Capstead Mortgage (CMO) 10-Q 28 Oct 19 2019 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2019	Oct. 28, 2019
Cover [Abstract]
Entity Registrant Name	CAPSTEAD MORTGAGE CORP
Entity Central Index Key	0000766701
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Shell Company	false
Entity Small Business	false
Entity Emerging Growth Company	false
Document Quarterly Report	true
Document Transition Report	false
Entity Common Stock, Shares Outstanding		94,606,455
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
Trading Symbol	CMO
Title of 12(b) Security	Common Stock ($0.01 par value)
Security Exchange Name	NYSE
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2019
Entity File Number	001-08896
Entity Tax Identification Number	75-2027937
Entity Address, Address Line One	8401 North Central Expressway
Entity Address, Address Line Two	Suite 800
Entity Address, City or Town	Dallas
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75225-4404
City Area Code	214
Local Phone Number	874-2323
Entity Interactive Data Current	Yes
Entity Incorporation, State or Country Code	MD
Cumulative Redeemable Preferred Stock, Series E [Member]
Cover [Abstract]
Trading Symbol	CMOPRE
Title of 12(b) Security	7.50% Series E Cumulative Redeemable        Preferred Stock ($0.10 par value)
Security Exchange Name	NYSE

CONSOLIDATED BALANCE SHEETS (UN

CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Assets
Residential mortgage investments ($10.84 and $11.57 billion pledged at September 30, 2019 and December 31, 2018, respectively)	$ 11,235,803	$ 11,965,381
Cash collateral receivable from derivative counterparties	83,511	31,797
Derivatives at fair value	1,267
Cash and cash equivalents	68,204	60,289
Receivables and other assets	145,902	129,058
Total assets	11,534,687	12,186,525
Liabilities
Secured borrowings	10,292,924	10,979,362
Derivatives at fair value	35,515	17,834
Unsecured borrowings	98,367	98,292
Common stock dividend payable	11,702	7,132
Accounts payable and accrued expenses	24,423	24,842
Total liabilities	10,462,931	11,127,462
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, 2019 and December 31, 2018	250,946	250,946
Common stock - $0.01 par value; 250,000 shares authorized: 94,606 and 85,277 shares issued and outstanding at September 30, 2019 and December 31, 2018, respectively	946	853
Paid-in capital	1,251,807	1,174,880
Accumulated deficit	(457,662)	(346,570)
Accumulated other comprehensive income (loss)	25,719	(21,046)
Total stockholders' equity	1,071,756	1,059,063
Total liabilities and equity	$ 11,534,687	$ 12,186,525

CONSOLIDATED BALANCE SHEETS (_2

CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
Assets
Residential mortgage investments pledged	$ 10,840,000	$ 11,570,000
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)	94,606	85,277
Common stock, shares outstanding (in shares)	94,606	85,277
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, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Interest income:
Residential mortgage investments	$ 77,693	$ 67,649	$ 246,600	$ 201,989
Other	1,065	350	2,087	1,063
Interest income	78,758	67,999	248,687	203,052
Interest expense:
Secured borrowings	(62,800)	(54,393)	(194,524)	(147,655)
Unsecured borrowings	(1,910)	(1,910)	(5,701)	(5,701)
Interest expense	(64,710)	(56,303)	(200,225)	(153,356)
Net interest income (expense)	14,048	11,696	48,462	49,696
Other (expense) income:
Loss on derivative instruments (net)	(9,221)		(105,720)
Loss on sale of investments (net)			(1,365)
Compensation-related expense	(566)	(1,913)	(6,147)	(5,521)
Other general and administrative expense	(1,123)	(1,184)	(3,389)	(3,320)
Miscellaneous other revenue	58	81	149	233
Operating expenses	(10,852)	(3,016)	(116,472)	(8,608)
Net income (loss)	3,196	8,680	(68,010)	41,088
Less preferred stock dividends	(4,842)	(4,842)	(14,526)	(14,526)
Net (loss) income to common stockholders	$ (1,646)	$ 3,838	$ (82,536)	$ 26,562
Net (loss) income per common share:
Basic and diluted	$ (0.02)	$ 0.04	$ (0.95)	$ 0.29
Weighted average common shares outstanding:
Basic (in shares)	90,945	91,206	86,946	92,202
Diluted (in shares)	90,945	91,346	86,946	92,317

