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FAIR VALUE OF FINANCIAL INSTRUMENTS - Estimated Fair Values of Financial Instruments (Details) - USD ($) | 9 Months Ended | 12 Months Ended
--- | --- | ---
Sep. 30, 2015 | Dec. 31, 2014
Assets: |  |
Fair Value | $ 2,241,525,000 | $ 2,034,719,000
Liabilities: |  |
Fair Value | 4,313,165,000 | 4,198,379,000
Repurchase agreements - short term |  |
Liabilities: |  |
Outstanding Face Amount | 793,933,000 | 1,331,603,000
Fair Value | 793,933,000 | 1,331,603,000
Repurchase agreements - short term | Discounted Cash Flow |  |
Liabilities: |  |
Outstanding Face Amount | 793,933,000 | 1,331,603,000
Amortized Cost Basis | 793,933,000 | 1,331,603,000
Fair Value | $ 793,933,000 | $ 1,331,603,000
Fair Value Assumptions: |  |
Weighted average yield % | 1.83% | 1.32%
Weighted Average Remaining Maturity/Duration | 3 months 25 days | 2 months 23 days
Repurchase agreements - long term |  |
Liabilities: |  |
Outstanding Face Amount | $ 397,393,000 | $ 100,062,000
Fair Value | 397,393,000 | 100,062,000
Repurchase agreements - long term | Discounted Cash Flow |  |
Liabilities: |  |
Outstanding Face Amount | 397,393,000 | 100,062,000
Amortized Cost Basis | 397,393,000 | 100,062,000
Fair Value | $ 397,393,000 | $ 100,062,000
Fair Value Assumptions: |  |
Weighted average yield % | 1.30% | 1.89%
Weighted Average Remaining Maturity/Duration | 1 year 1 month 13 days | 1 year 7 months 2 days
Borrowings under credit agreement |  |
Liabilities: |  |
Outstanding Face Amount | $ 20,400,000 | $ 11,000,000
Fair Value | 20,400,000 | 11,000,000
Borrowings under credit agreement | Discounted Cash Flow |  |
Liabilities: |  |
Outstanding Face Amount | 20,400,000 | 11,000,000
Amortized Cost Basis | 20,400,000 | 11,000,000
Fair Value | $ 20,400,000 | $ 11,000,000
Fair Value Assumptions: |  |
Weighted average yield % | 2.95% | 2.91%
Weighted Average Remaining Maturity/Duration | 3 months 25 days | 1 year 25 days
Borrowings under credit and security agreement |  |
Liabilities: |  |
Outstanding Face Amount |  | $ 46,750,000
Fair Value |  | 46,750,000
Borrowings under credit and security agreement | Discounted Cash Flow |  |
Liabilities: |  |
Outstanding Face Amount |  | 46,750,000
Amortized Cost Basis |  | 46,750,000
Fair Value |  | $ 46,750,000
Fair Value Assumptions: |  |
Weighted average yield % |  | 2.01%
Weighted Average Remaining Maturity/Duration |  | 1 year 9 months 7 days
Revolving credit facility |  |
Liabilities: |  |
Outstanding Face Amount | $ 50,000,000 | $ 25,000,000
Fair Value | 50,000,000 | 25,000,000
Revolving credit facility | Discounted Cash Flow |  |
Liabilities: |  |
Outstanding Face Amount | 50,000,000 | 25,000,000
Amortized Cost Basis | 50,000,000 | 25,000,000
Fair Value | $ 50,000,000 | $ 25,000,000
Fair Value Assumptions: |  |
Weighted average yield % | 3.69% | 3.66%
Weighted Average Remaining Maturity/Duration | 1 year 4 months 13 days | 2 years 1 month 13 days
Mortgage loan financing |  |
Liabilities: |  |
Outstanding Face Amount | $ 562,035,000 | $ 442,753,000
Fair Value | 590,265,000 | 455,846,000
Mortgage loan financing | Discounted Cash Flow |  |
Liabilities: |  |
Outstanding Face Amount | 562,035,000 | 442,753,000
Amortized Cost Basis | 555,786,000 | 447,410,000
Fair Value | $ 590,265,000 | $ 455,846,000
Fair Value Assumptions: |  |
Weighted average yield % | 4.87% | 4.85%
