Capstead Mortgage (CMO) 10-Q 30 Oct 18 2018 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2018	Oct. 30, 2018
Document And Entity Information [Abstract]
Entity Registrant Name	CAPSTEAD MORTGAGE CORP
Entity Central Index Key	766,701
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		90,927,815
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q3
Trading Symbol	CMO
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2018

CONSOLIDATED BALANCE SHEETS (UN

CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Assets
Residential mortgage investments ($12.25 and $12.98 billion pledged at September 30, 2018 and December 31, 2017, respectively)	$ 12,681,791	$ 13,454,098
Cash collateral receivable from interest rate swap counterparties	26,293	42,506
Cash and cash equivalents	31,725	103,907
Receivables and other assets	152,216	132,938
Total assets	12,892,025	13,733,449
Liabilities
Secured borrowings	11,619,966	12,331,060
Interest rate swap agreements at fair value	13,012	23,772
Unsecured borrowings	98,266	98,191
Common stock dividend payable	10,365	18,487
Accounts payable and accrued expenses	29,323	23,063
Total liabilities	11,770,932	12,494,573
Stockholders’ equity
Preferred stock - $0.10 par value; 100,000 shares authorized: 7.50% Cumulative Redeemable Preferred Stock, Series E, 10,329 shares issued and outstanding ($258,226 aggregate liquidation preference) at September 30, 2018 and December 31, 2017	250,946	250,946
Common stock - $0.01 par value; 250,000 shares authorized: 91,068 and 95,698 shares issued and outstanding at September 30, 2018 and December 31, 2017, respectively	911	957
Paid-in capital	1,220,415	1,271,425
Accumulated deficit	(346,570)	(346,570)
Accumulated other comprehensive (loss) income	(4,609)	62,118
Total stockholders' equity	1,121,093	1,238,876
Total liabilities and equity	$ 12,892,025	$ 13,733,449

CONSOLIDATED BALANCE SHEETS (_2

CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2018	Dec. 31, 2017
Assets
Residential mortgage investments pledged	$ 12,250,000	$ 12,980,000
Stockholders’ equity
Preferred stock, par value (in dollars per share)	$ 0.10	$ 0.10
Preferred stock, shares authorized (in shares)	100,000	100,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	250,000	250,000
Common stock, shares issued (in shares)	91,068	95,698
Common stock, shares outstanding (in shares)	91,068	95,698
Cumulative Redeemable Preferred Stock, Series E [Member]
Stockholders’ equity
Preferred stock, shares issued (in shares)	10,329	10,329
Preferred stock, shares outstanding (in shares)	10,329	10,329
Preferred stock, dividend rate	7.50%	7.50%
Preferred stock, aggregate liquidation preference	$ 258,226	$ 258,226

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Interest income:
Residential mortgage investments	$ 67,649	$ 57,073	$ 201,989	$ 168,017
Other	350	366	1,063	757
Interest income	67,999	57,439	203,052	168,774
Interest expense:
Secured borrowings	(54,393)	(36,655)	(147,655)	(98,745)
Unsecured borrowings	(1,910)	(1,910)	(5,701)	(5,701)
Interest expense	(56,303)	(38,565)	(153,356)	(104,446)
Net interest income (expense)	11,696	18,874	49,696	64,328
Other revenue (expense):
Compensation-related expense	(1,913)	(1,073)	(5,521)	(4,021)
Other general and administrative expense	(1,184)	(1,097)	(3,320)	(3,435)
Miscellaneous other revenue	81	48	233	130
Operating expenses	(3,016)	(2,122)	(8,608)	(7,326)
Net income	8,680	16,752	41,088	57,002
Net income available to common stockholders:
Net income	8,680	16,752	41,088	57,002
Less preferred stock dividends	(4,842)	(4,718)	(14,526)	(12,600)
Net income available to common stockholders	$ 3,838	$ 12,034	$ 26,562	$ 44,402
Net income per common share:
Basic and diluted	$ 0.04	$ 0.13	$ 0.29	$ 0.46
Weighted average common shares outstanding:
Basic (in shares)	91,206	95,792	92,202	95,768
Diluted (in shares)	91,346	95,923	92,317	95,905
Cash dividends declared per share:
Common (in dollars per share)	$ 0.11	$ 0.19	$ 0.41	$ 0.61
Series E Preferred [Member]
Cash dividends declared per share:
Series E preferred (in dollars per share)	$ 0.47	$ 0.47	$ 1.41	$ 1.41

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Statement Of Income And Comprehensive Income [Abstract]
Net income	$ 8,680	$ 16,752	$ 41,088	$ 57,002
Amounts related to available-for-sale securities:
Change in net unrealized losses	(26,771)	(7,072)	(87,336)	(14,496)
Amounts related to cash flow hedges:
Change in net unrealized gains	7,580	1,827	46,385	3,541
Reclassification adjustment for amounts included in net income	(11,162)	(3,213)	(25,776)	(2,207)
Other comprehensive (loss) income	(30,353)	(8,458)	(66,727)	(13,162)
Comprehensive (loss) income	$ (21,673)	$ 8,294	$ (25,639)	$ 43,840

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Operating activities:
Net income	$ 41,088	$ 57,002
Noncash items:
Amortization of investment premiums	88,293	98,996
Amortization of equity-based awards	1,477	1,671
Other depreciation and amortization	79	89
Change in recorded measureable hedge ineffectiveness on interest rate swap agreements designated as cash flow hedges		36
Net change in receivables, other assets, accounts payable and accrued expenses	6,461	1,877
Net cash provided by operating activities	137,398	159,671
Investing activities:
Purchases of residential mortgage investments	(2,158,970)	(3,380,199)
Interest receivable acquired with the purchase of residential mortgage investments	(4,167)	(5,410)
Principal collections on residential mortgage investments, including changes in mortgage securities principal remittance receivable	2,739,267	2,972,002
Net cash provided by (used in) investing activities	576,130	(413,607)
Financing activities:
Proceeds from repurchase arrangements and similar borrowings	137,810,441	126,991,975
Principal payments on repurchase arrangements and similar borrowings	(138,521,532)	(126,669,933)
Increase (decrease) in cash collateral receivable from interest rate swap counterparties	16,213	(17,590)
Net proceeds from interest rate swap settlements	10,906	8,842
Proceeds from issuance of preferred shares		52,051
Common stock repurchases	(41,313)
Other capital stock transactions	(72)	(261)
Dividends paid	(60,353)	(74,426)
Net cash (used in) provided by financing activities	(785,710)	290,658
Net change in cash and cash equivalents	(72,182)	36,722
Cash and cash equivalents at beginning of period	103,907	56,732
Cash and cash equivalents at end of period	$ 31,725	$ 93,454

BUSINESS

BUSINESS	9 Months Ended
	Sep. 30, 2018
Organization Consolidation And Presentation Of Financial Statements [Abstract]
BUSINESS	NOTE 1 — Capstead Mortgage Corporation operates as a self-managed real estate investment trust for federal income tax purposes (a “REIT”) and is based in Dallas, Texas. Unless the context otherwise indicates, Capstead Mortgage Corporation, together with its subsidiaries, is referred to as “Capstead” or the “Company.” Capstead earns income from investing in a leveraged portfolio of residential mortgage pass-through securities consisting almost exclusively of adjustable-rate mortgage (“ARM”) securities issued and guaranteed by government-sponsored enterprises, either Fannie Mae, Freddie Mac, or by an agency of the federal government, Ginnie Mae. Residential mortgage pass-through securities guaranteed by Fannie Mae, Freddie Mac or Ginnie Mae are referred to as “Agency Securities” and are considered to have limited, if any, credit risk.

BASIS OF PRESENTATION

BASIS OF PRESENTATION	9 Months Ended
	Sep. 30, 2018
Organization Consolidation And Presentation Of Financial Statements [Abstract]
BASIS OF PRESENTATION	NOTE 2 — Interim Financial Reporting The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the quarter and nine months ended September 30, 2018 are not necessarily indicative of the results that may be expected for the calendar year ending December 31, 2018. For further information refer to the audited consolidated financial statements and footnotes thereto included in the Company’s annual report on Form 10-K for the year ended December 31, 2017. Recent Accounting Pronouncements In November 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2016-18, Statement of Cash Flows: Restricted Cash (“ASU 2016-18”) which clarifies how entities should present restricted cash and restricted cash equivalents in the statement of cash flows. ASU 2016-18 is effective for fiscal years beginning after December 15, 2017 and interim periods within those fiscal years. The Company adopted ASU 2016-18 on January 1, 2018, which had no effect on the Company’s results of operations, financial condition or cash flows. In May 2017, the FASB issued Accounting Standards Update No. 2017-09, Compensation-Stock Compensation: Scope of Modification Accounting (“ASU 2017-09”) which allows companies to make certain changes to stock awards without accounting for them as modifications. It does not change the accounting for modifications. ASU 2017-09 is effective for fiscal years beginning after December 15, 2017 and interim periods within those fiscal years. The Company adopted ASU 2017-09 on January 1, 2018, which had no effect on the Company’s results of operations, financial condition or cash flows.

NET INCOME PER COMMON SHARE

NET INCOME PER COMMON SHARE	9 Months Ended
	Sep. 30, 2018
Earnings Per Share [Abstract]
NET INCOME PER COMMON SHARE	NOTE 3 — Basic net income per common share is computed by dividing net income, after deducting dividends paid or accrued on preferred stock and allocating earnings to equity awards deemed to be participating securities pursuant to the two-class method, by the average number of shares of common stock outstanding, calculated excluding unvested stock awards. Participating securities include unvested equity awards that contain non-forfeitable rights to dividends prior to vesting. Diluted net income per common share is computed by dividing the numerator used to compute basic net income per common share by the denominator used to compute basic net income per common share, further adjusted for the dilutive effect, if any, of equity awards and shares of preferred stock when and if convertible into shares of common stock. Shares of the Company’s 7.50% Series E Cumulative Redeemable Preferred Stock are contingently convertible into shares of common stock only upon the occurrence of a change in control and therefore are not considered dilutive securities absent such an occurrence. Any unvested equity awards that are deemed participating securities are included in the calculation of diluted net income per common share, if dilutive, under either the two-class method or the treasury stock method, depending upon which method produces the more dilutive result. Components of the computation of basic and diluted net income per common share were as follows for the indicated periods (dollars in thousands, except per share amounts) : Quarter Ended Nine Months Ended September 30 September 30 2018 2017 2018 2017 Basic net income per common share Numerator for basic net income per common share: Net income $ 8,680 $ 16,752 $ 41,088 $ 57,002 Preferred stock dividends (4,842 ) (4,718 ) (14,526 ) (12,600 ) Earnings participation of unvested equity awards (24 ) (36 ) (84 ) (116 ) $ 3,814 $ 11,998 $ 26,478 $ 44,286 Denominator for basic net income per common share: Average number of shares of common stock outstanding 91,659 96,094 92,649 96,073 Average unvested stock awards outstanding (453 ) (302 ) (447 ) (305 ) 91,206 95,792 92,202 95,768 $ 0.04 $ 0.13 $ 0.29 $ 0.46 Diluted net income per common share Numerator for diluted net income per common share: Numerator for basic net income per common share $ 3,814 $ 11,998 $ 26,478 $ 44,286 Denominator for diluted net income per common share: Denominator for basic net income per common share 91,206 95,792 92,202 95,768 Net effect of dilutive equity awards 140 131 115 137 91,346 95,923 92,317 95,905 $ 0.04 $ 0.13 $ 0.29 $ 0.46

