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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, 2020 USD ($) | Dec. 31, 2019 USD ($)
Assets: |  |
Fair Value | $ 3,619,312 | $ 3,451,739
Current expected credit losses | (49,457) | (20,500)
Liabilities: |  |
Fair Value | $ 4,842,833 | $ 4,943,914
Total mortgage loan receivables held for investment, net, at amortized cost |  |
Liabilities: |  |
Period of short interest rate reset risk | 30 days | 30 days
CLO debt |  |
Liabilities: |  |
Period of short interest rate reset risk | 30 days | 30 days
Recurring |  |
Assets: |  |
Fair Value | $ 1,919,217 | $ 1,709,586
Recurring | CMBS | Internal Model Third Party Inputs Valuation Technique |  |
Assets: |  |
Outstanding Face Amount | 1,943,507 | 1,640,597
Amortized Cost Basis/Purchase Price | 1,943,359 | 1,640,905
Fair Value | $ 1,868,149 | $ 1,644,322
Liabilities: |  |
Financial instruments, measurement input | 0.0221 | 0.0308
Weighted average remaining maturity/duration | 2 years 3 months 21 days | 2 years 4 months 28 days
Recurring | CMBS interest-only | Internal Model Third Party Inputs Valuation Technique |  |
Assets: |  |
Outstanding Face Amount | $ 1,550,358 | $ 1,559,160
Amortized Cost Basis/Purchase Price | 26,800 | 28,553
Fair Value | $ 27,835 | $ 29,146
Liabilities: |  |
Financial instruments, measurement input | 0.0299 | 0.0304
Weighted average remaining maturity/duration | 2 years 5 months 15 days | 2 years 6 months 10 days
Recurring | GNMA interest-only | Internal Model Third Party Inputs Valuation Technique |  |
Assets: |  |
Outstanding Face Amount | $ 105,009 | $ 109,783
Amortized Cost Basis/Purchase Price | 1,661 | 1,982
Fair Value | $ 1,607 | $ 1,851
Liabilities: |  |
Financial instruments, measurement input | 0.0486 | 0.0459
Weighted average remaining maturity/duration | 3 years 18 days | 2 years 9 months 7 days
Recurring | Agency securities | Internal Model Third Party Inputs Valuation Technique |  |
Assets: |  |
Outstanding Face Amount | $ 621 | $ 629
Amortized Cost Basis/Purchase Price | 631 | 640
Fair Value | $ 628 | $ 637
Liabilities: |  |
Financial instruments, measurement input | 0.0170 | 0.0173
Weighted average remaining maturity/duration | 1 year 8 months 12 days | 1 year 9 months 29 days
Recurring | GNMA permanent securities | Internal Model Third Party Inputs Valuation Technique |  |
Assets: |  |
Outstanding Face Amount | $ 31,159 | $ 31,461
Amortized Cost Basis/Purchase Price | 31,345 | 31,681
Fair Value | $ 32,211 | $ 32,369
Liabilities: |  |
Financial instruments, measurement input | 0.0350 | 0.0317
Weighted average remaining maturity/duration | 2 years 7 months 9 days | 1 year 11 months 4 days
Recurring | Equity securities | Internal Model Third Party Inputs Valuation Technique |  |
Assets: |  |
Amortized Cost Basis/Purchase Price | $ 598 | $ 12,848
Fair Value | 197 | 12,980
Recurring | Total mortgage loan receivables held for investment, net, at amortized cost |  |
Assets: |  |
Current expected credit losses | (49,457) |
Recurring | Total mortgage loan receivables held for investment, net, at amortized cost | Discounted Cash Flow |  |
Assets: |  |
Outstanding Face Amount | 3,453,893 | 3,277,596
Amortized Cost Basis/Purchase Price | 3,432,779 | 3,257,036
Fair Value | 3,447,851 | $ 3,273,219
Current expected credit losses | $ (49,457) |
Liabilities: |  |
Financial instruments, measurement input | 0.0686 | 0.0694
Weighted average remaining maturity/duration | 1 year 3 months 14 days | 1 year 5 months 4 days
Recurring | Provisions For Loan Losses |  |
Assets: |  |
Current expected credit losses | $ (22) | $ (20,500)
