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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