RESIDENTIAL MORTGAGE INVESTMENT

RESIDENTIAL MORTGAGE INVESTMENTS	9 Months Ended
	Sep. 30, 2018
Residential Mortgage [Member]
RESIDENTIAL MORTGAGE INVESTMENTS	NOTE 4 — Residential mortgage investments classified by collateral type and interest rate characteristics as of the indicated dates were as follows (dollars in thousands): Unpaid Principal Balance Investment Premiums Amortized Cost Basis Carrying Amount (a) Net WAC (b) Average Yield (c) September 30, 2018 Agency Securities: Fannie Mae/Freddie Mac: Fixed-rate $ 138 $ – $ 138 $ 138 6.50 % 5.65 % ARMs 9,305,702 277,403 9,583,105 9,561,713 3.29 2.01 Ginnie Mae ARMs 3,058,570 79,388 3,137,958 3,117,258 3.17 2.30 12,364,410 356,791 12,721,201 12,679,109 3.26 2.08 Residential mortgage loans: Fixed-rate 576 1 577 577 6.79 4.99 ARMs 1,045 6 1,051 1,051 4.04 3.18 1,621 7 1,628 1,628 5.01 3.81 Collateral for structured financings 1,037 17 1,054 1,054 8.02 9.42 $ 12,367,068 $ 356,815 $ 12,723,883 $ 12,681,791 3.26 2.08 December 31, 2017 Agency Securities: Fannie Mae/Freddie Mac: Fixed-rate $ 265 $ 1 $ 266 $ 266 6.51 % 6.22 % ARMs 10,216,099 313,547 10,529,646 10,578,364 2.97 1.93 Ginnie Mae ARMs 2,791,340 84,297 2,875,637 2,872,163 2.78 1.83 13,007,704 397,845 13,405,549 13,450,793 2.93 1.91 Residential mortgage loans: Fixed-rate 645 1 646 646 6.74 5.32 ARMs 1,211 7 1,218 1,218 4.04 3.19 1,856 8 1,864 1,864 4.98 3.91 Collateral for structured financings 1,418 23 1,441 1,441 7.94 7.67 $ 13,010,978 $ 397,876 $ 13,408,854 $ 13,454,098 2.93 1.91 (a) Includes unrealized gains and losses for residential mortgage investments classified as available-for-sale. (b) Net WAC, or weighted average coupon, is the weighted average interest rate of the mortgage loans underlying the indicated investments net of servicing and other fees as of the indicated balance sheet date. Net WAC is expressed as a percentage calculated on an annualized basis on the unpaid principal balances of the mortgage loans underlying these investments. ( c ) Average yield is presented for the quarter then ended and is based on the cash component of interest income expressed as a percentage calculated on an annualized basis on average amortized cost basis (the “cash yield”) less the effects of amortizing investment premiums. Investment premium amortization is determined using the interest method and incorporates actual and anticipated future mortgage prepayments. Agency Securities are considered to have limited, if any, credit risk because the timely payment of principal and interest is guaranteed by Fannie Mae and Freddie Mac, which are federally chartered corporations, or Ginnie Mae, which is an agency of the federal government. Residential mortgage loans held by Capstead were originated prior to 1995 when the Company operated a mortgage conduit and the related credit risk is borne by the Company. Collateral for structured financings consists of private residential mortgage securities that are backed by loans obtained through this mortgage conduit and are pledged to secure repayment of related structured financings. Credit risk for these securities is borne by the related bondholders. The maturity of Residential mortgage investments Fixed-rate investments consist of residential mortgage loans and Agency Securities backed by residential mortgage loans with fixed rates of interest. ARMs are adjustable-rate Agency Securities backed by residential mortgage loans that have coupon interest rates that adjust at least annually to more current interest rates or begin doing so after an initial fixed-rate period. After the initial fixed-rate period, if applicable, mortgage loans underlying ARM securities typically either (i) adjust annually based on specified margins over the one-year London interbank offered rate (“LIBOR”) or the one-year Constant Maturity U.S. Treasury Note Rate (“CMT”), (ii) adjust semiannually based on specified margins over six-month LIBOR, or (iii) adjust monthly based on specified margins over indices such as one-month LIBOR, the Eleventh District Federal Reserve Bank Cost of Funds Index, or over a rolling twelve month average of the one-year CMT index, usually subject to periodic and lifetime limits, or caps, on the amount of such adjustments during any single interest rate adjustment period and over the contractual term of the underlying loans. Capstead classifies its ARM investments based on average number of months until coupon reset (“months to roll”). Months to roll is an indicator of asset duration which is a measure of market price sensitivity to interest rate movements. A shorter duration generally indicates less interest rate risk. Current-reset ARM investments have months to roll of less than 18 months while longer-to-reset ARM investments have months to roll of 18 months or greater. As of September 30, 2018, the average months to roll for the Company’s $6.55 billion (amortized cost basis) in current-reset ARM investments was 6.2 months while the average months to roll for the Company’s $6.18 billion (amortized cost basis) in longer-to-reset ARM investments was 42.1 months.

SECURED BORROWINGS

SECURED BORROWINGS	9 Months Ended
	Sep. 30, 2018
Disclosure Of Repurchase Agreements [Abstract]
SECURED BORROWINGS	NOTE 5 — Capstead pledges its Residential mortgage investments The terms and conditions of secured borrowings are negotiated on a transaction-by-transaction basis when each such borrowing is initiated or renewed. The amount borrowed is generally equal to the fair value of the securities pledged, as determined by the lending counterparty, less an agreed-upon discount, referred to as a “haircut.” Interest rates are generally fixed based on prevailing rates corresponding to the terms of the borrowings. Interest may be paid monthly or at the termination of a borrowing at which time the Secured borrowings (and related pledged collateral, including accrued interest receivable), classified by collateral type and remaining maturities, and related weighted average borrowing rates as of the indicated dates were as follows (dollars in thousands): Collateral Type Collateral Carrying Amount Accrued Interest Receivable Borrowings Outstanding Average Borrowing Rates September 30, 2018 Borrowings under repurchase arrangements with maturities of 30 days or less: Agency Securities $ 11,973,233 $ 33,105 $ 11,352,886 2.28 % Borrowings under repurchase arrangements with maturities greater than 30 days: Agency Securities (31 to 90 days) 280,255 775 266,026 2.34 Similar borrowings: Collateral for structured financings 1,054 – 1,054 8.02 $ 12,254,542 $ 33,880 $ 11,619,966 2.29 Quarter-end borrowing rates adjusted for effects of related derivative financial instruments (Derivatives) held as cash flow hedges 1.93 December 31, 2017 Borrowings under repurchase arrangements with maturities of 30 days or less: Agency Securities $ 12,943,193 $ 30,646 $ 12,296,546 1.60 % Borrowings under repurchase arrangements with maturities greater than 30 days: Agency Securities (31 to 90 days) 35,568 75 33,073 1.53 Similar borrowings: Collateral for structured financings 1,441 – 1,441 7.94 $ 12,980,202 $ 30,721 $ 12,331,060 1.60 Year-end borrowing rates adjusted for effects of related Derivatives held as cash flow hedges 1.46 Average secured borrowings outstanding during the indicated periods differed from respective ending balances primarily due to changes in portfolio levels and differences in the timing of portfolio acquisitions relative to portfolio runoff as illustrated below (dollars in thousands): Quarter Ended September 30, 2018 December 31, 2017 Average Borrowings Average Rate Average Borrowings Average Rate Average borrowings and rates adjusted for the effects of related Derivatives held as cash flow hedges for the indicated periods $ 11,957,518 1.82 % $ 12,408,550 1.29 %

USE OF DERIVATIVES, OFFSETTING

USE OF DERIVATIVES, OFFSETTING DISCLOSURES AND CHANGES IN OTHER COMPREHENSIVE INCOME BY COMPONENT	9 Months Ended
	Sep. 30, 2018
Derivative Instruments And Hedging Activities Disclosure [Abstract]
USE OF DERIVATIVES, OFFSETTING DISCLOSURES AND CHANGES IN OTHER COMPREHENSIVE INCOME BY COMPONENT	NOTE 6 — Capstead attempts to mitigate exposure to higher interest rates by entering into one- and three-month LIBOR-indexed, pay-fixed, receive-variable, interest rate swap agreements for terms of two and three years. These Derivatives are designated as cash flow hedges of the variability of the underlying benchmark interest rate of current and forecasted 30- to 90-day secured borrowings. This hedge relationship establishes a relatively stable fixed rate on related borrowings because the variable-rate payments received on the swap agreements offset a significant portion of the interest accruing on the designated borrowings, leaving the fixed-rate swap payments as the Company’s effective borrowing rate, subject to certain adjustments. These adjustments include differences between variable-rate payments received on the swap agreements and related unhedged borrowing rates as well as the effects of any measured hedge ineffectiveness. Additionally, changes in fair value of these Derivatives tend to partially offset opposing changes in fair value of the Company’s residential mortgage investments that can occur in response to changes in market interest rates. During the nine months ended September 30, 2018, Capstead entered into swap agreements with notional amounts of $1.2 billion requiring fixed-rate interest payments averaging Period of Contract Expiration Notional Amount Average Fixed-Rate Payment Requirement Fourth quarter 2018 $ 800,000 1.15 % First quarter 2019 950,000 1.58 Second quarter 2019 1,650,000 1.33 Third quarter 2019 550,000 1.40 Fourth quarter 2019 700,000 1.72 First quarter 2020 600,000 2.07 Second quarter 2020 600,000 2.68 Third quarter 2020 200,000 1.64 Fourth quarter 2020 200,000 2.04 First quarter 2021 100,000 2.67 Second quarter 2021 200,000 2.87 $ 6,550,000 T he Company has three-month LIBOR-indexed, pay-fixed, receive-variable, interest rate swap agreements with notional amounts totaling $100 million and average fixed rates of 4.09% with 20-year payment terms coinciding with the floating-rate terms of the Company’s Unsecured borrowings . These Derivatives are designated as cash flow hedges of the variability of the underlying contractual rate associated with the floating-rate terms of these long-term borrowings which began on various dates between October 2015 and September 2016. Interest rate swap agreements are measured at fair value on a recurring basis primarily using Level Two Inputs in accordance with ASU 2010-06, Fair Value Measurements and Disclosures (Topic 820) The fair value of exchange-traded swap agreements held as cash flow hedges of Secured borrowings Unsecured borrowings Cash collateral receivable from interest rate swap counterparties Accounts payable and accrued expenses The following tables include fair value and other related disclosures regarding all Derivatives held as of and for the indicated periods (in thousands): Balance Sheet September 30 December 31 Location 2018 2017 Balance sheet-related Swap agreements in a loss position (a liability) related to unsecured borrowings (a) $ (13,012 ) $ (23,772 ) Related net interest payable (b) (916 ) (484 ) $ (13,928 ) $ (24,256 ) (a) The fair value of Derivatives with unrealized gains are aggregated and recorded as an asset on the face of the Balance Sheets separately from the fair value of Derivatives with unrealized losses that are recorded as a liability. The amount of unrealized gains, net of unrealized losses, scheduled to be recognized in the Statements of Income over the next twelve months primarily in the form of current market rates in excess of fixed-rate swap payments totaled $37.0 million at September 30, 2018. (b) Included in “Accounts payable and accrued expenses” on the face of the Balance Sheets. Location of Gain or (Loss) Recognized in Quarter Ended September 30 Nine Months Ended September 30 Net Income 2018 2017 2018 2017 Income statement-related Components of Secured borrowings-related effects on interest expense: Amount of gain (loss) reclassified from Accumulated other comprehensive income $ 11,585 $ 3,912 $ 27,277 $ 4,412 Amount of loss recognized in income – 1,141 — (360 ) (a) 11,585 5,053 27,277 4,052 Component of Unsecured borrowings-related effects on interest expense: Amount of loss reclassified from Accumulated other comprehensive income (b) (423 ) (699 ) (1,501 ) (2,205 ) Decrease (increase) in interest expense and increase (decrease) in Net income of Derivatives $ 11,162 $ 4,354 $ 25,776 $ 1,847 Other comprehensive income-related Amount of gain recognized in Other comprehensive income $ 7,580 $ 1,827 $ 46,385 $ 3,541 (a) Included in “Interest expense: Secured borrowings” on the face of the Statements of Income. (b) Included in “Interest expense: Unsecured borrowings” on the face of the Statements of Income. Capstead’s swap agreements and borrowings under repurchase arrangements are subject to master netting arrangements in the event of default on, or termination of, any one contract. See NOTE 5 for more information on the Company’s use of secured borrowings. The following tables provide disclosures concerning offsetting of financial liabilities and Derivatives as of the indicated dates (in thousands): Offsetting of Derivative Assets Gross Net Amounts Gross Amounts Not Offset Gross Amounts of Assets in the Balance Sheet (b) Amounts of Offset in Presented in Cash Recognized the Balance the Balance Financial Collateral Net Assets (a) Sheet (a) Sheet Instruments Received Amount September 30, 2018 Counterparty 4 $ 40,220 $ (40,220 ) $ – $ – $ – $ – December 31, 2017 Counterparty 4 $ 30,676 $ (30,676 ) $ – $ – $ – $ – ( a ) Included in gross amounts of recognized assets at September 30, 2018 is the fair value of exchange-traded swap agreements, calculated including accrued interest. Included in gross amounts offset in the balance sheet are variation margin amounts associated with these swaps at September 30, 2018. ( b ) Amounts presented are limited to recognized liabilities and cash collateral received associated with the indicated counterparty sufficient to reduce the related Net Amount to zero in accordance with ASU No. 2011-11, as amended by ASU No. 2013-01. Offsetting of Financial Liabilities and Derivative Liabilities Gross Net Amounts Gross Amounts Not Offset Gross Amounts of Liabilities in the Balance Sheet (c) Amounts of Offset in Presented in Cash Recognized the Balance the Balance Financial Collateral Net Liabilities (a) Sheet (a) Sheet (b) Instruments Pledged Amount September 30, 2018 Derivatives by counterparty: Counterparty 1 $ 13,927 $ – $ 13,927 $ – $ (13,927 ) $ – Counterparty 4 2,820 (2,820 ) – – – – 16,747 (2,820 ) 13,927 – (13,927 ) – Borrowings under repurchase arrangements (d) 11,631,352 – 11,631,352 (11,631,352 ) – – $ 11,648,099 $ (2,820 ) $ 11,645,279 $ (11,631,352 ) $ (13,927 ) $ – December 31, 2017 Derivatives by counterparty: Counterparty 1 $ 24,256 $ – $ 24,256 $ – $ (24,256 ) $ – Counterparty 4 3,701 (3,701 ) – – – – 27,957 (3,701 ) 24,256 – (24,256 ) – Borrowings under repurchase arrangements (d) 12,337,299 – 12,337,299 (12,337,299 ) – – $ 12,365,256 $ (3,701 ) $ 12,361,555 $ (12,337,299 ) $ (24,256 ) $ – (a) Included in gross amounts of recognized liabilities at September 30, 2018 is the fair value of non-exchange traded swap agreements (Counterparty 1) and exchange-traded swap agreements (Counterparty 4), calculated including accrued interest. Included in gross amounts offset in the balance sheet are variation margin amounts associated with exchange-traded swap agreements at September 30, 2018. (b) Amounts presented are limited to recognized liabilities and cash collateral received associated with the indicated counterparty sufficient to reduce the related Net Amount to zero in accordance with ASU No. 2011-11, as amended by ASU No. 2013-01. (c) Amounts presented are limited to recognized assets and collateral pledged associated with the indicated counterparty sufficient to reduce the related Net Amount to zero in accordance with ASU No. 2011-11, as amended by ASU No. 2013-01. (d) Amounts include accrued interest payable of $12.4 million and $7.7 million on borrowings under repurchase arrangements as of September 30, 2018 and December 31, 2017, respectively. Changes in Accumulated other comprehensive income Unrealized Gains and Losses on Cash Flow Hedges Unrealized Gains and Losses on Available-for-Sale Securities Total Balance at June 30, 2018 $ 41,065 $ (15,321 ) $ 25,744 Activity for the quarter ended September 30, 2018: Other comprehensive income (loss) before reclassifications 7,580 (26,771 ) (19,191 ) Amounts reclassified from accumulated other comprehensive income (11,162 ) – (11,162 ) Other comprehensive loss (3,582 ) (26,771 ) (30,353 ) Balance at September 30, 2018 $ 37,483 $ (42,092 ) $ (4,609 ) Balance at December 31, 2017 $ 16,874 $ 45,244 $ 62,118 Activity for the nine months ended September 30, 2018: Other comprehensive income (loss) before reclassifications 46,385 (87,336 ) (40,951 ) Amounts reclassified from accumulated other comprehensive income (25,776 ) – (25,776 ) Other comprehensive income (loss) 20,609 (87,336 ) (66,727 ) Balance at September 30, 2018 $ 37,483 $ (42,092 ) $ (4,609 )