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Statement Of Income And Comprehensive Income [Abstract]
Net income (loss)	$ 3,196	$ 8,680	$ (68,010)	$ 41,088
Change in net unrealized gains (losses) related to available-for-sale securities	(2,692)	(26,771)	89,334	(87,336)
Amounts related to cash flow hedges:
Change in net unrealized (losses) gains	(7,648)	7,580	(22,945)	46,385
Reclassification adjustment for amounts included in net income (loss)	(2,702)	(11,162)	(19,624)	(25,776)
Other comprehensive income	(13,042)	(30,353)	46,765	(66,727)
Comprehensive loss	$ (9,846)	$ (21,673)	$ (21,245)	$ (25,639)

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands	Total	Preferred Stock [Member]	Common Stock [Member]	Paid-in Capital [Member]	Accumulated Deficit [Member]	Accumulated Other Comprehensive Income (Loss) [Member]
Beginning Balance at Dec. 31, 2017	$ 1,238,876	$ 250,946	$ 957	$ 1,271,425	$ (346,570)	$ 62,118
Net income (loss)	41,088				41,088
Change in unrealized gain on mortgage securities, net	(87,336)					(87,336)
Amounts related to cash flow hedges, net	20,609					20,609
Cash dividends:
Common	(37,706)			(11,143)	(26,563)
Preferred	(14,525)				(14,525)
Common stock repurchases	(41,313)		(48)	(41,265)
Other additions to capital	1,400		2	1,398
Ending Balance at Sep. 30, 2018	1,121,093	250,946	911	1,220,415	(346,570)	(4,609)
Beginning Balance at Jun. 30, 2018	1,168,856	250,946	924	1,237,812	(346,570)	25,744
Net income (loss)	8,680				8,680
Change in unrealized gain on mortgage securities, net	(26,771)					(26,771)
Amounts related to cash flow hedges, net	(3,582)					(3,582)
Cash dividends:
Common	(10,041)			(6,203)	(3,838)
Preferred	(4,842)				(4,842)
Common stock repurchases	(11,841)		(14)	(11,827)
Other additions to capital	634		1	633
Ending Balance at Sep. 30, 2018	1,121,093	250,946	911	1,220,415	(346,570)	(4,609)
Beginning Balance at Dec. 31, 2018	1,059,063	250,946	853	1,174,880	(346,570)	(21,046)
Net income (loss)	(68,010)				(68,010)
Change in unrealized gain on mortgage securities, net	89,334					89,334
Amounts related to cash flow hedges, net	(42,569)					(42,569)
Cash dividends:
Common	(28,557)				(28,557)
Preferred	(14,525)				(14,525)
Issuance of common stock	75,102		90	75,012
Other additions to capital	1,918		3	1,915
Ending Balance at Sep. 30, 2019	1,071,756	250,946	946	1,251,807	(457,662)	25,719
Beginning Balance at Jun. 30, 2019	1,022,388	250,946	855	1,176,529	(444,703)	38,761
Net income (loss)	3,196				3,196
Change in unrealized gain on mortgage securities, net	(2,692)					(2,692)
Amounts related to cash flow hedges, net	(10,350)					(10,350)
Cash dividends:
Common	(11,313)				(11,313)
Preferred	(4,842)				(4,842)
Issuance of common stock	75,102		90	75,012
Other additions to capital	267		1	266
Ending Balance at Sep. 30, 2019	$ 1,071,756	$ 250,946	$ 946	$ 1,251,807	$ (457,662)	$ 25,719

