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FINANCIAL INSTRUMENTS (Tables) | 3 Months Ended
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Mar. 31, 2019
Investments, All Other Investments [Abstract] |
Schedule of Characteristics of Financial Instruments | The following table presents characteristics for certain of the Company’s financial instruments at March 31, 2019 and December 31, 2018.
Financial Instruments (1)
Balance Sheet Line Item | Type / Form | Measurement Basis | March 31, 2019 |  | December 31, 2018
| Assets | (dollars in thousands) |  |  |
Securities | Agency mortgage-backed securities (2) | Fair value, with unrealized gains (losses) through other comprehensive income | $ | 102,222,237 |  |  | $ | 89,840,322 |
Securities | Agency mortgage-backed securities (3) | Fair value, with unrealized gains (losses) through earnings | 871,289 |  |  | 912,673 |
Securities | Credit risk transfer securities | Fair value, with unrealized gains (losses) through earnings | 607,945 |  |  | 552,097 |
Securities | Non-agency mortgage-backed securities | Fair value, with unrealized gains (losses) through earnings | 1,116,569 |  |  | 1,161,938 |
Securities | Commercial real estate debt investments - CMBS | Fair value, with unrealized gains (losses) through other comprehensive income | 96,566 |  |  | 138,242 |
Securities | Commercial real estate debt investments - CMBS (4) | Fair value, with unrealized gains (losses) through earnings | 78,665 |  |  | 18,516 |
Total securities |  |  | 104,993,271 |  |  | 92,623,788 |
Loans, net | Residential mortgage loans | Fair value, with unrealized gains (losses) through earnings | 1,311,720 |  |  | 1,359,806 |
Loans, net | Commercial real estate debt and preferred equity, held for investment | Amortized cost | 722,962 |  |  | 1,296,803 |
Loans, net | Commercial loans held for sale, net | Lower of amortized cost or fair value | 42,035 |  |  | 42,184 |
Loans, net | Corporate debt | Amortized cost | 1,758,082 |  |  | 1,887,182 |
Loans, net | Corporate debt held for sale, net | Lower of amortized cost or fair value | 44,525 |  |  | — |
Total loans, net |  |  | 3,879,324 |  |  | 4,585,975 |
Assets transferred or pledged to securitization vehicles | Residential mortgage loans | Fair value, with unrealized gains (losses) through earnings | 1,425,668 |  |  | 1,094,831 |
Assets transferred or pledged to securitization vehicles | Commercial mortgage loans | Fair value, with unrealized gains (losses) through earnings | 2,939,632 |  |  | 2,738,369 |
Total assets transferred or pledged to securitization vehicles |  | 4,365,300 |  |  | 3,833,200 |
Reverse repurchase agreements | Reverse repurchase agreements | Amortized cost | 523,449 |  |  | 650,040 |
| Liabilities |  |  |  |
Repurchase agreements | Repurchase agreements | Amortized cost | 88,554,170 |  |  | 81,115,874 |
Other secured financing | Loans | Amortized cost | 4,144,623 |  |  | 4,183,311 |
Debt issued by securitization vehicles | Securities | Fair value, with unrealized gains (losses) through earnings | 3,693,766 |  |  | 3,347,062 |
Mortgages payable | Loans | Amortized cost | 510,386 |  |  | 511,056 |
(1) Receivable for unsettled trades, Interest receivable, Payable for unsettled trades, Interest payable and Dividends payable are accounted for at cost. (2) Includes Agency pass-through, collateralized mortgage obligation (“CMO”) and multifamily securities. (3) Includes interest-only securities and reverse mortgages. (4) Includes conduit CMBS.

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