UNSECURED BORROWINGS

UNSECURED BORROWINGS	9 Months Ended
	Sep. 30, 2018
Debt Disclosure [Abstract]
UNSECURED BORROWINGS	NOTE 7 — Unsecured borrowings consist of 30-year junior subordinated notes issued in 2005 and 2006 and maturing in 2035 and 2036, for a total face amount of $100 million. Note balances net of deferred issuance costs, and related weighted average interest rates as of the indicated dates (calculated including issuance cost amortization and adjusted for effects of related Derivatives held as cash flow hedges) were as follows (dollars in thousands): September 30, 2018 December 31, 2017 Borrowings Outstanding Average Rate Borrowings Outstanding Average Rate Junior subordinated notes maturing in: October 2035 ($35,000 face amount) $ 34,344 7.89 % $ 34,315 7.90 % December 2035 ($40,000 face amount) 39,349 7.65 39,320 7.66 September 2036 ($25,000 face amount) 24,573 7.69 24,556 7.70 $ 98,266 7.74 $ 98,191 7.75

CAPITAL TRANSACTIONS

CAPITAL TRANSACTIONS	9 Months Ended
	Sep. 30, 2018
Equity Abstract
CAPITAL TRANSACTIONS	NOTE 8 — On November 1, 2017, Capstead’s Board of Directors authorized the reinstatement of its previously unused $100 million common stock repurchase program. During the quarter and nine months ended September 30, 2018 the Company repurchased 1.4 million and 4.9 million shares of common stock in the open market for approximately $11.8 million and $41.3 million, respectively (an average repurchase price, including program costs, of $8.25 and $8.50 per share). An additional 140,000 share repurchases settled subsequent to quarter-end for $1.0 million (an average repurchase price, including program costs, of $7.18), leaving a remaining repurchase program authorization of $54.3 million. Repurchases made pursuant to the program are made in the open market in accordance with and as permitted by securities laws and other legal requirements. The timing, manner, price and amount of any future repurchases will be determined by the Company in its discretion and will be subject to economic and market conditions, stock price, applicable legal requirements and other factors including alternative capital investment opportunities. In addition, the Company may enter into Rule 10b5-1 plans under which repurchases can be made. The authorization does not obligate the Company to acquire any particular amount of common stock and repurchases under the program and the program itself may be suspended or discontinued at the Company’s discretion without prior notice.

FAIR VALUE

FAIR VALUE	9 Months Ended
	Sep. 30, 2018
Fair Value Disclosures [Abstract]
FAIR VALUE	NOTE 9 — The fair value of Capstead’s financial assets and liabilities are influenced by changes in, and market expectations for changes in, interest rates and market liquidity conditions, as well as other factors beyond the control of management. With the exception of the fair value of lending counterparty investments, all fair values were determined using Level 2 Inputs in accordance with ASU 2010-06, Fair Value Measurements and Disclosures (Topic 820). Lending counterparty investments are nonmarketable securities classified as assets for which Level 3 Inputs are used to determine fair value. These assets are considered strategic investments that are carried at cost and periodically valued and evaluated for impairment. No impairment charges have been recorded relative to these investments and the Company’s cost basis is deemed to approximate fair value. Residential mortgage investments , nearly all of which are mortgage securities classified as available-for-sale, are measured at fair value on a recurring basis. In determining fair value estimates the Company considers recent trading activity for similar investments and pricing levels indicated by lenders in connection with designating collateral for secured borrowings, provided such pricing levels are considered indicative of actual market clearing transactions. In determining fair value estimates for with initial terms of greater than 120 days, the Company considers pricing levels indicated by lenders for entering into new transactions using similar pledged collateral with terms equal to the remaining terms of these borrowings. The Company currently bases fair value for on discounted cash flows using Company estimates for market yields. Excluded from these disclosures are financial instruments for which cost basis is deemed to approximate fair value due primarily to the short duration of these instruments, which are valued using primarily Level 1 measurements, including , , receivables, payables and secured borrowings with initial terms of 120 days or less. See NOTE 6 for information relative to the valuation of interest rate swap agreements. Fair value-related disclosures for financial instruments other than debt securities were as follows as of the indicated dates (in thousands): September 30, 2018 December 31, 2017 Carrying Amount Fair Value Carrying Amount Fair Value Financial assets: Residential mortgage loans $ 1,628 $ 1,600 $ 1,864 $ 1,900 Lending counterparty investments 5,002 5,002 5,002 5,002 Financial liabilities: Secured borrowings with initial terms of greater than 120 days – – 33,073 33,100 Unsecured borrowings 98,266 85,500 98,191 74,100 Unsecured borrowings-related interest rate swap agreements 13,012 13,012 23,772 23,772 Fair value-related disclosures for debt securities were as follows as of the indicated dates (in thousands): Amortized Gross Unrealized Cost Basis Gains Losses Fair Value September 30, 2018 Agency Securities classified as available-for-sale: Fannie Mae/Freddie Mac $ 9,583,105 $ 66,619 $ 88,011 $ 9,561,713 Ginnie Mae 3,137,958 7,235 27,935 3,117,258 Residential mortgage securities classified as held-to-maturity 1,192 4 – 1,196 December 31, 2017 Agency Securities classified as available-for-sale: Fannie Mae/Freddie Mac 10,529,646 85,740 37,022 10,578,364 Ginnie Mae 2,875,637 8,958 12,432 2,872,163 Residential mortgage securities classified as held-to-maturity 1,706 17 – 1,723 September 30, 2018 December 31, 2017 Fair Value Unrealized Loss Fair Value Unrealized Loss Securities in an unrealized loss position: One year or greater $ 3,056,513 $ 61,923 $ 2,552,668 $ 26,701 Less than one year 4,466,222 54,023 4,665,883 22,752 $ 7,522,735 $ 115,946 $ 7,218,551 $ 49,453 Capstead’s investment strategy involves managing a leveraged portfolio of relatively short-duration ARM Agency Securities and management expects these securities will be held until payoff absent a major shift in strategy or a severe contraction in the Company’s ability to obtain financing to support its portfolio. Declines in fair value caused by increases in interest rates are typically modest for investments in short-duration ARM Agency Securities compared to investments in longer-duration ARM or fixed-rate assets. These declines are generally recoverable in a relatively short period of time as coupon interest rates on the underlying mortgage loans reset to rates more reflective of the then-current interest rate environment. From a credit risk perspective, federal government support for Fannie Mae and Freddie Mac helps ensure that fluctuations in value due to credit risk associated with these securities will be limited. Given that (a) any existing unrealized losses on mortgage securities held by the Company are not attributable to credit risk and declines in fair value of ARM securities due to changes in interest rates are generally recoverable in a relatively short period of time, (b) the Company typically holds its investments to maturity, and (c) it is more likely than not that the Company will not be required to sell any of its investments given the resiliency of the financing market for Agency Securities, none of these investments were considered other-than-temporarily impaired at September 30 , 2018

