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FAIR VALUE OF FINANCIAL INSTRUMENTS - Estimated Fair Values of Financial Instruments (Details)
$ in Thousands
3 Months Ended 12 Months Ended
Mar. 31, 2019
USD ($)
Mar. 31, 2018
Dec. 31, 2018
USD ($)
Assets:      
Carrying Value $ 1,607,977   $ 1,398,576
Fair Value 3,585,739   3,564,681
Provision for loan losses [1] (18,200)   (17,900)
Liabilities:      
Fair Value 4,748,031   4,401,295
Recurring      
Assets:      
Fair Value 1,608,192   1,397,918
CMBS      
Assets:      
Carrying Value 1,481,640   1,252,640
CMBS | Recurring | Internal Model Third Party Inputs Valuation Technique      
Assets:      
Outstanding Face Amount 1,475,469   1,258,819
Amortized Cost Basis/Purchase Price 1,475,900   $ 1,257,801
Fair Value $ 1,481,640    
Debt securities, available-for-sale, measurement input 0.0328   0.0314
Liabilities:      
Weighted average remaining maturity/duration 2 years 6 months   2 years 3 months 29 days
CMBS interest-only      
Assets:      
Carrying Value $ 53,570   $ 55,691
CMBS interest-only | Recurring | Internal Model Third Party Inputs Valuation Technique      
Assets:      
Outstanding Face Amount 2,436,543   2,373,936
Amortized Cost Basis/Purchase Price 52,682   $ 55,534
Fair Value $ 53,570    
Debt securities, available-for-sale, measurement input 0.0356   0.0280
Liabilities:      
Weighted average remaining maturity/duration 2 years 7 months 6 days   2 years 8 months 8 days
GNMA interest-only      
Assets:      
Carrying Value $ 2,491   $ 2,648
GNMA interest-only | Recurring | Internal Model Third Party Inputs Valuation Technique      
Assets:      
Outstanding Face Amount 123,684   135,932
Amortized Cost Basis/Purchase Price 2,694   $ 2,862
Fair Value $ 2,491    
Debt securities, available-for-sale, measurement input 0.0909   0.0630
Liabilities:      
Weighted average remaining maturity/duration 2 years 6 months 21 days   4 years 1 month 9 days
Agency securities      
Assets:      
Carrying Value $ 661   $ 662
Agency securities | Recurring | Internal Model Third Party Inputs Valuation Technique      
Assets:      
Outstanding Face Amount 660   668
Amortized Cost Basis/Purchase Price 673   $ 682
Fair Value $ 661    
Debt securities, available-for-sale, measurement input 0.0181   0.0183
Liabilities:      
Weighted average remaining maturity/duration 2 years 2 months 26 days   2 years 4 months 9 days
GNMA permanent securities      
Assets:      
Carrying Value $ 33,006   $ 33,064
GNMA permanent securities | Recurring | Internal Model Third Party Inputs Valuation Technique      
Assets:      
Outstanding Face Amount 32,346   32,633
Amortized Cost Basis/Purchase Price 32,592   $ 32,889
Fair Value $ 33,006    
Debt securities, available-for-sale, measurement input 0.0375   0.0376
Liabilities:      
Weighted average remaining maturity/duration 4 years 10 months 13 days   5 years 10 days
Corporate bonds      
Assets:      
Carrying Value $ 36,609   $ 53,871
Corporate bonds | Recurring | Internal Model Third Party Inputs Valuation Technique      
Assets:      
Outstanding Face Amount 36,441   55,305
Amortized Cost Basis/Purchase Price 35,682   $ 54,257
Fair Value $ 36,609    
Debt securities, available-for-sale, measurement input 0.05   0.0504
Liabilities:      
Weighted average remaining maturity/duration 1 year 10 months 17 days   2 years 6 months 3 days
Common Stock | Recurring | Internal Model Third Party Inputs Valuation Technique      
Assets:      
Amortized Cost Basis/Purchase Price $ 10,678   $ 13,154
Fair Value $ 11,151   11,550
Mortgage loan receivables held for investment, net, at amortized cost      
Liabilities:      
Period of short interest rate reset risk 30 days 30 days  