CONSOLIDATED STATEMENTS OF ST_2

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Statement Of Stockholders Equity [Abstract]
Common per share (in dollars per share)	$ 0.12	$ 0.11	$ 0.32	$ 0.41
Preferred per share (in dollars per share)	$ 0.47	$ 0.47	$ 1.41	$ 1.41

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Operating activities:
Net (loss) income	$ (68,010)	$ 41,088
Adjustments to reconcile net (loss) income to cash provided by operating activities:
Amortization of investment premiums	55,210	88,293
Amortization of equity-based awards	2,048	1,477
Amortization of unrealized gain on de-designated hedges	(12,854)
Loss on sale of mortgage investments	1,365
Loss on derivative instruments (net)	124,539
Other depreciation and amortization	81	79
Net change in receivables, other assets, accounts payable and accrued expenses	12,193	6,461
Net cash provided by operating activities	114,572	137,398
Investing activities:
Purchases of residential mortgage investments	(2,306,131)	(2,158,970)
Proceeds from sales of residential mortgage investments	303,991
Interest receivable acquired with the purchase of residential mortgage investments	(4,695)	(4,167)
Principal collections on residential mortgage investments, including changes in mortgage securities principal remittance receivable	2,744,563	2,739,267
Redemption of lending counterparty investments	5,000
Net cash provided by investing activities	742,728	576,130
Financing activities:
Proceeds from repurchase arrangements and similar borrowings	104,814,630	137,810,441
Principal payments on repurchase arrangements and similar borrowings	(105,501,068)	(138,521,532)
(Increase) decrease in cash collateral receivable from derivative counterparties	(51,714)	16,213
Net (payments on) proceeds from derivative settlements	(147,791)	10,906
Common stock repurchases		(41,313)
Issuance of common stock	75,195
Other capital stock transactions	(106)	(72)
Dividends paid	(38,531)	(60,353)
Net cash used in financing activities	(849,385)	(785,710)
Net change in cash and cash equivalents	7,915	(72,182)
Cash and cash equivalents at beginning of period	60,289	103,907
Cash and cash equivalents at end of period	$ 68,204	$ 31,725

BUSINESS

BUSINESS	9 Months Ended
	Sep. 30, 2019
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, 2019
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, 2019 are not necessarily indicative of the results that may be expected for the calendar year ending December 31, 2019. 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, 2018. Change in Use of Hedge Accounting On March 1, 2019 the Company discontinued its use of hedge accounting on its interest rate swaps related to Secured borrowings, Unsecured borrowings Recent Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2016-02, Leases (“ASU 2016-02”) which requires entities who are lessees to recognize a right-of-use asset and a lease liability arising from those leases on the balance sheet. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018 and interim periods within those fiscal years. The Company adopted ASU 2016-02 on January 1, 2019, which had no material effect on the Company’s results of operations, financial condition and cash flows. In June 2016, the FASB issued Accounting Standards Update No. 2016-13, Financial Instruments – Credit Losses (“ASU 2016-13”) which replaces the incurred loss impairment methodology in current GAAP to a methodology that better reflects expected credit losses. For financial instruments carried at amortized cost, impairment will be measured as a current estimate of expected lifetime credit losses. For available-for-sale debt securities in which changes in fair value are recorded in accumulated other comprehensive income, the FASB made targeted improvements eliminating the write-down of available-for-sale securities under the “other-than-temporarily” impaired model with an allowance for credit losses model. ASU 2016-13 is effective for fiscal years beginning after December 15, 2019 and interim periods within those fiscal years. The Company plans to adopt ASU 2016-13 on January 1, 2020, and expects it to have no material effect on the Company’s results of operations, financial condition and cash flows.