COMPENSATION PROGRAMS

COMPENSATION PROGRAMS	9 Months Ended
	Sep. 30, 2018
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
COMPENSATION PROGRAMS	NOTE 10 — Capstead’s annual and long-term incentive compensation programs for key executives are largely nondiscretionary, formulaic and target-based, utilizing multiple pre-established performance goals (referred to as “metrics”) and defined threshold, target and maximum award amounts determined by reference to established percentages of base salaries. Metrics used include (a) relative and absolute economic return (change in book value per common share plus common stock dividends divided by beginning book value per common share), (b) relative operating cost efficiency (operating expenses divided by Unsecured borrowings Stockholders’ equity At September 30, 2018, this plan had 3,312,051 shares of common stock remaining available for future issuances. Short-term Incentive Compensation Programs Under the provisions of Capstead’s annual incentive compensation program, participating executives have overall target award opportunities ranging from 75% to 125% of base salary. Included in Accounts payable and accrued expenses September 30, 2018 Compensation-related expense The Company administers an additional performance-based short-term incentive compensation program for key executives that provides for quarterly cash payments equal to per share dividends declared on Capstead’s common stock multiplied by a notional amount of non-vesting shares of common stock (“Dividend Equivalent Rights” or “DERs”). DERs only represent the right to receive the same cash distributions that the Company’s common stockholders are entitled to receive during the term of the grants, subject to certain conditions, including continuous service. Included in Accounts payable and accrued expenses are third quarter 2018 DERs distribution amounts totaling $66,000 that were paid in October 2018. Recognized in Compensation-related expense are $66,000 and $246,000 related to the DERs program for the quarter and nine months ended September 30, 2018, respectively. Long-term Equity-based Awards – Performance-based RSUs Capstead’s performance-based long-term incentive compensation program for key executives provides for the grant of performance-based RSUs that are convertible into shares of common stock following three-year performance periods, contingent upon whether, and to what extent, performance metrics are met or exceeded. The actual number of shares of common stock the units can convert into for each of the metrics, if any, can range from one-half of a share per unit if that metric’s threshold level of performance is met, to two shares per unit if the related maximum level of performance is met or exceeded, adjusted for the weighting assigned to the metric. Dividends accrue from the date of grant and will be paid in cash to the extent the units convert into shares of common stock following completion of related performance periods. Pursuant to this program, in January 2018 and 2017, as well as February 2016, respectively, the Company granted 183,137, 148,894 and 269,354 RSUs with three-year performance periods ending December 31, 2020, 2019 and 2018. Initial grant date fair values developed for compensation cost purposes of $8.71, $10.52 and $8.03 were assigned to the units of each grant, respectively. Amounts actually expensed are largely predicated on estimated performance metric attainment. Recognized in Compensation-related expense September RSU activity for the nine months ended September Weighted Average Number of Grant Date Shares Fair Value Unvested RSU awards outstanding at December 31, 2017 435,976 $ 9.10 January 2018 grants 183,137 8.71 Forfeiture of remaining 2015 grants (117,255 ) 8.83 Unvested RSU awards outstanding at September 30, 2018 501,858 9.02 Long-term Equity-based Awards – Stock Awards In January 2018 and 2017, as well as February 2016, respectively, the Company granted service-based stock awards for 126,451, 74,446 and 67,337 shares of common stock with grant date fair values of $8.60, $10.41 and $9.32 per share to executives awarded RSUs. Outstanding awards under this program and related deferred dividends are scheduled to vest in January 2021, January 2020 and February 2019, respectively, assuming service conditions are met. In January of 2018, 2017 and 2016, respectively, the Company granted service-based stock awards for 57,283, 49,416 and 61,272 shares of common stock with grant date fair values of $8.60, $10.41 and $7.87 per share to employees not awarded RSUs. These awards vest in January of 2021, 2020 and 2019, respectively, assuming service conditions are met. As a component of the Company’s director compensation program, directors are granted service-based stock awards annually upon election or re-election to the board of directors that vest approximately one year from issuance. In July 2017 director common stock awards for a total of 41,797 shares with a grant date fair value of $10.05 per share were granted that vested in July 2018. In July 2018 director common stock awards for a total of 57,113 shares with a grant date fair value of $8.58 per share were granted that will vest in July 2019. Performance-based and service-based stock award activity for the nine months ended September 30, 2018 is summarized below: Weighted Average Number of Grant Date Shares Fair Value Unvested stock awards outstanding at December 31, 2017 296,940 $ 9.90 Grants 240,847 8.60 Vestings (76,696 ) 11.15 Unvested stock awards outstanding at September 30, 2018 461,091 9.01 During the quarter and nine months ended September 30, 2018, the Company recognized in Compensation-related expense Other general and administrative expense Service-based stock awards issued to non-executive employees and to directors receive dividends on a current basis without risk of forfeiture if the related awards do not vest. Stock awards issued to executives defer the payment of dividends accruing between the grant dates and the end of related service periods. If these awards do not vest, the related accrued dividends will be forfeited.

BASIS OF PRESENTATION (Policies

BASIS OF PRESENTATION (Policies)	9 Months Ended
	Sep. 30, 2018
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Interim Financial Reporting	Interim Financial Reporting The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the quarter and nine months ended September 30, 2018 are not necessarily indicative of the results that may be expected for the calendar year ending December 31, 2018. For further information refer to the audited consolidated financial statements and footnotes thereto included in the Company’s annual report on Form 10-K for the year ended December 31, 2017.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In November 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2016-18, Statement of Cash Flows: Restricted Cash (“ASU 2016-18”) which clarifies how entities should present restricted cash and restricted cash equivalents in the statement of cash flows. ASU 2016-18 is effective for fiscal years beginning after December 15, 2017 and interim periods within those fiscal years. The Company adopted ASU 2016-18 on January 1, 2018, which had no effect on the Company’s results of operations, financial condition or cash flows. In May 2017, the FASB issued Accounting Standards Update No. 2017-09, Compensation-Stock Compensation: Scope of Modification Accounting (“ASU 2017-09”) which allows companies to make certain changes to stock awards without accounting for them as modifications. It does not change the accounting for modifications. ASU 2017-09 is effective for fiscal years beginning after December 15, 2017 and interim periods within those fiscal years. The Company adopted ASU 2017-09 on January 1, 2018, which had no effect on the Company’s results of operations, financial condition or cash flows.

NET INCOME PER COMMON SHARE (Ta

NET INCOME PER COMMON SHARE (Tables)	9 Months Ended
	Sep. 30, 2018
Earnings Per Share [Abstract]
Components of Computation of Basic and Diluted Net Income per Common Share	Components of the computation of basic and diluted net income per common share were as follows for the indicated periods (dollars in thousands, except per share amounts) : Quarter Ended Nine Months Ended September 30 September 30 2018 2017 2018 2017 Basic net income per common share Numerator for basic net income per common share: Net income $ 8,680 $ 16,752 $ 41,088 $ 57,002 Preferred stock dividends (4,842 ) (4,718 ) (14,526 ) (12,600 ) Earnings participation of unvested equity awards (24 ) (36 ) (84 ) (116 ) $ 3,814 $ 11,998 $ 26,478 $ 44,286 Denominator for basic net income per common share: Average number of shares of common stock outstanding 91,659 96,094 92,649 96,073 Average unvested stock awards outstanding (453 ) (302 ) (447 ) (305 ) 91,206 95,792 92,202 95,768 $ 0.04 $ 0.13 $ 0.29 $ 0.46 Diluted net income per common share Numerator for diluted net income per common share: Numerator for basic net income per common share $ 3,814 $ 11,998 $ 26,478 $ 44,286 Denominator for diluted net income per common share: Denominator for basic net income per common share 91,206 95,792 92,202 95,768 Net effect of dilutive equity awards 140 131 115 137 91,346 95,923 92,317 95,905 $ 0.04 $ 0.13 $ 0.29 $ 0.46

RESIDENTIAL MORTGAGE INVESTME_2

RESIDENTIAL MORTGAGE INVESTMENTS (Tables)	9 Months Ended
	Sep. 30, 2018
Investments Debt And Equity Securities [Abstract]
Schedule of Residential Mortgage Investments	Residential mortgage investments classified by collateral type and interest rate characteristics as of the indicated dates were as follows (dollars in thousands): Unpaid Principal Balance Investment Premiums Amortized Cost Basis Carrying Amount (a) Net WAC (b) Average Yield (c) September 30, 2018 Agency Securities: Fannie Mae/Freddie Mac: Fixed-rate $ 138 $ – $ 138 $ 138 6.50 % 5.65 % ARMs 9,305,702 277,403 9,583,105 9,561,713 3.29 2.01 Ginnie Mae ARMs 3,058,570 79,388 3,137,958 3,117,258 3.17 2.30 12,364,410 356,791 12,721,201 12,679,109 3.26 2.08 Residential mortgage loans: Fixed-rate 576 1 577 577 6.79 4.99 ARMs 1,045 6 1,051 1,051 4.04 3.18 1,621 7 1,628 1,628 5.01 3.81 Collateral for structured financings 1,037 17 1,054 1,054 8.02 9.42 $ 12,367,068 $ 356,815 $ 12,723,883 $ 12,681,791 3.26 2.08 December 31, 2017 Agency Securities: Fannie Mae/Freddie Mac: Fixed-rate $ 265 $ 1 $ 266 $ 266 6.51 % 6.22 % ARMs 10,216,099 313,547 10,529,646 10,578,364 2.97 1.93 Ginnie Mae ARMs 2,791,340 84,297 2,875,637 2,872,163 2.78 1.83 13,007,704 397,845 13,405,549 13,450,793 2.93 1.91 Residential mortgage loans: Fixed-rate 645 1 646 646 6.74 5.32 ARMs 1,211 7 1,218 1,218 4.04 3.19 1,856 8 1,864 1,864 4.98 3.91 Collateral for structured financings 1,418 23 1,441 1,441 7.94 7.67 $ 13,010,978 $ 397,876 $ 13,408,854 $ 13,454,098 2.93 1.91 (a) Includes unrealized gains and losses for residential mortgage investments classified as available-for-sale. (b) Net WAC, or weighted average coupon, is the weighted average interest rate of the mortgage loans underlying the indicated investments net of servicing and other fees as of the indicated balance sheet date. Net WAC is expressed as a percentage calculated on an annualized basis on the unpaid principal balances of the mortgage loans underlying these investments. ( c ) Average yield is presented for the quarter then ended and is based on the cash component of interest income expressed as a percentage calculated on an annualized basis on average amortized cost basis (the “cash yield”) less the effects of amortizing investment premiums. Investment premium amortization is determined using the interest method and incorporates actual and anticipated future mortgage prepayments.

SECURED BORROWINGS (Tables)

SECURED BORROWINGS (Tables)	9 Months Ended
	Sep. 30, 2018
Disclosure Of Repurchase Agreements [Abstract]
Schedule of Secured Borrowings	Secured borrowings (and related pledged collateral, including accrued interest receivable), classified by collateral type and remaining maturities, and related weighted average borrowing rates as of the indicated dates were as follows (dollars in thousands): Collateral Type Collateral Carrying Amount Accrued Interest Receivable Borrowings Outstanding Average Borrowing Rates September 30, 2018 Borrowings under repurchase arrangements with maturities of 30 days or less: Agency Securities $ 11,973,233 $ 33,105 $ 11,352,886 2.28 % Borrowings under repurchase arrangements with maturities greater than 30 days: Agency Securities (31 to 90 days) 280,255 775 266,026 2.34 Similar borrowings: Collateral for structured financings 1,054 – 1,054 8.02 $ 12,254,542 $ 33,880 $ 11,619,966 2.29 Quarter-end borrowing rates adjusted for effects of related derivative financial instruments (Derivatives) held as cash flow hedges 1.93 December 31, 2017 Borrowings under repurchase arrangements with maturities of 30 days or less: Agency Securities $ 12,943,193 $ 30,646 $ 12,296,546 1.60 % Borrowings under repurchase arrangements with maturities greater than 30 days: Agency Securities (31 to 90 days) 35,568 75 33,073 1.53 Similar borrowings: Collateral for structured financings 1,441 – 1,441 7.94 $ 12,980,202 $ 30,721 $ 12,331,060 1.60 Year-end borrowing rates adjusted for effects of related Derivatives held as cash flow hedges 1.46
Schedule of Average Borrowings Outstanding	Average secured borrowings outstanding during the indicated periods differed from respective ending balances primarily due to changes in portfolio levels and differences in the timing of portfolio acquisitions relative to portfolio runoff as illustrated below (dollars in thousands): Quarter Ended September 30, 2018 December 31, 2017 Average Borrowings Average Rate Average Borrowings Average Rate Average borrowings and rates adjusted for the effects of related Derivatives held as cash flow hedges for the indicated periods $ 11,957,518 1.82 % $ 12,408,550 1.29 %