Mortgage loan receivables held for investment, net, at amortized cost | Recurring | Internal Model Third Party Inputs Valuation Technique      
Assets:      
Outstanding Face Amount $ 3,321,828    
Mortgage loan receivables held for investment, net, at amortized cost | Recurring | Discounted Cash Flow      
Assets:      
Outstanding Face Amount     3,340,381
Amortized Cost Basis/Purchase Price 3,302,753   3,318,390
Fair Value $ 3,311,885   $ 3,324,588
Debt securities, available-for-sale, measurement input 0.0768   0.0784
Liabilities:      
Weighted average remaining maturity/duration 1 year 2 months 12 days   1 year 3 months 25 days
Mortgage loans transferred but not considered sold | Recurring      
Assets:      
Outstanding Face Amount $ 15,350    
Amortized Cost Basis/Purchase Price 15,504    
Fair Value $ 15,504    
Debt securities, available-for-sale, measurement input 0.0529    
Liabilities:      
Weighted average remaining maturity/duration 9 years 9 months 10 days    
Provisions For Loan Losses | Recurring      
Assets:      
Provision for loan losses $ (18,200)   $ (17,900)
Mortgage loan receivables held for sale | Recurring | Internal Model Third Party Inputs Valuation Technique      
Assets:      
Outstanding Face Amount 189,334   181,905
Amortized Cost Basis/Purchase Price 189,525   182,439
Fair Value $ 202,363   $ 187,870
Debt securities, available-for-sale, measurement input 0.0553   0.0546
Liabilities:      
Weighted average remaining maturity/duration 9 years 6 months 21 days   9 years 9 months
FHLB stock | Recurring | FHLB stock      
Assets:      
Outstanding Face Amount $ 61,619   $ 57,915
Amortized Cost Basis/Purchase Price 61,619   57,915
Fair Value $ 61,619   $ 57,915
Debt securities, available-for-sale, measurement input 0.0550   0.0450
Nonhedge derivatives | Recurring | Counterparty Quotations Valuation Technique      
Assets:      
Nonhedge derivative assets $ 454,571   $ 0
Fair Value $ 1,632   $ 0
Liabilities:      
Weighted average remaining maturity/duration 3 months   0 years
Repurchase agreements - short-term | Recurring | Discounted Cash Flow      
Assets:      
Debt securities, available-for-sale, measurement input 0.0330   0.0342
Liabilities:      
Outstanding Face Amount $ 804,986   $ 436,957
Amortized Cost Basis/Purchase Price 804,986   436,957
Fair Value $ 804,986   $ 436,957
Weighted average remaining maturity/duration 2 months 26 days   2 months 23 days
Repurchase agreements - long-term | Recurring | Discounted Cash Flow      
Assets:      
Debt securities, available-for-sale, measurement input 0.0335   0.0347
Liabilities:      
Outstanding Face Amount $ 225,096   $ 226,728
Amortized Cost Basis/Purchase Price 225,096   226,728
Fair Value $ 225,096   $ 226,728
Weighted average remaining maturity/duration 1 year 6 months 18 days   1 year 8 months 23 days
Mortgage loan financing | Recurring | Discounted Cash Flow      
Assets:      
Debt securities, available-for-sale, measurement input 0.0510   0.0509
Liabilities:      
Outstanding Face Amount $ 734,319   $ 738,825
Amortized Cost Basis/Purchase Price 739,500   743,902
Fair Value $ 740,221   $ 735,662
Weighted average remaining maturity/duration 2 years 3 months 29 days   2 years 7 months 9 days
CLO debt      
Liabilities:      
Period of short interest rate reset risk 30 days 30 days  
CLO debt | Recurring | Discounted Cash Flow      
Assets:      
Debt securities, available-for-sale, measurement input 0.0465   0.0441
Liabilities:      
Outstanding Face Amount $ 497,334   $ 601,543
Amortized Cost Basis/Purchase Price 497,334   601,543
Fair Value $ 497,334   $ 601,543
Weighted average remaining maturity/duration 8 years 1 month 24 days   9 years 4 months 24 days
Participation Financing - Mortgage Loan Receivable | Recurring | Discounted Cash Flow      
