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FAIR VALUE OF FINANCIAL INSTRUMENTS - Summary of Financial Assets and Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019
--- | --- | ---
Assets: |  |
Fair value of assets | $ 3,619,312 | $ 3,451,739
Provision for current expected credit losses | (49,457) | (20,500)
Liabilities: |  |
Fair value of liabilities | 4,842,833 | 4,943,914
Repurchase agreements - short-term |  |
Liabilities: |  |
Outstanding Face Amount | 1,626,706 | 1,781,253
Fair value of liabilities | 1,626,706 | 1,781,253
Repurchase agreements - long-term |  |
Liabilities: |  |
Outstanding Face Amount | 100,094 | 34,681
Fair value of liabilities | 100,094 | 34,681
Revolving Credit Facility |  |
Liabilities: |  |
Outstanding Face Amount |  | 266,430
Fair value of liabilities |  | 266,430
Mortgage loan financing |  |
Liabilities: |  |
Outstanding Face Amount | 801,515 | 807,854
Fair value of liabilities | 830,648 | 838,766
Borrowings from the FHLB |  |
Liabilities: |  |
Outstanding Face Amount | 1,007,581 | 1,073,500
Fair value of liabilities | 1,012,997 | 1,080,354
Senior unsecured notes |  |
Liabilities: |  |
Outstanding Face Amount | 1,891,897 | 1,166,201
Fair value of liabilities | 1,005,958 | 1,208,860
CMBS |  |
Assets: |  |
Outstanding Face Amount | 12,096 | 12,121
Fair value of assets | 11,590 | 11,608
CMBS interest-only |  |
Assets: |  |
Outstanding Face Amount | 11,075 | 11,099
Fair value of assets | 770 | 804
Provision for current expected credit losses | (22) |
Total mortgage loan receivables held for investment, net, at amortized cost |  |
Assets: |  |
Outstanding Face Amount | 3,453,893 | 3,277,597
Fair value of assets | 3,447,851 | 3,273,219
Mortgage loan receivables held for sale |  |
Assets: |  |
Outstanding Face Amount | 154,833 | 122,748
Fair value of assets | 146,961 | 124,989
FHLB stock |  |
Assets: |  |
Outstanding Face Amount | 61,619 | 61,619
Fair value of assets | 61,619 | 61,619
Level 1 |  |
Assets: |  |
Fair value of assets | 0 | 0
Provision for current expected credit losses | 0 | 0
Liabilities: |  |
Fair value of liabilities | 0 | 0
Level 1 | Repurchase agreements - short-term |  |
Liabilities: |  |
Fair value of liabilities | 0 | 0
Level 1 | Repurchase agreements - long-term |  |
Liabilities: |  |
Fair value of liabilities | 0 | 0
Level 1 | Revolving Credit Facility |  |
Liabilities: |  |
Fair value of liabilities |  | 0
Level 1 | Mortgage loan financing |  |
Liabilities: |  |
Fair value of liabilities | 0 | 0
Level 1 | Borrowings from the FHLB |  |
Liabilities: |  |
Fair value of liabilities | 0 | 0
Level 1 | Senior unsecured notes |  |
Liabilities: |  |
Fair value of liabilities | 0 | 0
Level 1 | CMBS |  |
Assets: |  |
Fair value of assets | 0 | 0
Level 1 | CMBS interest-only |  |
Assets: |  |
Fair value of assets | 0 | 0
Level 1 | Total mortgage loan receivables held for investment, net, at amortized cost |  |
Assets: |  |
Fair value of assets | 0 | 0
Level 1 | Mortgage loan receivables held for sale |  |
Assets: |  |
Fair value of assets | 0 | 0
Level 1 | FHLB stock |  |
Assets: |  |
Fair value of assets | 0 | 0
Level 2 |  |
Assets: |  |
Fair value of assets | 0 | 0
Provision for current expected credit losses | 0 | 0
Liabilities: |  |
Fair value of liabilities | 0 | 0
Level 2 | Repurchase agreements - short-term |  |
Liabilities: |  |
Fair value of liabilities | 0 | 0
Level 2 | Repurchase agreements - long-term |  |
Liabilities: |  |
Fair value of liabilities | 0 | 0
Level 2 | Revolving Credit Facility |  |
Liabilities: |  |
Fair value of liabilities |  | 0
Level 2 | Mortgage loan financing |  |
Liabilities: |  |
Fair value of liabilities | 0 | 0
Level 2 | Borrowings from the FHLB |  |
Liabilities: |  |
Fair value of liabilities | 0 | 0
Level 2 | Senior unsecured notes |  |
Liabilities: |  |
Fair value of liabilities | 0 | 0
Level 2 | CMBS |  |
Assets: |  |
Fair value of assets | 0 | 0
Level 2 | CMBS interest-only |  |
Assets: |  |
Fair value of assets | 0 | 0
Level 2 | Total mortgage loan receivables held for investment, net, at amortized cost |  |
Assets: |  |
Fair value of assets | 0 | 0
Level 2 | Mortgage loan receivables held for sale |  |
Assets: |  |
Fair value of assets | 0 | 0
Level 2 | FHLB stock |  |
Assets: |  |
Fair value of assets | 0 | 0
Level 3 |  |
Assets: |  |
Fair value of assets | 3,619,312 | 3,451,739
Provision for current expected credit losses | (49,457) | (20,500)
Liabilities: |  |
Fair value of liabilities | 4,842,833 | 4,943,914
Level 3 | Repurchase agreements - short-term |  |
