]

Summary of Financial Instruments

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

		December 31, 2019				December 31, 2018
	Fair Value Hierarchy	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets:
Residential mortgage loans	Level 2	$	637	$	650	$	1,425	$	1,400
Lending counterparty investments	Level 3		–		–		5,002		5,002
Secured borrowings-related interest rate      swap agreements	Level 2		733		733		–		–
Eurodollar futures	Level 1		738		738		–		–
Financial liabilities:
Unsecured borrowings	Level 2		98,392		68,100		98,292		76,600
Unsecured borrowings-related interest rate      swap agreements	Level 2		29,156		29,156		17,834		17,834

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
December 31, 2019
Agency Securities classified as available-for-sale:
Fannie Mae/Freddie Mac	$	8,890,949	$	64,593	$	23,753	$	8,931,789
Ginnie Mae		2,284,331		11,560		7,133		2,288,758
Residential mortgage securities classified as    held-to-maturity		998		2		–		1,000
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

Securities in Unrealized Loss Position

	December 31, 2019				December 31, 2018
	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
Securities in an unrealized loss position:
One year or greater	$	2,590,214	$	22,844	$	4,736,171	$	83,407
Less than one year		1,890,032		8,042		1,475,120		8,561
	$	4,480,246	$	30,886	$	6,211,291	$	91,968