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REAL ESTATE SECURITIES (Tables) | 9 Months Ended
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Sep. 30, 2015
Investments, Debt and Equity Securities [Abstract] |
Summary of securities which are classified as available-for-sale | The following is a summary of the Company’s securities at September 30, 2015 and December 31, 2014 ($ in thousands): September 30, 2015
|  |  |  |  |  | Gross Unrealized |  |  |  |  |  | Weighted Average
Asset Type |  | Outstanding Face Amount |  | Amortized Cost Basis |  | Gains |  | Losses |  | Carrying Value |  | # of Securities |  | Rating (2) |  | Coupon % |  | Yield % |  | Remaining Duration (years)
CMBS(3) |  | $ | 1,936,316 |  |  | $ | 1,960,371 |  |  | $ | 25,897 |  |  | $ | (1,073 | ) |  | $ | 1,985,195 |  |  | 120 |  |  | AAA |  | 3.25 | % |  | 2.63 | % |  | 3.35
CMBS interest-only(3) |  | 7,246,777 |  | (1) | 356,204 |  |  | 1,726 |  |  | (1,002 | ) |  | 356,928 |  |  | 47 |  |  | AAA |  | 0.90 | % |  | 3.74 | % |  | 3.46
GNMA interest-only(4) |  | 662,161 |  | (1) | 30,109 |  |  | 77 |  |  | (1,583 | ) |  | 28,603 |  |  | 21 |  |  | AA+ |  | 0.81 | % |  | 4.27 | % |  | 5.48
GN construction securities(3) |  | 26,730 |  |  | 27,223 |  |  | 589 |  |  | 37 |  |  | 27,849 |  |  | 2 |  |  | AA+ |  | 4.10 | % |  | 3.86 | % |  | 9.46
GN permanent securities(3) |  | 16,435 |  |  | 16,950 |  |  | 287 |  |  | (430 | ) |  | 16,807 |  |  | 12 |  |  | AA+ |  | 4.55 | % |  | 4.00 | % |  | 6.09
Total |  | $ | 9,888,419 |  |  | $ | 2,390,857 |  |  | $ | 28,576 |  |  | $ | (4,051 | ) |  | $ | 2,415,382 |  |  | 202 |  |  |  |  | 1.37 | % |  | 3.56 | % |  | 3.59
December 31, 2014
|  |  |  |  |  | Gross Unrealized |  |  |  |  |  | Weighted Average
Asset Type |  | Outstanding Face Amount |  | Amortized Cost Basis |  | Gains |  | Losses |  | Carrying Value |  | # of Securities |  | Rating (2) |  | Coupon % |  | Yield % |  | Remaining Duration (years)
CMBS(3) |  | $ | 2,247,565 |  |  | $ | 2,277,995 |  |  | $ | 28,453 |  |  | $ | (1,038 | ) |  | $ | 2,305,410 |  |  | 145 |  |  | AAA |  | 3.31 | % |  | 2.60 | % |  | 4.23
CMBS interest-only(3) |  | 7,239,503 |  | (1) | 376,085 |  |  | 2,973 |  |  | (723 | ) |  | 378,335 |  |  | 41 |  |  | AAA |  | 1.04 | % |  | 4.88 | % |  | 3.45
GNMA interest-only(4) |  | 1,400,141 |  | (1) | 67,544 |  |  | 1,035 |  |  | (1,937 | ) |  | 66,642 |  |  | 34 |  |  | AA+ |  | 0.85 | % |  | 5.90 | % |  | 4.50
GN construction securities(3) |  | 27,538 |  |  | 28,178 |  |  | 503 |  |  | (275 | ) |  | 28,406 |  |  | 4 |  |  | AA+ |  | 3.89 | % |  | 3.56 | % |  | 9.42
GN permanent securities(3) |  | 36,232 |  |  | 36,515 |  |  | 258 |  |  | — |  |  | 36,773 |  |  | 11 |  |  | AA+ |  | 5.49 | % |  | 4.94 | % |  | 1.32
Total |  | $ | 10,950,979 |  |  | $ | 2,786,317 |  |  | $ | 33,222 |  |  | $ | (3,973 | ) |  | $ | 2,815,566 |  |  | 235 |  |  |  |  | 1.50 | % |  | 4.54 | % |  | 3.75
(1) | The amounts presented represent the principal amount of the mortgage loans outstanding in the pool in which the interest-only securities participate.