NET INCOME (LOSS) PER COMMON SH

NET INCOME (LOSS) PER COMMON SHARE	9 Months Ended
	Sep. 30, 2019
Earnings Per Share [Abstract]
NET INCOME (LOSS) PER COMMON SHARE	NOTE 3 — Basic net income (loss) 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 (loss) per common share is computed by dividing the numerator used to compute basic net income (loss) per common share by the denominator used to compute basic net income (loss) 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 (loss) 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 (loss) 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 2019 2018 2019 2018 Basic net income (loss) per common share Numerator for basic net income (loss) per common share: Net income (loss) $ 3,196 $ 8,680 $ (68,010 ) $ 41,088 Preferred stock dividends (4,842 ) (4,842 ) (14,526 ) (14,526 ) Earnings participation of unvested equity awards (25 ) (24 ) (69 ) (84 ) $ (1,671 ) $ 3,814 $ (82,605 ) $ 26,478 Denominator for basic net income (loss) per common share: Average number of shares of common stock outstanding 91,560 91,659 87,578 92,649 Average unvested stock awards outstanding (615 ) (453 ) (632 ) (447 ) 90,945 91,206 86,946 92,202 $ (0.02 ) $ 0.04 $ (0.95 ) $ 0.29 Diluted net income (loss) per common share Numerator for diluted net income (loss) per common share $ (1,671 ) $ 3,814 $ (82,605 ) $ 26,478 Denominator for diluted net income (loss) per common share: Denominator for basic net income (loss) per common share 90,945 91,206 86,946 92,202 Net effect of dilutive equity awards – 140 – 115 90,945 91,346 86,946 92,317 $ (0.02 ) $ 0.04 $ (0.95 ) $ 0.29 Anti-dilutive securities that could be potentially dilutive in the future that were not included in the computation of diluted net income (loss) per common share include 947,000 equity awards excludable under the treasury stock method for the quarter and nine months ended September 30, 2019. There were no potentially dilutive securities excluded from the computation of diluted net income (loss) per common share for the quarter and nine months ended September 30, 2018.

RESIDENTIAL MORTGAGE INVESTMENT

RESIDENTIAL MORTGAGE INVESTMENTS	9 Months Ended
	Sep. 30, 2019
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, 2019 Agency Securities: Fannie Mae/Freddie Mac: Fixed-rate $ 91 $ – $ 91 $ 91 6.50 % 6.35 % ARMs 8,388,517 256,961 8,645,478 8,699,076 3.58 2.74 Ginnie Mae ARMs 2,452,955 73,413 2,526,368 2,534,858 3.59 2.81 10,841,563 330,374 11,171,937 11,234,025 3.58 2.76 Residential mortgage loans: Fixed-rate 123 – 123 123 4.99 1.84 ARMs 714 3 717 717 3.89 4.45 837 3 840 840 4.05 4.03 Collateral for structured financings 923 15 938 938 7.99 7.56 $ 10,843,323 $ 330,392 $ 11,173,715 $ 11,235,803 3.58 2.76 December 31, 2018 Agency Securities: Fannie Mae/Freddie Mac: Fixed-rate $ 126 $ – $ 126 $ 126 6.50 % 6.23 % ARMs 8,691,794 257,999 8,949,793 8,931,558 3.42 2.28 Ginnie Mae ARMs 2,964,531 75,744 3,040,275 3,031,264 3.30 2.54 11,656,451 333,743 11,990,194 11,962,948 3.39 2.34 Residential mortgage loans: Fixed-rate 552 1 553 553 6.80 2.44 ARMs 868 4 872 872 3.91 3.24 1,420 5 1,425 1,425 5.03 2.95 Collateral for structured financings 991 17 1,008 1,008 7.99 7.43 $ 11,658,862 $ 333,765 $ 11,992,627 $ 11,965,381 3.39 2.34 (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 is directly affected by prepayments of principal on the underlying mortgage loans. Consequently, actual maturities will be significantly shorter than the portfolio’s weighted average contractual maturity of 2 8 7 months . 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, 2019, the average months to roll for the Company’s $5.48 billion (amortized cost basis) in current-reset ARM investments was approximately seven months while the average months to roll for the Company’s $5.69 billion (amortized cost basis) in longer-to-reset ARM investments was approximately 46 months. During the nine months ended September 30, 2019, the Company sold available-for-sale securities using the specific identification method for proceeds totaling $304.7 million with recognized gross realized gains of $405,000 and gross realized losses of $1.8 million in earnings as a result of those sales. The Company did not sell any securities during the quarter ended September 30, 2019 or during the quarter and nine months ended September 30, 2018.