Weighted Average Remaining Maturity/Duration | 7 years 11 months 15 days | 8 years 5 months 19 days
Impairment on security positions |  | $ 0
Borrowings from the FHLB |  |
Liabilities: |  |
Outstanding Face Amount | $ 1,786,000,000 | 1,611,000,000
Fair Value | 1,857,923,000 | 1,616,373,000
Borrowings from the FHLB | Discounted Cash Flow |  |
Liabilities: |  |
Outstanding Face Amount | 1,786,000,000 | 1,611,000,000
Amortized Cost Basis | 1,786,000,000 | 1,611,000,000
Fair Value | $ 1,857,923,000 | $ 1,616,373,000
Fair Value Assumptions: |  |
Weighted average yield % | 0.83% | 0.79%
Weighted Average Remaining Maturity/Duration | 1 year 7 months 13 days | 2 years 18 days
Senior unsecured notes |  |
Liabilities: |  |
Outstanding Face Amount | $ 619,555,000 | $ 619,555,000
Fair Value | 603,251,000 | 611,745,000
Senior unsecured notes | Broker quotations, pricing services |  |
Liabilities: |  |
Outstanding Face Amount | 619,555,000 | 619,555,000
Amortized Cost Basis | 619,555,000 | 619,555,000
Fair Value | $ 603,251,000 | $ 611,745,000
Fair Value Assumptions: |  |
Weighted average yield % | 6.65% | 6.65%
Weighted Average Remaining Maturity/Duration | 3 years 10 months 9 days | 4 years 7 months 9 days
Repurchase agreement liabilities |  |
Fair Value Assumptions: |  |
Period of short interest rate reset risk |  | 30 days
Impairment on security positions |  | $ 0
Mortgage loan receivables held for investment, at amortized cost |  |
Assets: |  |
Outstanding Face Amount | $ 1,811,216,000 | 1,536,923,000
Fair Value | 1,820,999,000 | 1,540,388,000
Mortgage loan receivables held for investment, at amortized cost | Discounted Cash Flow |  |
Assets: |  |
Outstanding Face Amount | 1,811,216,000 | 1,536,923,000
Amortized Cost Basis | 1,794,812,000 | 1,521,053,000
Fair Value | $ 1,820,999,000 | $ 1,540,388,000
Fair Value Assumptions: |  |
Weighted average yield % | 7.61% | 7.33%
Weighted Average Remaining Maturity/Duration | 1 year 6 months 29 days | 1 year 11 months 15 days
Mortgage loan receivables held for sale |  |
Assets: |  |
Outstanding Face Amount | $ 333,488,000 | $ 417,955,000
Fair Value | 342,611,000 | 421,991,000
Mortgage loan receivables held for sale | Discounted Cash Flow |  |
Assets: |  |
Outstanding Face Amount | 333,488,000 | 417,955,000
Amortized Cost Basis | 333,531,000 | 417,955,000
Fair Value | $ 342,611,000 | $ 421,991,000
Fair Value Assumptions: |  |
Weighted average yield % | 4.15% | 4.31%
Weighted Average Remaining Maturity/Duration | 7 years 7 months 6 days | 9 years 8 months 19 days
FHLB stock |  |
Assets: |  |
Outstanding Face Amount | $ 77,915,000 | $ 72,340,000
Fair Value | 77,915,000 | 72,340,000
FHLB stock | Put Value |  |
Assets: |  |
Outstanding Face Amount | 77,915,000 | 72,340,000
Amortized Cost Basis | 77,915,000 | 72,340,000
Fair Value | $ 77,915,000 | $ 72,340,000
Fair Value Assumptions: |  |
Weighted average yield % | 3.50% | 3.50%
Mortgage loan receivables |  |
Fair Value Assumptions: |  |
Period of short interest rate reset risk |  | 30 days
Recurring |  |
Assets: |  |
Fair Value | $ 2,415,681,000 | $ 2,815,989,000
Recurring | Nonhedge derivatives |  |
Liabilities: |  |
Derivative liability face amount | 130,051,000 | 1,428,700,000
Fair Value | 21,942,000 | 13,446,000
Recurring | Nonhedge derivatives | Counterparty quotations |  |
Liabilities: |  |
Derivative liability face amount | 130,051,000 | 1,428,700,000