USE OF DERIVATIVES, OFFSETTIN_2

USE OF DERIVATIVES, OFFSETTING DISCLOSURES AND CHANGES IN OTHER COMPREHENSIVE INCOME BY COMPONENT (Tables)	9 Months Ended
	Sep. 30, 2018
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Schedule of Swap Agreements Expiration Period and Characteristics	At September 30, 2018, the Company’s portfolio financing-related swap positions had the following characteristics (dollars in thousands): Period of Contract Expiration Notional Amount Average Fixed-Rate Payment Requirement Fourth quarter 2018 $ 800,000 1.15 % First quarter 2019 950,000 1.58 Second quarter 2019 1,650,000 1.33 Third quarter 2019 550,000 1.40 Fourth quarter 2019 700,000 1.72 First quarter 2020 600,000 2.07 Second quarter 2020 600,000 2.68 Third quarter 2020 200,000 1.64 Fourth quarter 2020 200,000 2.04 First quarter 2021 100,000 2.67 Second quarter 2021 200,000 2.87 $ 6,550,000
Impact of Derivative Instruments on Statements of Financial Performance and Financial Position	The following tables include fair value and other related disclosures regarding all Derivatives held as of and for the indicated periods (in thousands): Balance Sheet September 30 December 31 Location 2018 2017 Balance sheet-related Swap agreements in a loss position (a liability) related to unsecured borrowings (a) $ (13,012 ) $ (23,772 ) Related net interest payable (b) (916 ) (484 ) $ (13,928 ) $ (24,256 ) (a) The fair value of Derivatives with unrealized gains are aggregated and recorded as an asset on the face of the Balance Sheets separately from the fair value of Derivatives with unrealized losses that are recorded as a liability. The amount of unrealized gains, net of unrealized losses, scheduled to be recognized in the Statements of Income over the next twelve months primarily in the form of current market rates in excess of fixed-rate swap payments totaled $37.0 million at September 30, 2018. (b) Included in “Accounts payable and accrued expenses” on the face of the Balance Sheets. Location of Gain or (Loss) Recognized in Quarter Ended September 30 Nine Months Ended September 30 Net Income 2018 2017 2018 2017 Income statement-related Components of Secured borrowings-related effects on interest expense: Amount of gain (loss) reclassified from Accumulated other comprehensive income $ 11,585 $ 3,912 $ 27,277 $ 4,412 Amount of loss recognized in income – 1,141 — (360 ) (a) 11,585 5,053 27,277 4,052 Component of Unsecured borrowings-related effects on interest expense: Amount of loss reclassified from Accumulated other comprehensive income (b) (423 ) (699 ) (1,501 ) (2,205 ) Decrease (increase) in interest expense and increase (decrease) in Net income of Derivatives $ 11,162 $ 4,354 $ 25,776 $ 1,847 Other comprehensive income-related Amount of gain recognized in Other comprehensive income $ 7,580 $ 1,827 $ 46,385 $ 3,541 (a) Included in “Interest expense: Secured borrowings” on the face of the Statements of Income. (b) Included in “Interest expense: Unsecured borrowings” on the face of the Statements of Income.
Schedule of Offsetting Disclosures for Asset Derivatives Held and Repurchase Arrangements and Similar Borrowings Outstanding	The following tables provide disclosures concerning offsetting of financial liabilities and Derivatives as of the indicated dates (in thousands): Offsetting of Derivative Assets Gross Net Amounts Gross Amounts Not Offset Gross Amounts of Assets in the Balance Sheet (b) Amounts of Offset in Presented in Cash Recognized the Balance the Balance Financial Collateral Net Assets (a) Sheet (a) Sheet Instruments Received Amount September 30, 2018 Counterparty 4 $ 40,220 $ (40,220 ) $ – $ – $ – $ – December 31, 2017 Counterparty 4 $ 30,676 $ (30,676 ) $ – $ – $ – $ – ( a ) Included in gross amounts of recognized assets at September 30, 2018 is the fair value of exchange-traded swap agreements, calculated including accrued interest. Included in gross amounts offset in the balance sheet are variation margin amounts associated with these swaps at September 30, 2018. ( b ) Amounts presented are limited to recognized liabilities and cash collateral received associated with the indicated counterparty sufficient to reduce the related Net Amount to zero in accordance with ASU No. 2011-11, as amended by ASU No. 2013-01.
Schedule of Offsetting Disclosures for Liability Derivatives Held and Repurchase Arrangements and Similar Borrowings Outstanding	Offsetting of Financial Liabilities and Derivative Liabilities Gross Net Amounts Gross Amounts Not Offset Gross Amounts of Liabilities in the Balance Sheet (c) Amounts of Offset in Presented in Cash Recognized the Balance the Balance Financial Collateral Net Liabilities (a) Sheet (a) Sheet (b) Instruments Pledged Amount September 30, 2018 Derivatives by counterparty: Counterparty 1 $ 13,927 $ – $ 13,927 $ – $ (13,927 ) $ – Counterparty 4 2,820 (2,820 ) – – – – 16,747 (2,820 ) 13,927 – (13,927 ) – Borrowings under repurchase arrangements (d) 11,631,352 – 11,631,352 (11,631,352 ) – – $ 11,648,099 $ (2,820 ) $ 11,645,279 $ (11,631,352 ) $ (13,927 ) $ – December 31, 2017 Derivatives by counterparty: Counterparty 1 $ 24,256 $ – $ 24,256 $ – $ (24,256 ) $ – Counterparty 4 3,701 (3,701 ) – – – – 27,957 (3,701 ) 24,256 – (24,256 ) – Borrowings under repurchase arrangements (d) 12,337,299 – 12,337,299 (12,337,299 ) – – $ 12,365,256 $ (3,701 ) $ 12,361,555 $ (12,337,299 ) $ (24,256 ) $ – (a) Included in gross amounts of recognized liabilities at September 30, 2018 is the fair value of non-exchange traded swap agreements (Counterparty 1) and exchange-traded swap agreements (Counterparty 4), calculated including accrued interest. Included in gross amounts offset in the balance sheet are variation margin amounts associated with exchange-traded swap agreements at September 30, 2018. (b) Amounts presented are limited to recognized liabilities and cash collateral received associated with the indicated counterparty sufficient to reduce the related Net Amount to zero in accordance with ASU No. 2011-11, as amended by ASU No. 2013-01. (c) Amounts presented are limited to recognized assets and collateral pledged associated with the indicated counterparty sufficient to reduce the related Net Amount to zero in accordance with ASU No. 2011-11, as amended by ASU No. 2013-01. (d) Amounts include accrued interest payable of $12.4 million and $7.7 million on borrowings under repurchase arrangements as of September 30, 2018 and December 31, 2017, respectively.
Changes in Accumulated Other Comprehensive Income	Changes in Accumulated other comprehensive income Unrealized Gains and Losses on Cash Flow Hedges Unrealized Gains and Losses on Available-for-Sale Securities Total Balance at June 30, 2018 $ 41,065 $ (15,321 ) $ 25,744 Activity for the quarter ended September 30, 2018: Other comprehensive income (loss) before reclassifications 7,580 (26,771 ) (19,191 ) Amounts reclassified from accumulated other comprehensive income (11,162 ) – (11,162 ) Other comprehensive loss (3,582 ) (26,771 ) (30,353 ) Balance at September 30, 2018 $ 37,483 $ (42,092 ) $ (4,609 ) Balance at December 31, 2017 $ 16,874 $ 45,244 $ 62,118 Activity for the nine months ended September 30, 2018: Other comprehensive income (loss) before reclassifications 46,385 (87,336 ) (40,951 ) Amounts reclassified from accumulated other comprehensive income (25,776 ) – (25,776 ) Other comprehensive income (loss) 20,609 (87,336 ) (66,727 ) Balance at September 30, 2018 $ 37,483 $ (42,092 ) $ (4,609 )

UNSECURED BORROWINGS (Tables)

UNSECURED BORROWINGS (Tables)	9 Months Ended
	Sep. 30, 2018
Debt Disclosure [Abstract]
Schedule of Subordinated Note Balances and Related Weighted Average Interest Rates	Note balances net of deferred issuance costs, and related weighted average interest rates as of the indicated dates (calculated including issuance cost amortization and adjusted for effects of related Derivatives held as cash flow hedges) were as follows (dollars in thousands): September 30, 2018 December 31, 2017 Borrowings Outstanding Average Rate Borrowings Outstanding Average Rate Junior subordinated notes maturing in: October 2035 ($35,000 face amount) $ 34,344 7.89 % $ 34,315 7.90 % December 2035 ($40,000 face amount) 39,349 7.65 39,320 7.66 September 2036 ($25,000 face amount) 24,573 7.69 24,556 7.70 $ 98,266 7.74 $ 98,191 7.75

FAIR VALUE (Tables)

FAIR VALUE (Tables)	9 Months Ended
	Sep. 30, 2018
Fair Value Disclosures [Abstract]
Financial Instruments Other than Debt Securities	Fair value-related disclosures for financial instruments other than debt securities were as follows as of the indicated dates (in thousands): September 30, 2018 December 31, 2017 Carrying Amount Fair Value Carrying Amount Fair Value Financial assets: Residential mortgage loans $ 1,628 $ 1,600 $ 1,864 $ 1,900 Lending counterparty investments 5,002 5,002 5,002 5,002 Financial liabilities: Secured borrowings with initial terms of greater than 120 days – – 33,073 33,100 Unsecured borrowings 98,266 85,500 98,191 74,100 Unsecured borrowings-related interest rate swap agreements 13,012 13,012 23,772 23,772
Fair Value and Related Disclosures for Debt Securities	Fair value-related disclosures for debt securities were as follows as of the indicated dates (in thousands): Amortized Gross Unrealized Cost Basis Gains Losses Fair Value September 30, 2018 Agency Securities classified as available-for-sale: Fannie Mae/Freddie Mac $ 9,583,105 $ 66,619 $ 88,011 $ 9,561,713 Ginnie Mae 3,137,958 7,235 27,935 3,117,258 Residential mortgage securities classified as held-to-maturity 1,192 4 – 1,196 December 31, 2017 Agency Securities classified as available-for-sale: Fannie Mae/Freddie Mac 10,529,646 85,740 37,022 10,578,364 Ginnie Mae 2,875,637 8,958 12,432 2,872,163 Residential mortgage securities classified as held-to-maturity 1,706 17 – 1,723
Securities in Unrealized Loss Position	September 30, 2018 December 31, 2017 Fair Value Unrealized Loss Fair Value Unrealized Loss Securities in an unrealized loss position: One year or greater $ 3,056,513 $ 61,923 $ 2,552,668 $ 26,701 Less than one year 4,466,222 54,023 4,665,883 22,752 $ 7,522,735 $ 115,946 $ 7,218,551 $ 49,453

COMPENSATION PROGRAMS (Tables)

COMPENSATION PROGRAMS (Tables)	9 Months Ended
	Sep. 30, 2018
Performance-based RSUs [Member]
Schedule of Performance-Based and Service-Based Stock Award Activity	RSU activity for the nine months ended September Weighted Average Number of Grant Date Shares Fair Value Unvested RSU awards outstanding at December 31, 2017 435,976 $ 9.10 January 2018 grants 183,137 8.71 Forfeiture of remaining 2015 grants (117,255 ) 8.83 Unvested RSU awards outstanding at September 30, 2018 501,858 9.02
Stock Awards Activity [Member]
Schedule of Performance-Based and Service-Based Stock Award Activity	Performance-based and service-based stock award activity for the nine months ended September 30, 2018 is summarized below: Weighted Average Number of Grant Date Shares Fair Value Unvested stock awards outstanding at December 31, 2017 296,940 $ 9.90 Grants 240,847 8.60 Vestings (76,696 ) 11.15 Unvested stock awards outstanding at September 30, 2018 461,091 9.01

NET INCOME PER COMMON SHARE - A

NET INCOME PER COMMON SHARE - Additional Information (Details)	9 Months Ended	12 Months Ended
	Sep. 30, 2018	Dec. 31, 2017
Cumulative Redeemable Preferred Stock, Series E [Member]
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Preferred stock, dividend rate	7.50%	7.50%