SECURED BORROWINGS

SECURED BORROWINGS	9 Months Ended
	Sep. 30, 2019
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, 2019 Borrowings under repurchase arrangements secured by Agency Securities with maturities of 30 days or less $ 10,836,662 $ 31,348 $ 10,291,986 2.31 % Similar borrowings secured by collateral for structured financings 938 – 938 7.99 $ 10,837,600 $ 31,348 $ 10,292,924 2.31 December 31, 2018 Borrowings under repurchase arrangements secured by Agency Securities with maturities of 30 days or less: $ 4,424,311 $ 12,287 $ 4,204,988 2.73 % Borrowings under repurchase arrangements secured by Agency Securities with maturities of 31 to 90 days 7,143,129 19,621 6,773,366 2.68 Similar borrowings secured by collateral for structured financings 1,008 – 1,008 7.99 $ 11,568,448 $ 31,908 $ 10,979,362 2.70 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, 2019 December 31, 2018 Average Borrowings Average Rate Average Borrowings Average Rate Average borrowings and rates adjusted for the effects of related derivative financial instruments (“Derivatives”) $ 10,481,080 2.40 % $ 11,439,646 2.07 %

USE OF DERIVATIVES, OFFSETTING

USE OF DERIVATIVES, OFFSETTING DISCLOSURES AND CHANGES IN OTHER COMPREHENSIVE INCOME BY COMPONENT	9 Months Ended
	Sep. 30, 2019
Derivative Instruments And Hedging Activities Disclosure [Abstract]
USE OF DERIVATIVES, OFFSETTING DISCLOSURES AND CHANGES IN OTHER COMPREHENSIVE INCOME BY COMPONENT	NOTE 6 — Capstead’s portfolio of derivative instruments hedge the variability of the underlying benchmark interest rate of current and forecasted 30- to 90-day secured borrowings. The Company attempts to mitigate exposure to higher interest rates primarily by entering into one- and three-month LIBOR-indexed, pay-fixed, receive-variable, interest rate swap agreements for terms of two and three years. From an economic perspective, 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 borrowings, leaving the fixed-rate swap payments as the Company’s effective borrowing rate, subject to certain adjustments. 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. Historically, the Company designated its interest rate swaps related to secured borrowings as hedges for accounting purposes, whereby changes in the swaps’ fair values were recorded in Accumulated other comprehensive income (loss) Accumulated other comprehensive income (loss) During the quarter and nine months ended September 30, 2019, Capstead entered into swap agreements with notional amounts of $1.70 billion and $6.40 billion, respectively, requiring fixed-rate interest payments averaging Period of Contract Expiration Notional Amount Average Fixed-Rate Payment Requirement Fourth quarter 2019 $ 700,000 1.72 % First quarter 2020 600,000 2.07 Second quarter 2020 200,000 2.56 Third quarter 2020 200,000 1.64 Fourth quarter 2020 200,000 2.04 Second quarter 2021 800,000 1.95 Third quarter 2021 1,700,000 1.60 First quarter 2022 1,500,000 2.50 Second quarter 2022 1,300,000 2.30 $ 7,200,000 During the quarter and nine months ended September 30, 2019, the Company entered into a series of $500 million notional amount 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, which are designated as cash flow hedges for accounting purposes, hedge 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 2 Inputs in accordance with ASU 2010-06, Fair Value Measurements and Disclosures (Topic 820) The fair value of exchange-traded swap agreements hedging Secured borrowings Unsecured borrowings Cash collateral receivable from derivative counterparties Accounts payable and accrued expenses Eurodollar futures are measured at fair value using Level 1 inputs based on quoted exchange prices on these contracts. 