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FAIR VALUE OF FINANCIAL INSTRUMENTS - Summary of Financial Assets and Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014
--- | --- | ---
Assets: |  |
Fair Value | $ 2,241,525 | $ 2,034,719
Liabilities: |  |
Fair Value | 4,313,165 | 4,198,379
Repurchase agreements - short-term |  |
Liabilities: |  |
Outstanding Face Amount | 793,933 | 1,331,603
Fair Value | 793,933 | 1,331,603
Repurchase agreements - long-term |  |
Liabilities: |  |
Outstanding Face Amount | 397,393 | 100,062
Fair Value | 397,393 | 100,062
Borrowings under credit agreement |  |
Liabilities: |  |
Outstanding Face Amount | 20,400 | 11,000
Fair Value | 20,400 | 11,000
Borrowings under credit and security agreement |  |
Liabilities: |  |
Outstanding Face Amount |  | 46,750
Fair Value |  | 46,750
Revolving credit facility |  |
Liabilities: |  |
Outstanding Face Amount | 50,000 | 25,000
Fair Value | 50,000 | 25,000
Mortgage loan financing |  |
Liabilities: |  |
Outstanding Face Amount | 562,035 | 442,753
Fair Value | 590,265 | 455,846
Borrowings from the FHLB |  |
Liabilities: |  |
Outstanding Face Amount | 1,786,000 | 1,611,000
Fair Value | 1,857,923 | 1,616,373
Senior unsecured notes |  |
Liabilities: |  |
Outstanding Face Amount | 619,555 | 619,555
Fair Value | 603,251 | 611,745
Mortgage loan receivables held for investment |  |
Assets: |  |
Outstanding Face Amount | 1,811,216 | 1,536,923
Fair Value | 1,820,999 | 1,540,388
Mortgage loan receivables held for sale |  |
Assets: |  |
Outstanding Face Amount | 333,488 | 417,955
Fair Value | 342,611 | 421,991
FHLB stock |  |
Assets: |  |
Outstanding Face Amount | 77,915 | 72,340
Fair Value | 77,915 | 72,340
Level 2 |  |
Assets: |  |
Fair Value |  | 0
Liabilities: |  |
Fair Value | 37,421 | 68,357
Level 2 | Repurchase agreements - short-term |  |
Liabilities: |  |
Fair Value | 37,421 | 68,357
Level 2 | Repurchase agreements - long-term |  |
Liabilities: |  |
Fair Value |  | 0
Level 2 | Senior unsecured notes |  |
Liabilities: |  |
Fair Value |  | 0
Level 3 |  |
Assets: |  |
Fair Value | 2,241,525 | 2,034,719
Liabilities: |  |
Fair Value | 4,275,744 | 4,130,022
Level 3 | Repurchase agreements - short-term |  |
Liabilities: |  |
Fair Value | 756,512 | 1,263,246
Level 3 | Repurchase agreements - long-term |  |
Liabilities: |  |
Fair Value | 397,393 | 100,062
Level 3 | Borrowings under credit agreement |  |
Liabilities: |  |
Fair Value | 20,400 | 11,000
Level 3 | Borrowings under credit and security agreement |  |
Liabilities: |  |
Fair Value |  | 46,750
Level 3 | Revolving credit facility |  |
Liabilities: |  |
Fair Value | 50,000 | 25,000
Level 3 | Mortgage loan financing |  |
Liabilities: |  |
Fair Value | 590,265 | 455,846
Level 3 | Borrowings from the FHLB |  |
Liabilities: |  |
Fair Value | 1,857,923 | 1,616,373
Level 3 | Senior unsecured notes |  |
Liabilities: |  |
Fair Value | 603,251 | 611,745
Level 3 | Mortgage loan receivables held for investment |  |
Assets: |  |
Fair Value | 1,820,999 | 1,540,388
Level 3 | Mortgage loan receivables held for sale |  |
Assets: |  |
Fair Value | 342,611 | 421,991
Level 3 | FHLB stock |  |
Assets: |  |
Fair Value | 77,915 | 72,340
Recurring |  |
Assets: |  |
Fair Value | 2,415,681 | 2,815,989
Recurring | Nonhedge derivatives |  |
Liabilities: |  |
Derivative liability face amount | 130,051 | 1,428,700
Fair Value | 21,942 | 13,446
Recurring | CMBS |  |
Assets: |  |
Outstanding Face Amount | 1,936,316 | 2,247,565
Fair Value | 1,985,195 | 2,305,409
Recurring | CMBS interest-only |  |
Assets: |  |
Outstanding Face Amount | 7,246,777 | 7,239,503
Fair Value | 356,928 | 378,335
Recurring | GNMA interest-only |  |
Assets: |  |
Outstanding Face Amount | 662,161 | 1,400,141
Fair Value | 28,603 | 66,642
Recurring | GN construction securities |  |
Assets: |  |
Outstanding Face Amount | 26,730 | 27,538
Fair Value | 27,849 | 28,406
Recurring | GN permanent securities |  |
Assets: |  |
Outstanding Face Amount | 16,435 | 36,232
Fair Value | 16,807 | 36,773
Recurring | Nonhedge derivatives |  |
Assets: |  |
Derivative asset face amount | 10,009 | 125,050
Fair Value | 299 | 424
Recurring | Level 2 |  |
Assets: |  |
Fair Value | 299 | 132,245
Recurring | Level 2 | Nonhedge derivatives |  |
Liabilities: |  |
Fair Value | 21,942 | 13,446
Recurring | Level 2 | CMBS |  |
Assets: |  |
Fair Value |  | 0
Recurring | Level 2 | CMBS interest-only |  |
Assets: |  |
Fair Value |  | 0
Recurring | Level 2 | GNMA interest-only |  |
Assets: |  |
Fair Value |  | 66,642
Recurring | Level 2 | GN construction securities |  |
Assets: |  |
Fair Value |  | 28,406
Recurring | Level 2 | GN permanent securities |  |
Assets: |  |
Fair Value |  | 36,773
Recurring | Level 2 | Nonhedge derivatives |  |
Assets: |  |
Fair Value | 299 | 424
Recurring | Level 3 |  |
Assets: |  |
Fair Value | 2,415,382 | 2,683,744
Recurring | Level 3 | Nonhedge derivatives |  |
Liabilities: |  |
Fair Value | 0 | 0
Recurring | Level 3 | CMBS |  |
Assets: |  |
Fair Value | 1,985,195 | 2,305,409
Recurring | Level 3 | CMBS interest-only |  |
Assets: |  |
Fair Value | 356,928 | $ 378,335
Recurring | Level 3 | GNMA interest-only |  |
Assets: |  |
Fair Value | 28,603 |
Recurring | Level 3 | GN construction securities |  |
Assets: |  |
Fair Value | 27,849 |
Recurring | Level 3 | GN permanent securities |  |
Assets: |  |
Fair Value | $ 16,807 |

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