NET INCOME PER COMMON SHARE - C

NET INCOME PER COMMON SHARE - Components of Computation of Basic and Diluted Net Income per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Numerator for basic net income per common share [Abstract]
Net income	$ 8,680	$ 16,752	$ 41,088	$ 57,002
Preferred stock dividends	(4,842)	(4,718)	(14,526)	(12,600)
Earnings participation of unvested equity awards	(24)	(36)	(84)	(116)
Numerator for basic net income per common share	$ 3,814	$ 11,998	$ 26,478	$ 44,286
Denominator for basic net income per common share [Abstract]
Average number of shares of common stock outstanding (in shares)	91,659	96,094	92,649	96,073
Average unvested stock awards outstanding (in shares)	(453)	(302)	(447)	(305)
Denominator for basic net income per common share (in shares)	91,206	95,792	92,202	95,768
Basic net income per common share (in dollars per share)	$ 0.04	$ 0.13	$ 0.29	$ 0.46
Numerator for diluted net income per common share [Abstract]
Numerator for basic net income per common share	$ 3,814	$ 11,998	$ 26,478	$ 44,286
Denominator for diluted net income per common share [Abstract]
Denominator for basic net income per common share (in shares)	91,206	95,792	92,202	95,768
Net effect of dilutive equity awards (in shares)	140	131	115	137
Denominator for diluted net income per common share (in shares)	91,346	95,923	92,317	95,905
Diluted net income per common share (in dollars per share)	$ 0.04	$ 0.13	$ 0.29	$ 0.46

RESIDENTIAL MORTGAGE INVESTME_3

RESIDENTIAL MORTGAGE INVESTMENTS - Schedule of Residential Mortgage Investments (Details) - USD ($) $ in Thousands		9 Months Ended	12 Months Ended
		Sep. 30, 2018	Dec. 31, 2017
Financing Receivable, Recorded Investment [Line Items]
Unpaid Principal Balance		$ 12,367,068	$ 13,010,978
Investment Premiums		356,815	397,876
Amortized Cost Basis		12,723,883	13,408,854
Carrying Amount	[1]	$ 12,681,791	$ 13,454,098
Net WAC	[2]	3.26%	2.93%
Average Yield	[3]	2.08%	1.91%
Agency Securities [Member]
Financing Receivable, Recorded Investment [Line Items]
Unpaid Principal Balance		$ 12,364,410	$ 13,007,704
Investment Premiums		356,791	397,845
Amortized Cost Basis		12,721,201	13,405,549
Carrying Amount	[1]	$ 12,679,109	$ 13,450,793
Net WAC	[2]	3.26%	2.93%
Average Yield	[3]	2.08%	1.91%
Agency Securities [Member] | Fannie Mae/Freddie Mac [Member] | Fixed-Rate [Member]
Financing Receivable, Recorded Investment [Line Items]
Unpaid Principal Balance		$ 138	$ 265
Investment Premiums			1
Amortized Cost Basis		138	266
Carrying Amount	[1]	$ 138	$ 266
Net WAC	[2]	6.50%	6.51%
Average Yield	[3]	5.65%	6.22%
Agency Securities [Member] | Fannie Mae/Freddie Mac [Member] | ARMs [Member]
Financing Receivable, Recorded Investment [Line Items]
Unpaid Principal Balance		$ 9,305,702	$ 10,216,099
Investment Premiums		277,403	313,547
Amortized Cost Basis		9,583,105	10,529,646
Carrying Amount	[1]	$ 9,561,713	$ 10,578,364
Net WAC	[2]	3.29%	2.97%
Average Yield	[3]	2.01%	1.93%
Agency Securities [Member] | Ginnie Mae [Member] | ARMs [Member]
Financing Receivable, Recorded Investment [Line Items]
Unpaid Principal Balance		$ 3,058,570	$ 2,791,340
Investment Premiums		79,388	84,297
Amortized Cost Basis		3,137,958	2,875,637
Carrying Amount	[1]	$ 3,117,258	$ 2,872,163
Net WAC	[2]	3.17%	2.78%
Average Yield	[3]	2.30%	1.83%
Residential Mortgage Loans [Member]
Financing Receivable, Recorded Investment [Line Items]
Unpaid Principal Balance		$ 1,621	$ 1,856
Investment Premiums		7	8
Amortized Cost Basis		1,628	1,864
Carrying Amount	[1]	$ 1,628	$ 1,864
Net WAC	[2]	5.01%	4.98%
Average Yield	[3]	3.81%	3.91%
Residential Mortgage Loans [Member] | Fixed-Rate [Member]
Financing Receivable, Recorded Investment [Line Items]
Unpaid Principal Balance		$ 576	$ 645
Investment Premiums		1	1
Amortized Cost Basis		577	646
Carrying Amount	[1]	$ 577	$ 646
Net WAC	[2]	6.79%	6.74%
Average Yield	[3]	4.99%	5.32%
Residential Mortgage Loans [Member] | ARMs [Member]
Financing Receivable, Recorded Investment [Line Items]
Unpaid Principal Balance		$ 1,045	$ 1,211
Investment Premiums		6	7
Amortized Cost Basis		1,051	1,218
Carrying Amount	[1]	$ 1,051	$ 1,218
Net WAC	[2]	4.04%	4.04%
Average Yield	[3]	3.18%	3.19%
Collateral for Structured Financings [Member]
Financing Receivable, Recorded Investment [Line Items]
Unpaid Principal Balance		$ 1,037	$ 1,418
Investment Premiums		17	23
Amortized Cost Basis		1,054	1,441
Carrying Amount	[1]	$ 1,054	$ 1,441
Net WAC	[2]	8.02%	7.94%
Average Yield	[3]	9.42%	7.67%
[1]	Includes unrealized gains and losses for residential mortgage investments classified as available-for-sale.
[2]	Net WAC, or weighted average coupon, is the weighted average interest rate of the mortgage loans underlying the indicated investments net of servicing and other fees as of the indicated balance sheet date. Net WAC is expressed as a percentage calculated on an annualized basis on the unpaid principal balances of the mortgage loans underlying these investments.
[3]	Average yield is presented for the quarter then ended and is based on the cash component of interest income expressed as a percentage calculated on an annualized basis on average amortized cost basis (the “cash yield”) less the effects of amortizing investment premiums. Investment premium amortization is determined using the interest method and incorporates actual and anticipated future mortgage prepayments.

RESIDENTIAL MORTGAGE INVESTME_4

RESIDENTIAL MORTGAGE INVESTMENTS - Additional Information (Details) $ in Millions	9 Months Ended
	Sep. 30, 2018USD ($)
Financing Receivable, Recorded Investment [Line Items]
Mortgage securities weighted average contractual maturity	288 months
Available for sale ARM securities, current-reset	$ 6,550
Available for sale ARM securities, longer-to-reset	$ 6,180
Current-Reset ARMs [Member]
Financing Receivable, Recorded Investment [Line Items]
Agency securities average months to roll	6 months 6 days
Current-Reset ARMs [Member] | Maximum [Member]
Financing Receivable, Recorded Investment [Line Items]
Agency securities months to roll	18 months
Longer-To-Reset ARMs [Member]
Financing Receivable, Recorded Investment [Line Items]
Agency securities average months to roll	42 months 3 days
Longer-To-Reset ARMs [Member] | Minimum [Member]
Financing Receivable, Recorded Investment [Line Items]
Agency securities months to roll	18 months

SECURED BORROWINGS - Schedule o

SECURED BORROWINGS - Schedule of Secured Borrowings (Details) - USD ($) $ in Thousands		Sep. 30, 2018	Dec. 31, 2017
Secured Borrowings, Including Interest Rate Hedging Activity [Line Items]
Collateral carrying amount		$ 12,250,000	$ 12,980,000
Borrowings outstanding	[1],[2]	$ 11,631,352	$ 12,337,299
Quarter-End Borrowing Rates Adjusted for Effects of Related Derivative Financial Instruments ("Derivatives") Held as Cash Flow Hedges [Member]
Secured Borrowings, Including Interest Rate Hedging Activity [Line Items]
Average borrowing rates		1.93%
Year-End Borrowing Rates Adjusted for Effects of Related Derivatives Held as Cash Flow Hedges [Member]
Secured Borrowings, Including Interest Rate Hedging Activity [Line Items]
Average borrowing rates			1.46%
Agency Securities [Member]
Secured Borrowings, Including Interest Rate Hedging Activity [Line Items]
Collateral carrying amount		$ 12,254,542	$ 12,980,202
Accrued interest receivable		33,880	30,721
Borrowings outstanding		$ 11,619,966	$ 12,331,060
Average borrowing rates		2.29%	1.60%
Agency Securities [Member] | Borrowings with Maturities of 30 Days or Less [Member]
Secured Borrowings, Including Interest Rate Hedging Activity [Line Items]
Collateral carrying amount		$ 11,973,233	$ 12,943,193
Accrued interest receivable		33,105	30,646
Borrowings outstanding		$ 11,352,886	$ 12,296,546
Average borrowing rates		2.28%	1.60%
Agency Securities [Member] | Borrowings with Maturities of 31 to 90 Days [Member]
Secured Borrowings, Including Interest Rate Hedging Activity [Line Items]
Collateral carrying amount		$ 280,255	$ 35,568
Accrued interest receivable		775	75
Borrowings outstanding		$ 266,026	$ 33,073
Average borrowing rates		2.34%	1.53%
Agency Securities [Member] | Similar Borrowings [Member]
Secured Borrowings, Including Interest Rate Hedging Activity [Line Items]
Collateral carrying amount		$ 1,054	$ 1,441
Borrowings outstanding		$ 1,054	$ 1,441
Average borrowing rates		8.02%	7.94%
[1]	Amounts include accrued interest payable of $12.4 million and $7.7 million on borrowings under repurchase arrangements as of September 30, 2018 and December 31, 2017, respectively.
[2]	Included in gross amounts of recognized liabilities at September 30, 2018 is the fair value of non-exchange traded swap agreements (Counterparty 1) and exchange-traded swap agreements (Counterparty 4), calculated including accrued interest. Included in gross amounts offset in the balance sheet are variation margin amounts associated with exchange-traded swap agreements at September 30, 2018.

SECURED BORROWINGS - Schedule_2

SECURED BORROWINGS - Schedule of Average Borrowings Outstanding (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2018	Dec. 31, 2017
Disclosure Of Repurchase Agreements [Abstract]
Average borrowings for the effects of related derivatives held as cash flow hedges	$ 11,957,518	$ 12,408,550
Effective borrowing rate considering cash flow hedges	1.82%	1.29%

USE OF DERIVATIVES, OFFSETTIN_3

USE OF DERIVATIVES, OFFSETTING DISCLOSURES AND CHANGES IN OTHER COMPREHENSIVE INCOME BY COMPONENT - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended	12 Months Ended
	Sep. 30, 2018	Sep. 30, 2018	Sep. 30, 2016
Derivative Instruments And Hedging Activities Disclosures [Line Items]
SWAP agreement notional amount during period		$ 1,200	$ 100
SWAP agreement average interest rate during period		2.62%	4.09%
Swap agreement notional amount expiring during period	$ 400	$ 2,700
SWAP agreement average interest rate expiring during period	0.88%	0.78%
Interest Rate Swap Agreements [Member]
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Payment term of LIBOR interest rate agreement		20 years
Interest Rate Swap Agreements [Member] | Minimum [Member]
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Payment term of LIBOR interest rate agreement		2 years
Interest Rate Swap Agreements [Member] | Maximum [Member]
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Payment term of LIBOR interest rate agreement		3 years