Fair Value | $ 21,942,000 | $ 13,446,000
Fair Value Assumptions: |  |
Weighted Average Remaining Maturity/Duration | 11 months 26 days | 1 year 4 months 27 days
Recurring | CMBS |  |
Assets: |  |
Outstanding Face Amount | $ 1,936,316,000 | $ 2,247,565,000
Fair Value | 1,985,195,000 | 2,305,409,000
Recurring | CMBS | Internal model, third-party inputs |  |
Assets: |  |
Outstanding Face Amount | 1,936,316,000 | 2,247,565,000
Amortized Cost Basis | 1,960,371,000 | 2,277,995,000
Fair Value | $ 1,985,195,000 | $ 2,305,409,000
Fair Value Assumptions: |  |
Weighted average yield % | 2.63% | 2.60%
Weighted Average Remaining Maturity/Duration | 3 years 4 months 6 days | 4 years 2 months 23 days
Recurring | CMBS interest-only |  |
Assets: |  |
Outstanding Face Amount | $ 7,246,777,000 | $ 7,239,503,000
Fair Value | 356,928,000 | 378,335,000
Recurring | CMBS interest-only | Internal model, third-party inputs |  |
Assets: |  |
Outstanding Face Amount | 7,246,777,000 | 7,239,503,000
Amortized Cost Basis | 356,204,000 | 376,085,000
Fair Value | $ 356,928,000 | $ 378,335,000
Fair Value Assumptions: |  |
Weighted average yield % | 3.74% | 4.88%
Weighted Average Remaining Maturity/Duration | 3 years 5 months 15 days | 3 years 5 months 12 days
Recurring | GNMA interest-only |  |
Assets: |  |
Outstanding Face Amount | $ 662,161,000 | $ 1,400,141,000
Fair Value | 28,603,000 | 66,642,000
Recurring | GNMA interest-only | Internal model, third-party inputs |  |
Assets: |  |
Outstanding Face Amount | 662,161,000 | 1,400,141,000
Amortized Cost Basis | 30,109,000 | 67,543,000
Fair Value | $ 28,603,000 | $ 66,642,000
Fair Value Assumptions: |  |
Weighted average yield % | 4.27% | 5.90%
Weighted Average Remaining Maturity/Duration | 5 years 5 months 23 days | 4 years 6 months
Recurring | GN construction securities |  |
Assets: |  |
Outstanding Face Amount | $ 26,730,000 | $ 27,538,000
Fair Value | 27,849,000 | 28,406,000
Recurring | GN construction securities | Internal model, third-party inputs |  |
Assets: |  |
Outstanding Face Amount | 26,730,000 | 27,538,000
Amortized Cost Basis | 27,223,000 | 28,178,000
Fair Value | $ 27,849,000 | $ 28,406,000
Fair Value Assumptions: |  |
Weighted average yield % | 3.86% | 3.56%
Weighted Average Remaining Maturity/Duration | 9 years 5 months 15 days | 9 years 5 months 1 day
Recurring | GN permanent securities |  |
Assets: |  |
Outstanding Face Amount | $ 16,435,000 | $ 36,232,000
Fair Value | 16,807,000 | 36,773,000
Recurring | GN permanent securities | Internal model, third-party inputs |  |
Assets: |  |
Outstanding Face Amount | 16,435,000 | 36,232,000
Amortized Cost Basis | 16,950,000 | 36,515,000
Fair Value | $ 16,807,000 | $ 36,773,000
Fair Value Assumptions: |  |
Weighted average yield % | 4.00% | 4.94%
Weighted Average Remaining Maturity/Duration | 6 years 1 month 2 days | 1 year 3 months 25 days
Recurring | Nonhedge derivatives |  |
Assets: |  |
Derivative asset face amount | $ 10,009,000 | $ 125,050,000
Fair Value | 299,000 | 424,000
Recurring | Nonhedge derivatives | Counterparty quotations |  |
Assets: |  |
Derivative asset face amount | 10,009,000 | 125,050,000
Fair Value | $ 299,000 | $ 424,000
Fair Value Assumptions: |  |
Weighted Average Remaining Maturity/Duration | 5 years 7 months 2 days | 3 years 5 months 12 days

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