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 2019 2018 Balance sheet-related Swap agreements in a gain position (an asset) related to secured borrowings (a) $ 492 $ – Eurodollar futures contracts in a gain position (a) 775 – Swap agreements in a loss position (a liability) related to unsecured borrowings (a) (35,515 ) (17,834 ) Related net interest payable (b) (916 ) (372 ) $ (35,164 ) $ (18,206 ) (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 losses, net of unrealized gains, included in Accumulated other comprehensive income (loss) and scheduled to be recognized in the Statements of Operations over the next twelve months primarily in the form of a fixed-rate swap payments in excess of current market rates on swaps related to unsecured borrowings and amortization of net unrealized losses on de-designated interest rate swaps totaled $(409,000) at September 30, 2019. (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 2019 2018 2019 2018 Income statement-related Components of Secured borrowings-related effects on interest expense: Amount of gain reclassified from Accumulated other comprehensive income (loss) $ – $ 11,585 $ 7,891 $ 27,277 Amortization of unrealized gain, net of unrealized losses on de-designated Derivatives 3,120 – $ 12,854 – (a) 3,120 11,585 20,745 27,277 Component of Unsecured borrowings-related effects on interest expense: Amount of loss reclassified from Accumulated other comprehensive income (loss) (b) (418 ) (423 ) (1,121 ) (1,501 ) Decrease in interest expense as a result of the use of Derivatives $ 2,702 $ 11,162 $ 19,624 $ 25,776 Realized and unrealized (loss) gain on non-designated Derivatives (net) related to: Interest rate swap agreements $ (10,262 ) $ – $ (106,761 ) $ – Eurodollar futures 1,041 – 1,041 – (c) $ (9,221 ) $ – $ (105,720 ) $ – Other comprehensive income-related Amount of (loss) gain recognized in Other comprehensive income $ (7,648 ) $ 7,580 $ (22,945 ) $ 46,385 (a) Included in “Interest expense: Secured borrowings” on the face of the Statements of Operations. (b) Included in “Interest expense: Unsecured borrowings” on the face of the Statements of Operations. (c) Included in “Loss on derivative instruments (net)” on the face of the Statement of Operations. 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, 2019 Counterparty 4 $ 5,726 $ (4,459 ) $ 1,267 $ – $ – $ 1,267 December 31, 2018 Counterparty 4 $ 26,787 $ (26,787 ) $ – $ – $ – $ – ( a ) Included in gross amounts of recognized assets at September 3 0 , 2019 are the fair value of exchange-traded swap agreements, calculated including accrued interest , and the fair value of Eurodollar futures contracts . Included in gross amounts offset in the balance sheet are variation margin amounts associated with exchange-traded swaps at September 3 0 , 2019 . ( 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, 2019 Derivatives by counterparty: Counterparty 1 $ 36,431 $ – $ 36,431 $ – $ (36,431 ) $ – Counterparty 4 77,317 (77,317 ) – – – – 113,748 (77,317 ) 36,431 – (36,431 ) – Borrowings under repurchase arrangements (d) 10,299,497 – 10,299,497 (10,299,497 ) – – $ 10,413,245 $ (77,317 ) $ 10,335,928 $ (10,299,497 ) $ (36,431 ) $ – December 31, 2018 Derivatives by counterparty: Counterparty 1 $ 18,205 $ – $ 18,205 $ – $ (18,205 ) $ – Counterparty 4 9,718 (9,718 ) – – – – 27,923 (9,718 ) 18,205 – (18,205 ) – Borrowings under repurchase arrangements (d) 10,987,329 – 10,987,329 (10,987,329 ) – – $ 11,015,252 $ (9,718 ) $ 11,005,534 $ (10,987,329 ) $ (18,205 ) $ – (a) Included in gross amounts of recognized liabilities at September 30, 2019 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, 2019. (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 $7.5 million and $9.0 million on borrowings under repurchase arrangements as of September 30, 2019 and December 31, 2018, respectively. Changes in Accumulated other comprehensive income (loss) Unrealized Gains and Losses on Cash Flow Hedges Unrealized Gains and Losses on Available-for-Sale Securities Total Balance at June 30, 2019 $ (26,019 ) $ 64,780 $ 38,761 Activity for the quarter ended September 30, 2019: Other comprehensive loss before reclassifications (7,648 ) (2,692 ) (10,340 ) Amounts reclassified from accumulated other comprehensive income (2,702 ) – (2,702 ) Other comprehensive loss (10,350 ) (2,692 ) (13,042 ) Balance at September 30, 2019 $ (36,369 ) $ 62,088 $ 25,719 Balance at December 31, 2018 $ 6,200 $ (27,246 ) $ (21,046 ) Activity for the nine months ended September 30, 2019: Other comprehensive loss before reclassifications (22,945 ) 89,334 66,389 Amounts reclassified from accumulated other comprehensive income (19,624 ) – (19,624 ) Other comprehensive loss (42,569 ) 89,334 46,765 Balance at September 30, 2019 $ (36,369 ) $ 62,088 $ 25,719