Liabilities: |  |
Fair value of liabilities | 1,626,706 | 1,781,253
Level 3 | Repurchase agreements - long-term |  |
Liabilities: |  |
Fair value of liabilities | 100,094 | 34,681
Level 3 | Revolving Credit Facility |  |
Liabilities: |  |
Fair value of liabilities |  | 266,430
Level 3 | Mortgage loan financing |  |
Liabilities: |  |
Fair value of liabilities | 830,648 | 838,766
Level 3 | Borrowings from the FHLB |  |
Liabilities: |  |
Fair value of liabilities | 1,012,997 | 1,080,354
Level 3 | Senior unsecured notes |  |
Liabilities: |  |
Fair value of liabilities | 1,005,958 | 1,208,860
Level 3 | CMBS |  |
Assets: |  |
Fair value of assets | 11,590 | 11,608
Level 3 | CMBS interest-only |  |
Assets: |  |
Fair value of assets | 770 | 804
Provision for current expected credit losses | (22) |
Level 3 | Total mortgage loan receivables held for investment, net, at amortized cost |  |
Assets: |  |
Fair value of assets | 3,447,851 | 3,273,219
Level 3 | Mortgage loan receivables held for sale |  |
Assets: |  |
Fair value of assets | 146,961 | 124,989
Level 3 | FHLB stock |  |
Assets: |  |
Fair value of assets | 61,619 | 61,619
Recurring |  |
Assets: |  |
Fair value of assets | 1,919,217 | 1,709,586
Recurring | Nonhedge derivatives |  |
Liabilities: |  |
Nonhedge derivative liabilities | 69,571 | 69,571
Fair value of liabilities | 0 | 0
Recurring | CMBS |  |
Assets: |  |
Outstanding Face Amount | 1,931,411 | 1,628,476
Fair value of assets | 1,856,559 | 1,632,714
Recurring | CMBS interest-only |  |
Assets: |  |
Outstanding Face Amount | 1,539,283 | 1,548,061
Fair value of assets | 27,065 | 28,342
Recurring | GNMA interest-only |  |
Assets: |  |
Outstanding Face Amount | 105,009 | 109,783
Fair value of assets | 1,607 | 1,851
Recurring | Agency securities |  |
Assets: |  |
Outstanding Face Amount | 621 | 629
Fair value of assets | 628 | 637
Recurring | GNMA permanent securities |  |
Assets: |  |
Outstanding Face Amount | 31,159 | 31,461
Fair value of assets | 32,211 | 32,369
Recurring | Equity securities |  |
Assets: |  |
Fair value of assets | 197 | 12,980
Recurring | Nonhedge derivatives |  |
Assets: |  |
Fair value of assets | 950 | 693
Nonhedge derivative assets | 121,400 | 340,200
Recurring | Level 1 |  |
Assets: |  |
Fair value of assets | 197 | 12,980
Recurring | Level 1 | Nonhedge derivatives |  |
Liabilities: |  |
Fair value of liabilities | 0 | 0
Recurring | Level 1 | CMBS |  |
Assets: |  |
Fair value of assets | 0 | 0
Recurring | Level 1 | CMBS interest-only |  |
Assets: |  |
Fair value of assets | 0 | 0
Recurring | Level 1 | GNMA interest-only |  |
Assets: |  |
Fair value of assets | 0 | 0
Recurring | Level 1 | Agency securities |  |
Assets: |  |
Fair value of assets | 0 | 0
Recurring | Level 1 | GNMA permanent securities |  |
Assets: |  |
Fair value of assets | 0 | 0
Recurring | Level 1 | Equity securities |  |
Assets: |  |
Fair value of assets | 197 | 12,980
Recurring | Level 1 | Nonhedge derivatives |  |
Assets: |  |
Fair value of assets | 0 | 0
Recurring | Level 2 |  |
Assets: |  |
Fair value of assets | 950 | 693
Recurring | Level 2 | Nonhedge derivatives |  |
Liabilities: |  |
Fair value of liabilities | 0 | 0
Recurring | Level 2 | CMBS |  |
Assets: |  |
Fair value of assets | 0 | 0
Recurring | Level 2 | CMBS interest-only |  |
Assets: |  |
Fair value of assets | 0 | 0
Recurring | Level 2 | GNMA interest-only |  |
Assets: |  |
Fair value of assets | 0 | 0
Recurring | Level 2 | Agency securities |  |
Assets: |  |
Fair value of assets | 0 | 0
Recurring | Level 2 | GNMA permanent securities |  |
Assets: |  |
Fair value of assets | 0 | 0
Recurring | Level 2 | Nonhedge derivatives |  |
Assets: |  |
Fair value of assets | 950 | 693
Recurring | Level 3 |  |
Assets: |  |
Fair value of assets | 1,918,070 | 1,695,913
Recurring | Level 3 | Nonhedge derivatives |  |
Liabilities: |  |
Fair value of liabilities | 0 | 0
Recurring | Level 3 | CMBS |  |
Assets: |  |
Fair value of assets | 1,856,559 | 1,632,714
Recurring | Level 3 | CMBS interest-only |  |
Assets: |  |
Fair value of assets | 27,065 | 28,342
Recurring | Level 3 | GNMA interest-only |  |
Assets: |  |
Fair value of assets | 1,607 | 1,851
Recurring | Level 3 | Agency securities |  |
Assets: |  |
Fair value of assets | 628 | 637
Recurring | Level 3 | GNMA permanent securities |  |
Assets: |  |
Fair value of assets | 32,211 | 32,369
Recurring | Level 3 | Nonhedge derivatives |  |
Assets: |  |
Fair value of assets | $ 0 | $ 0

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