Recurring | Provisions For Loan Losses | Internal Model Third Party Inputs Valuation Technique |  |
Assets: |  |
Current expected credit losses | (22) |
Recurring | Mortgage loan receivables held for sale | Internal Model Third Party Inputs Valuation Technique |  |
Assets: |  |
Outstanding Face Amount | 154,833 | 122,748
Amortized Cost Basis/Purchase Price | 146,713 | 122,325
Fair Value | $ 146,961 | $ 124,989
Liabilities: |  |
Financial instruments, measurement input | 0.0394 | 0.0420
Weighted average remaining maturity/duration | 9 years 11 months 15 days | 9 years 11 months 26 days
Recurring | FHLB stock | FHLB stock |  |
Assets: |  |
Outstanding Face Amount | $ 61,619 | $ 61,619
Amortized Cost Basis/Purchase Price | 61,619 | 61,619
Fair Value | $ 61,619 | $ 61,619
Liabilities: |  |
Financial instruments, measurement input | 0.0425 | 0.0475
Recurring | Nonhedge derivatives | Counterparty Quotations Valuation Technique |  |
Assets: |  |
Nonhedge derivative assets | $ 121,400 | $ 340,200
Fair Value | $ 950 | $ 693
Liabilities: |  |
Weighted average remaining maturity/duration | 3 months | 3 months
Recurring | Repurchase agreements - short-term | Discounted Cash Flow |  |
Liabilities: |  |
Outstanding Face Amount | $ 1,626,706 | $ 1,781,253
Amortized Cost Basis/Purchase Price | 1,626,706 | 1,781,253
Fair Value | $ 1,626,706 | $ 1,781,253
Financial instruments, measurement input | 0.0287 | 0.0250
Weighted average remaining maturity/duration | 2 months 12 days | 2 months 8 days
Recurring | Repurchase agreements - long-term | Discounted Cash Flow |  |
Liabilities: |  |
Outstanding Face Amount | $ 100,094 | $ 34,681
Amortized Cost Basis/Purchase Price | 100,094 | 34,681
Fair Value | $ 100,094 | $ 34,681
Financial instruments, measurement input | 0.0248 | 0.0281
Weighted average remaining maturity/duration | 1 year 4 months 9 days | 1 year 4 months 28 days
Recurring | Revolving Credit Facility | Discounted Cash Flow |  |
Liabilities: |  |
Outstanding Face Amount | $ 266,430 |
Amortized Cost Basis/Purchase Price | 266,430 |
Fair Value | $ 266,430 |
Financial instruments, measurement input | 0.0383 |
Weighted average remaining maturity/duration | 10 months 13 days |
Recurring | Mortgage loan financing | Discounted Cash Flow |  |
Liabilities: |  |
Outstanding Face Amount | $ 801,515 | $ 807,854
Amortized Cost Basis/Purchase Price | 806,153 | 812,606
Fair Value | $ 830,648 | $ 838,766
Financial instruments, measurement input | 0.0490 | 0.0491
Weighted average remaining maturity/duration | 1 year 6 months 10 days | 1 year 6 months 3 days
Recurring | Borrowings from the FHLB | Discounted Cash Flow |  |
Liabilities: |  |
Outstanding Face Amount | $ 1,007,581 | $ 1,073,500
Amortized Cost Basis/Purchase Price | 1,007,581 | 1,073,500
Fair Value | $ 1,012,997 | $ 1,080,354
Financial instruments, measurement input | 0.0208 | 0.0233
Weighted average remaining maturity/duration | 1 year 11 months 1 day | 2 years 29 days
Recurring | Senior unsecured notes | Broker Quotations Pricing Services Valuation Technique |  |
Liabilities: |  |
Outstanding Face Amount | $ 1,891,897 | $ 1,166,201
Amortized Cost Basis/Purchase Price | 1,874,056 | 1,157,833
Fair Value | $ 1,005,958 | $ 1,208,860
Financial instruments, measurement input | 0.0495 | 0.0539
Weighted average remaining maturity/duration | 4 years 6 months | 3 years 3 months 10 days
Recurring | Nonhedge derivatives | Counterparty Quotations Valuation Technique |  |
Liabilities: |  |
Nonhedge derivative liabilities | $ 69,571 | $ 69,571
Fair Value | $ 0 | $ 0
Weighted average remaining maturity/duration | 1 month 9 days | 4 months 9 days

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