(2) | Represents the weighted average of the ratings of all securities in each asset type, expressed as an S&P equivalent rating. For each security rated by multiple rating agencies, the highest rating is used. Ratings provided were determined by third-party rating agencies as of a particular date, may not be current and are subject to change (including the assignment of a “negative outlook” or “credit watch”) at any time.
(3) | CMBS, CMBS interest-only securities, GN construction securities, and GN permanent securities are classified as available-for-sale and reported at fair value with changes in fair value recorded in the current period in other comprehensive income.
(4) | Agency interest-only securities are recorded at fair value with changes in fair value recorded in current period earnings.
Schedule of fair value of the Company's securities by remaining maturity based upon expected cash flows | The following is a breakdown of the carrying value of the Company’s securities by remaining maturity based upon expected cash flows at September 30, 2015 and December 31, 2014 ($ in thousands): September 30, 2015
Asset Type |  | Within 1 year |  | 1-5 years |  | 5-10 years |  | After 10 years |  | Total
CMBS(1) |  | $ | 604,249 |  |  | $ | 776,565 |  |  | $ | 604,381 |  |  | $ | — |  |  | $ | 1,985,195 |
CMBS interest-only(1) |  | 70 |  |  | 356,858 |  |  | — |  |  | — |  |  | 356,928 |
GNMA interest-only(2) |  | 9 |  |  | 8,929 |  |  | 19,104 |  |  | 561 |  |  | 28,603 |
GN construction securities(1) |  | — |  |  | 414 |  |  | 27,435 |  |  | — |  |  | 27,849 |
GN permanent securities(1) |  | — |  |  | 8,859 |  |  | 7,948 |  |  | — |  |  | 16,807 |
Total |  | $ | 604,328 |  |  | $ | 1,151,625 |  |  | $ | 658,868 |  |  | $ | 561 |  |  | $ | 2,415,382 |
December 31, 2014
Asset Type |  | Within 1 year |  | 1-5 years |  | 5-10 years |  | After 10 years |  | Total
CMBS(1) |  | $ | 474,357 |  |  | $ | 814,702 |  |  | $ | 1,016,351 |  |  | $ | — |  |  | $ | 2,305,410 |
CMBS interest-only(1) |  | 391 |  |  | 370,993 |  |  | 6,951 |  |  | — |  |  | 378,335 |
GNMA interest-only(2) |  | 1,356 |  |  | 42,105 |  |  | 23,181 |  |  | — |  |  | 66,642 |
GN construction securities(1) |  | — |  |  | 507 |  |  | 5,183 |  |  | 22,716 |  |  | 28,406 |
GN permanent securities(1) |  | 25,915 |  |  | 9,334 |  |  | 1,524 |  |  | — |  |  | 36,773 |
Total |  | $ | 502,019 |  |  | $ | 1,237,641 |  |  | $ | 1,053,190 |  |  | $ | 22,716 |  |  | $ | 2,815,566 |
(1) | CMBS, CMBS interest-only securities, GN construction securities, and GN permanent securities are classified as available-for-sale and reported at fair value with changes in fair value recorded in the current period in other comprehensive income.
(2) | Agency interest-only securities are recorded at fair value with changes in fair value recorded in current period earnings.

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- Definition Tabular disclosure of available-for-sale securities which includes, but is not limited to, changes in the cost basis and fair value, fair value and gross unrealized gain (loss), fair values by type of security, contractual maturity and classification, amortized cost basis, contracts to acquire securities to be accounted for as available-for-sale, debt maturities, transfers to trading, change in net unrealized holding gain (loss) net of tax, continuous unrealized loss position fair value, aggregate losses qualitative disclosures, other than temporary impairment (OTTI) losses or other disclosures related to available for sale securities. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6957658&loc=d3e62557-112803 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27337-111563 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27198-111563 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6957658&loc=d3e62586-112803 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27161-111563 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27357-111563 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27290-111563 + Details
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