Assets:      
Debt securities, available-for-sale, measurement input 0.1700   0.1700
Liabilities:      
Outstanding Face Amount $ 2,393   $ 2,453
Amortized Cost Basis/Purchase Price 2,393   2,453
Fair Value $ 2,393   $ 2,453
Weighted average remaining maturity/duration 2 months 4 days   5 months 4 days
Borrowings from the FHLB | Recurring | Discounted Cash Flow      
Assets:      
Debt securities, available-for-sale, measurement input 0.0261   0.0255
Liabilities:      
Outstanding Face Amount $ 1,291,449   $ 1,286,000
Amortized Cost Basis/Purchase Price 1,291,449   1,286,000
Fair Value $ 1,295,087   $ 1,286,664
Weighted average remaining maturity/duration 2 years 4 months 24 days   2 years 5 months 15 days
Senior unsecured notes | Recurring | Broker Quotations Pricing Services Valuation Technique      
Assets:      
Debt securities, available-for-sale, measurement input 0.0539   0.0539
Liabilities:      
Outstanding Face Amount $ 1,166,201   $ 1,166,201
Amortized Cost Basis/Purchase Price 1,155,692   1,154,991
Fair Value $ 1,167,074   $ 1,111,288
Weighted average remaining maturity/duration 4 years 10 days   4 years 3 months 10 days
Nonhedge derivatives | Recurring | Counterparty Quotations Valuation Technique      
Liabilities:      
Nonhedge derivative liabilities     $ 578,971
Fair Value     $ 975
Weighted average remaining maturity/duration     3 months
Liability For Transfers Not Considered Sales      
Liabilities:      
Outstanding Face Amount $ 15,840    
Fair Value $ 15,840    
Liability For Transfers Not Considered Sales | Recurring | Discounted Cash Flow      
Assets:      
Debt securities, available-for-sale, measurement input 0.0529    
Liabilities:      
Outstanding Face Amount $ 15,840    
Amortized Cost Basis/Purchase Price 15,840    
Fair Value $ 15,840    
Weighted average remaining maturity/duration 9 years 9 months 10 days    
Level 3      
Assets:      
Carrying Value $ 1,607,977    
Fair Value 3,585,739   $ 3,564,681
Provision for loan losses (18,200)   (17,900)
Liabilities:      
Fair Value 4,748,031   4,401,295
Level 3 | Internal Model Third Party Inputs Valuation Technique      
Assets:      
Carrying Value     1,398,576
Level 3 | Recurring      
Assets:      
Fair Value 1,595,409   1,386,368
Level 3 | CMBS      
Assets:      
Carrying Value 1,481,640    
Level 3 | CMBS | Recurring | Internal Model Third Party Inputs Valuation Technique      
Assets:      
Carrying Value     1,252,640
Level 3 | CMBS interest-only      
Assets:      
Carrying Value 53,570    
Level 3 | CMBS interest-only | Recurring | Internal Model Third Party Inputs Valuation Technique      
Assets:      
Carrying Value     55,691
Level 3 | GNMA interest-only      
Assets:      
Carrying Value 2,491    
Level 3 | GNMA interest-only | Recurring | Internal Model Third Party Inputs Valuation Technique      
Assets:      
Carrying Value     2,648
Level 3 | Agency securities      
Assets:      
Carrying Value 661    
Level 3 | Agency securities | Recurring | Internal Model Third Party Inputs Valuation Technique      
Assets:      
Carrying Value     662
Level 3 | GNMA permanent securities      
Assets:      
Carrying Value 33,006    
Level 3 | GNMA permanent securities | Recurring | Internal Model Third Party Inputs Valuation Technique      
Assets:      
Carrying Value     33,064
Level 3 | Corporate bonds      
Assets:      
Carrying Value 36,609    
Level 3 | Corporate bonds | Recurring | Internal Model Third Party Inputs Valuation Technique      
Assets:      
Carrying Value     53,871
Fair Value     $ 53,871
Level 3 | Liability For Transfers Not Considered Sales      
Liabilities:      
Fair Value $ 15,840    
[1] Includes amounts relating to consolidated variable interest entities. See Note 3.