USE OF DERIVATIVES, OFFSETTIN_4

USE OF DERIVATIVES, OFFSETTING DISCLOSURES AND CHANGES IN OTHER COMPREHENSIVE INCOME BY COMPONENT - Schedule of Swap Agreements Expiration Period and Characteristics (Details) $ in Thousands	Sep. 30, 2018USD ($)
Notional Disclosures [Abstract]
Notional Amount	$ 6,550,000
Interest Rate SWAP Currently-Paying Contracts Expiring Fourth Quarter 2018 [Member]
Notional Disclosures [Abstract]
Notional Amount	$ 800,000
Average Fixed-Rate Payment Requirement	1.15%
Interest Rate SWAP Currently-Paying Contracts Expiring First Quarter 2019 [Member]
Notional Disclosures [Abstract]
Notional Amount	$ 950,000
Average Fixed-Rate Payment Requirement	1.58%
Interest Rate SWAP Currently-Paying Contracts Expiring Second Quarter 2019 [Member]
Notional Disclosures [Abstract]
Notional Amount	$ 1,650,000
Average Fixed-Rate Payment Requirement	1.33%
Interest Rate SWAP Currently-Paying Contracts Expiring Third Quarter 2019 [Member]
Notional Disclosures [Abstract]
Notional Amount	$ 550,000
Average Fixed-Rate Payment Requirement	1.40%
Interest Rate SWAP Currently-Paying Contracts Expiring Fourth Quarter 2019 [Member]
Notional Disclosures [Abstract]
Notional Amount	$ 700,000
Average Fixed-Rate Payment Requirement	1.72%
Interest Rate SWAP Currently-Paying Contracts Expiring First Quarter 2020 [Member]
Notional Disclosures [Abstract]
Notional Amount	$ 600,000
Average Fixed-Rate Payment Requirement	2.07%
Interest Rate SWAP Currently-Paying Contracts Expiring Second Quarter 2020 [Member]
Notional Disclosures [Abstract]
Notional Amount	$ 600,000
Average Fixed-Rate Payment Requirement	2.68%
Interest Rate SWAP Currently-Paying Contracts Expiring Third Quarter 2020 [Member]
Notional Disclosures [Abstract]
Notional Amount	$ 200,000
Average Fixed-Rate Payment Requirement	1.64%
Interest Rate SWAP Currently-Paying Contracts Expiring Fourth Quarter 2020 [Member]
Notional Disclosures [Abstract]
Notional Amount	$ 200,000
Average Fixed-Rate Payment Requirement	2.04%
Interest Rate SWAP Currently-Paying Contracts Expiring First Quarter 2021 [Member]
Notional Disclosures [Abstract]
Notional Amount	$ 100,000
Average Fixed-Rate Payment Requirement	2.67%
Interest Rate SWAP Currently-Paying Contracts Expiring Second Quarter 2021 [Member]
Notional Disclosures [Abstract]
Notional Amount	$ 200,000
Average Fixed-Rate Payment Requirement	2.87%

USE OF DERIVATIVES, OFFSETTIN_5

USE OF DERIVATIVES, OFFSETTING DISCLOSURES AND CHANGES IN OTHER COMPREHENSIVE INCOME BY COMPONENT - Components of Balance Sheet (Details) - USD ($) $ in Thousands		Sep. 30, 2018	Dec. 31, 2017
Balance sheet-related [Abstract]
Swap agreements in a loss position (a liability) related to borrowings		$ (13,012)	$ (23,772)
Interest rate swap agreements at fair value, net assets (liability)		(13,928)	(24,256)
Interest Rate Swap Agreements at Fair Value [Member] | Unsecured Borrowings [Member]
Balance sheet-related [Abstract]
Swap agreements in a loss position (a liability) related to borrowings	[1]	(13,012)	(23,772)
Accounts Payable and Accrued Liabilities [Member]
Balance sheet-related [Abstract]
Related net interest payable	[2]	$ (916)	$ (484)
[1]	The fair value of Derivatives with unrealized gains are aggregated and recorded as an asset on the face of the Balance Sheets separately from the fair value of Derivatives with unrealized losses that are recorded as a liability. The amount of unrealized gains, net of unrealized losses, scheduled to be recognized in the Statements of Income over the next twelve months primarily in the form of current market rates in excess of fixed-rate swap payments totaled $37.0 million at September 30, 2018.
[2]	Included in “Accounts payable and accrued expenses” on the face of the Balance Sheets.

USE OF DERIVATIVES, OFFSETTIN_6

USE OF DERIVATIVES, OFFSETTING DISCLOSURES AND CHANGES IN OTHER COMPREHENSIVE INCOME BY COMPONENT - Components Balance Sheet (Parenthetical) (Details) $ in Millions	9 Months Ended
	Sep. 30, 2018USD ($)
Notional Disclosures [Abstract]
Derivative instruments unrealized gains to be recognized	$ 37

USE OF DERIVATIVES, OFFSETTIN_7

USE OF DERIVATIVES, OFFSETTING DISCLOSURES AND CHANGES IN OTHER COMPREHENSIVE INCOME BY COMPONENT - Components of Income Statement and Other Comprehensive Income (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Income statement-related [Abstract]
Amount of gain (loss) reclassified from Accumulated other comprehensive income		$ (11,162)	$ (3,213)	$ (25,776)	$ (2,207)
Other comprehensive income (loss)-related [Abstract]
Amount of gain recognized in Other comprehensive income		7,580	1,827	46,385	3,541
Interest Expense [Member]
Income statement-related [Abstract]
Decrease (increase) in interest expense and increase(decrease) in Net income as a result of the use of Derivatives		11,162	4,354	25,776	1,847
Interest Expense [Member] | Secured Borrowings [Member]
Income statement-related [Abstract]
Amount of gain (loss) reclassified from Accumulated other comprehensive income		11,585	3,912	27,277	4,412
Amount of loss recognized in income			1,141		(360)
Decrease (increase) in interest expense and increase(decrease) in Net income as a result of the use of Derivatives	[1]	11,585	5,053	27,277	4,052
Interest Expense [Member] | Unsecured Borrowings [Member]
Income statement-related [Abstract]
Amount of gain (loss) reclassified from Accumulated other comprehensive income	[2]	$ (423)	$ (699)	$ (1,501)	$ (2,205)
[1]	Included in “Interest expense: Secured borrowings” on the face of the Statements of Income.
[2]	Included in “Interest expense: Unsecured borrowings” on the face of the Statements of Income

USE OF DERIVATIVES, OFFSETTIN_8

USE OF DERIVATIVES, OFFSETTING DISCLOSURES AND CHANGES IN OTHER COMPREHENSIVE INCOME BY COMPONENT - Schedule of Offsetting of Derivative Assets (Details) - USD ($) $ in Thousands		Sep. 30, 2018	Dec. 31, 2017
Offsetting of derivative assets [Abstract]
Net Amounts of Assets Presented in the Balance Sheet		$ 13,928	$ 24,256
Offsetting Derivatives Assets [Member] | Counterparty 4 [Member]
Offsetting of derivative assets [Abstract]
Gross Amounts of Recognized Assets	[1]	40,220	30,676
Gross Amounts Offset in the Balance Sheet	[1]	(40,220)	(30,676)
Net Amounts of Assets Presented in the Balance Sheet		0	0
Financial Instruments	[2]	0	0
Cash Collateral Received	[2]	0	0
Net Amount		$ 0	$ 0
[1]	Included in gross amounts of recognized assets at September 30, 2018 is the fair value of exchange-traded swap agreements, calculated including accrued interest. Included in gross amounts offset in the balance sheet are variation margin amounts associated with these swaps at September 30, 2018.
[2]	Amounts presented are limited to recognized liabilities and cash collateral received associated with the indicated counterparty sufficient to reduce the related Net Amount to zero in accordance with ASU No. 2011-11, as amended by ASU No. 2013-01.

USE OF DERIVATIVES, OFFSETTIN_9

USE OF DERIVATIVES, OFFSETTING DISCLOSURES AND CHANGES IN OTHER COMPREHENSIVE INCOME BY COMPONENT - Schedule of Offsetting of Financial Liabilities and Derivative Liabilities (Details) - USD ($) $ in Thousands		Sep. 30, 2018	Dec. 31, 2017
Offsetting of financial liabilities and derivative liabilities [Abstract]
Gross Amounts of Recognized Liabilities (Derivatives)		$ 13,012	$ 23,772
Cash Collateral Pledged (Derivatives)		(26,293)	(42,506)
Gross Amounts of Recognized Liabilities (Repurchase Arrangements)	[1],[2]	11,631,352	12,337,299
Gross Amounts Offset in the Balance Sheet (Repurchase Arrangements)	[1],[2]	0	0
Net Amounts of Liabilities Presented in the Balance Sheet (Repurchase Arrangements)	[1],[3]	11,631,352	12,337,299
Financial Instruments (Repurchase Arrangements)	[1],[4]	(11,631,352)	(12,337,299)
Cash Collateral Pledged (Repurchase Arrangements)	[1],[4]	0	0
Net Amount (Repurchase Arrangements)	[1]	0	0
Gross Amounts of Recognized Liabilities (Financial Liabilities Total)	[2]	11,648,099	12,365,256
Gross Amounts Offset in the Balance Sheet (Financial Liabilities Total)	[2]	(2,820)	(3,701)
Net Amounts of Liabilities Presented in the Balance Sheet (Financial Liabilities Total)	[3]	11,645,279	12,361,555
Financial Instruments (Financial Liabilities Total)	[4]	(11,631,352)	(12,337,299)
Cash Collateral Pledged (Financial Liabilities Total)	[4]	(13,927)	(24,256)
Net Amount (Financial Liabilities Total)		0	0
Counterparty 1 [Member]
Offsetting of financial liabilities and derivative liabilities [Abstract]
Gross Amounts of Recognized Liabilities (Derivatives)	[2]	13,927	24,256
Gross Amounts Offset in the Balance Sheet (Derivatives)	[2]	0	0
Net Amounts of Liabilities Presented in the Balance Sheet (Derivatives)	[3]	13,927	24,256
Financial Instruments (Derivatives)	[4]	0	0
Cash Collateral Pledged (Derivatives)	[4]	(13,927)	(24,256)
Net Amount (Derivatives)		0	0
Counterparty 4 [Member]
Offsetting of financial liabilities and derivative liabilities [Abstract]
Gross Amounts of Recognized Liabilities (Derivatives)	[2]	2,820	3,701
Gross Amounts Offset in the Balance Sheet (Derivatives)	[2]	(2,820)	(3,701)
Net Amounts of Liabilities Presented in the Balance Sheet (Derivatives)	[3]	0	0
Financial Instruments (Derivatives)	[4]	0	0
Cash Collateral Pledged (Derivatives)	[4]	0	0
Net Amount (Derivatives)		0	0
Derivative Counterparties [Member]
Offsetting of financial liabilities and derivative liabilities [Abstract]
Gross Amounts of Recognized Liabilities (Derivatives)	[2]	16,747	27,957
Gross Amounts Offset in the Balance Sheet (Derivatives)	[2]	(2,820)	(3,701)
Net Amounts of Liabilities Presented in the Balance Sheet (Derivatives)	[3]	13,927	24,256
Financial Instruments (Derivatives)	[4]	0	0
Cash Collateral Pledged (Derivatives)	[4]	(13,927)	(24,256)
Net Amount (Derivatives)		$ 0	$ 0
[1]	Amounts include accrued interest payable of $12.4 million and $7.7 million on borrowings under repurchase arrangements as of September 30, 2018 and December 31, 2017, respectively.
[2]	Included in gross amounts of recognized liabilities at September 30, 2018 is the fair value of non-exchange traded swap agreements (Counterparty 1) and exchange-traded swap agreements (Counterparty 4), calculated including accrued interest. Included in gross amounts offset in the balance sheet are variation margin amounts associated with exchange-traded swap agreements at September 30, 2018.
[3]	Amounts presented are limited to recognized liabilities and cash collateral received associated with the indicated counterparty sufficient to reduce the related Net Amount to zero in accordance with ASU No. 2011-11, as amended by ASU No. 2013-01.
[4]	Amounts presented are limited to recognized assets and collateral pledged associated with the indicated counterparty sufficient to reduce the related Net Amount to zero in accordance with ASU No. 2011-11, as amended by ASU No. 2013-01.

