FAIR VALUES OF FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2020

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, 2020				December 31, 2019
	Fair Value Hierarchy	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets:
Secured borrowings-related interest rate      swap agreements	Level 2	$	–	$	–	$	733	$	733
Eurodollar futures	Level 1		–		–		738		738
Financial liabilities:
Secured borrowings with initial terms of    greater than 120 days	Level 2		500,000		500,100		–		–
Unsecured borrowings	Level 2		98,493		59,900		98,392		68,100
Unsecured borrowings-related interest rate      swap agreements	Level 2		41,484		41,484		29,156		29,156

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, 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
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

Securities in Unrealized Loss Position

	December 31, 2020				December 31, 2019
	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
Securities in an unrealized loss position of    one year or greater:
Fannie Mae/Freddie Mac	$	690,227	$	9,533	$	2,030,192	$	17,069
Ginnie Mae		27,462		285		560,022		5,775
Securities in an unrealized loss position of    less than one year:
Fannie Mae/Freddie Mac		583,870		3,107		1,473,144		6,684
Ginnie Mae		41,527		223		416,888		1,358
	$	1,343,086	$	13,148	$	4,480,246	$	30,886