USE OF DERIVATIVES, OFFSETTI_10

USE OF DERIVATIVES, OFFSETTING DISCLOSURES AND CHANGES IN OTHER COMPREHENSIVE INCOME BY COMPONENT - Schedule of Offsetting of Financial Liabilities and Derivative Liabilities (Parenthetical) (Details) - USD ($) $ in Millions	Sep. 30, 2018	Dec. 31, 2017
Portfolio-Related Secured Borrowings [Member]
Notional Disclosures [Abstract]
Accrued interest payable	$ 12.4	$ 7.7

USE OF DERIVATIVES, OFFSETTI_11

USE OF DERIVATIVES, OFFSETTING DISCLOSURES AND CHANGES IN OTHER COMPREHENSIVE INCOME BY COMPONENT - Changes in Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance			$ 1,238,876
Other comprehensive (loss) income	$ (30,353)	$ (8,458)	(66,727)	$ (13,162)
Ending Balance	1,121,093		1,121,093
Unrealized Gains and Losses on Cash Flow Hedges [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	41,065		16,874
Other comprehensive income (loss) before reclassifications	7,580		46,385
Amounts reclassified from accumulated other comprehensive income	(11,162)		(25,776)
Other comprehensive (loss) income	(3,582)		20,609
Ending Balance	37,483		37,483
Unrealized Gains and Losses on Available-for-sale Securities [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	(15,321)		45,244
Other comprehensive income (loss) before reclassifications	(26,771)		(87,336)
Amounts reclassified from accumulated other comprehensive income	0		0
Other comprehensive (loss) income	(26,771)		(87,336)
Ending Balance	(42,092)		(42,092)
Accumulated Other Comprehensive Income [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	25,744		62,118
Other comprehensive income (loss) before reclassifications	(19,191)		(40,951)
Amounts reclassified from accumulated other comprehensive income	(11,162)		(25,776)
Other comprehensive (loss) income	(30,353)		(66,727)
Ending Balance	$ (4,609)		$ (4,609)

UNSECURED BORROWINGS - Addition

UNSECURED BORROWINGS - Additional Information (Details) - Junior Subordinated Debt [Member] $ in Millions	9 Months Ended
	Sep. 30, 2018USD ($)
Debt Instrument [Line Items]
Junior subordinated notes maturity term	30 years
Face amount of junior subordinated notes	$ 100

UNSECURED BORROWINGS - Schedule

UNSECURED BORROWINGS - Schedule of Subordinated Note Balances and Related Weighted Average Interest Rates (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Borrowings Outstanding	$ 98,266	$ 98,191
Effective interest rate	7.74%	7.75%
October 2035 [Member]
Debt Instrument [Line Items]
Borrowings Outstanding	$ 34,344	$ 34,315
Effective interest rate	7.89%	7.90%
Junior subordinated notes, maturity period	Oct. 31, 2035
Face amount of junior subordinated notes	$ 35,000
December 2035 [Member]
Debt Instrument [Line Items]
Borrowings Outstanding	$ 39,349	$ 39,320
Effective interest rate	7.65%	7.66%
Junior subordinated notes, maturity period	Dec. 31, 2035
Face amount of junior subordinated notes	$ 40,000
September 2036 [Member]
Debt Instrument [Line Items]
Borrowings Outstanding	$ 24,573	$ 24,556
Effective interest rate	7.69%	7.70%
Junior subordinated notes, maturity period	Sep. 30, 2036
Face amount of junior subordinated notes	$ 25,000

CAPITAL TRANSACTIONS - Addition

CAPITAL TRANSACTIONS - Additional Information (Details) - USD ($)	Oct. 30, 2018	Sep. 30, 2018	Sep. 30, 2018	Nov. 01, 2017
Class of Stock [Line Items]
Common stock repurchase program				$ 100,000,000
Shares of common stock repurchased (in shares)		1,400,000	4,900,000
Shares of common stock repurchased, value		$ 11,800,000	$ 41,300,000
Shares average repurchase price including program costs		$ 8.25	$ 8.50
Stock remaining repurchase program authorized amount		$ 54,300,000	$ 54,300,000
Subsequent Event [Member]
Class of Stock [Line Items]
Shares of common stock repurchased (in shares)	140,000
Shares of common stock repurchased, value	$ 1,000,000
Shares average repurchase price including program costs	$ 7.18

FAIR VALUE - Additional Informa

FAIR VALUE - Additional Information (Details)	9 Months Ended
	Sep. 30, 2018
Maximum [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Repurchase arrangements, initial term	120 days

FAIR VALUE - Financial Instrume

FAIR VALUE - Financial Instruments Other than Debt Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Financial assets [Abstract]
Residential mortgage loans	$ 12,681,791	$ 13,454,098
Carrying Amount [Member]
Financial assets [Abstract]
Residential mortgage loans	1,628	1,864
Lending counterparty investments	5,002	5,002
Financial liabilities [Abstract]
Secured borrowings with initial terms of greater than 120 days		33,073
Unsecured borrowings	98,266	98,191
Fair Value [Member]
Financial assets [Abstract]
Residential mortgage loans	1,600	1,900
Lending counterparty investments	5,002	5,002
Financial liabilities [Abstract]
Secured borrowings with initial terms of greater than 120 days		33,100
Unsecured borrowings	85,500	74,100
Interest Rate Swap Agreements [Member] | Carrying Amount [Member] | Unsecured Borrowings [Member]
Financial liabilities [Abstract]
Interest rate swap agreements	13,012	23,772
Interest Rate Swap Agreements [Member] | Fair Value [Member] | Unsecured Borrowings [Member]
Financial liabilities [Abstract]
Interest rate swap agreements	$ 13,012	$ 23,772

FAIR VALUE - Fair Value and Rel

FAIR VALUE - Fair Value and Related Disclosures for Debt Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Residential Mortgage Securities Classified as Held-to-Maturity [Member]
Held-to-maturity securities disclosure [Abstract]
Held-to-maturities, Amortized Cost Basis	$ 1,192	$ 1,706
Held-to-maturities, Gross Unrealized Gains	4	17
Held-to-maturities, Fair Value	1,196	1,723
Agency Securities Classified as Available-for-sale [Member] | Fannie Mae/Freddie Mac [Member]
Available-for-sale securities disclosure Items [Abstract]
Available-for-sale securities, Amortized Cost Basis	9,583,105	10,529,646
Available-for-sale securities, Gross Unrealized Gains	66,619	85,740
Available-for-sale securities, Gross Unrealized Losses	88,011	37,022
Available-for-sale securities, Fair Value	9,561,713	10,578,364
Agency Securities Classified as Available-for-sale [Member] | Ginnie Mae [Member]
Available-for-sale securities disclosure Items [Abstract]
Available-for-sale securities, Amortized Cost Basis	3,137,958	2,875,637
Available-for-sale securities, Gross Unrealized Gains	7,235	8,958
Available-for-sale securities, Gross Unrealized Losses	27,935	12,432
Available-for-sale securities, Fair Value	$ 3,117,258	$ 2,872,163

FAIR VALUE - Securities in Unre

FAIR VALUE - Securities in Unrealized Loss Position (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Securities in an unrealized loss position, fair value [Abstract]
One year or greater	$ 3,056,513	$ 2,552,668
Less than one year	4,466,222	4,665,883
Fair Value, Total	7,522,735	7,218,551
Securities in an unrealized loss position, aggregate loss [Abstract]
One year or greater	61,923	26,701
Less than one year	54,023	22,752
Unrealized Losses, Total	$ 115,946	$ 49,453

COMPENSATION PROGRAMS - Additio

COMPENSATION PROGRAMS - Additional Information (Details) - USD ($)	1 Months Ended						3 Months Ended		9 Months Ended
	Jul. 31, 2018	Jan. 31, 2018	Jul. 31, 2017	Jan. 31, 2017	Feb. 29, 2016	Jan. 31, 2016	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Short-term incentive compensation program accruals							$ 1,100,000		$ 1,100,000
Annual incentive compensation expense							1,913,000	$ 1,073,000	5,521,000	$ 4,021,000
Dividend equivalent rights payable							$ 10,365,000		$ 10,365,000		$ 18,487,000
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Targeted award opportunity on base salary									75.00%
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Targeted award opportunity on base salary									125.00%
Long-Term Equity-Based Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common shares available for future issuances (in shares)							3,312,051		3,312,051
Annual Incentive Compensation [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Annual incentive compensation expense							$ 332,000		$ 1,100,000
Dividend Equivalent Rights Program [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Annual incentive compensation expense							66,000		246,000
Dividend Equivalent Rights Program [Member] | Accounts Payable and Accrued Liabilities [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividend equivalent rights payable							66,000		$ 66,000
Performance-based RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share awards performance period									3 years
Total original grants (in shares)		183,137		148,894	269,354
Grant date fair value per share (in dollars per share)		$ 8.71		$ 10.52	$ 8.03
Long term incentive compensation expense							211,000		$ 228,000
Service-Based Stock Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total original grants (in shares)	57,113		41,797
Grant date fair value per share (in dollars per share)	$ 8.58		$ 10.05
Grant date	Jul. 31, 2019		Jul. 31, 2017
Service-based stock awards issuance period									1 year
Service-Based Stock Awards [Member] | Management [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total original grants (in shares)		126,451		74,446	67,337
Grant date fair value per share (in dollars per share)		$ 8.60		$ 10.41	$ 9.32
Share-based compensation arrangement by share-based payment award vesting period		2021-01		2020-01	2019-02
Service-Based Stock Awards [Member] | Employee [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total original grants (in shares)		57,283		49,416		61,272
Grant date fair value per share (in dollars per share)		$ 8.60		$ 10.41		$ 7.87
Share-based compensation arrangement by share-based payment award vesting period		2021-01		2020-01		2019-01
Stock Awards Activity [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total original grants (in shares)									240,847
Grant date fair value per share (in dollars per share)									$ 8.60
Long term incentive compensation expense							307,000		$ 922,000
Other general and administrative expense							117,000		327,000
Total of unrecognized compensation expense for unvested stock award							$ 2,200,000		$ 2,200,000
Compensation cost not yet recognized, period for recognition									1 year 3 months 18 days

COMPENSATION PROGRAMS - Schedul

COMPENSATION PROGRAMS - Schedule of Performance-Based Restricted Stock Units Activity (Details) - Performance-based RSUs [Member] - $ / shares	1 Months Ended			9 Months Ended
	Jan. 31, 2018	Jan. 31, 2017	Feb. 29, 2016	Sep. 30, 2018
Equity instruments other than options, nonvested, number of shares [Roll Forward]
Unvested equity awards outstanding at beginning of period (in shares)	435,976			435,976
Grants (in shares)	183,137	148,894	269,354
Unvested equity outstanding at end of period (in shares)				501,858
Equity instruments other than options, nonvested, weighted average grant date fair value [Abstract]
Unvested equity awards outstanding at beginning of period (in dollars per share)	$ 9.10			$ 9.10
Grants (in dollars per share)	$ 8.71	$ 10.52	$ 8.03
Unvested equity awards outstanding at end of period (in dollars per share)				$ 9.02
January 2018 [Member]
Equity instruments other than options, nonvested, number of shares [Roll Forward]
Grants (in shares)				183,137
Equity instruments other than options, nonvested, weighted average grant date fair value [Abstract]
Grants (in dollars per share)				$ 8.71
Remaining 2015 Grants [Member]
Equity instruments other than options, nonvested, number of shares [Roll Forward]
Forfeitures (in shares)				(117,255)
Equity instruments other than options, nonvested, weighted average grant date fair value [Abstract]
Forfeitures (in dollars per share)				$ 8.83

COMPENSATION PROGRAMS - Sched_2

COMPENSATION PROGRAMS - Schedule of Performance-Based and Service-Based Stock Award Activity (Details) - Stock Awards Activity [Member]	9 Months Ended
	Sep. 30, 2018$ / sharesshares
Equity instruments other than options, nonvested, number of shares [Roll Forward]
Unvested equity awards outstanding at beginning of period (in shares) | shares	296,940
Grants (in shares) | shares	240,847
Vestings (in shares) | shares	(76,696)
Unvested equity outstanding at end of period (in shares) | shares	461,091
Equity instruments other than options, nonvested, weighted average grant date fair value [Abstract]
Unvested equity awards outstanding at beginning of period (in dollars per share) | $ / shares	$ 9.90
Grants (in dollars per share) | $ / shares	8.60
Vestings (in dollars per share) | $ / shares	11.15
Unvested equity awards outstanding at end of period (in dollars per share) | $ / shares	$ 9.01