UNSECURED BORROWINGS

UNSECURED BORROWINGS	9 Months Ended
	Sep. 30, 2019
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, 2019 December 31, 2018 Borrowings Outstanding Average Rate Borrowings Outstanding Average Rate Junior subordinated notes maturing in: October 2035 ($35,000 face amount) $ 34,383 7.88 % $ 34,354 7.89 % December 2035 ($40,000 face amount) 39,387 7.64 39,359 7.65 September 2036 ($25,000 face amount) 24,597 7.68 24,579 7.69 $ 98,367 7.74 $ 98,292 7.74

CAPITAL TRANSACTIONS

CAPITAL TRANSACTIONS	9 Months Ended
	Sep. 30, 2019
Equity [Abstract]
CAPITAL TRANSACTIONS	NOTE 8 — On August 1, 2019 the Company completed a public offering for nine million shares of common stock raising $75 million for a net price of $8.34 after underwriting discounts and offering expenses. The proceeds were deployed into additional agency-guaranteed residential ARM securities and used for general corporate purposes.

FAIR VALUE

FAIR VALUE	9 Months Ended
	Sep. 30, 2019
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 Eurodollar futures and 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). Eurodollar futures are derivative contracts for which Level 1 inputs are used to determine fair value. Lending counterparty investments are nonmarketable securities classified as assets for which Level 3 Inputs are used to determine 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. 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, 2019 December 31, 2018 Fair Value Hierarchy Carrying Amount Fair Value Carrying Amount Fair Value Financial assets: Residential mortgage loans Level 2 $ 840 $ 900 $ 1,425 $ 1,400 Lending counterparty investments Level 3 – – 5,002 5,002 Secured borrowings-related interest rate swap agreements Level 2 492 492 – – Eurodollar futures Level 1 775 775 – – Financial liabilities: Unsecured borrowings Level 2 98,367 61,600 98,292 76,600 Unsecured borrowings-related interest rate swap agreements Level 2 35,515 35,515 17,834 17,834 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, 2019 Agency Securities classified as available-for-sale: Fannie Mae/Freddie Mac $ 8,645,478 $ 75,160 $ 21,562 $ 8,699,076 Ginnie Mae 2,526,368 15,039 6,549 2,534,858 Residential mortgage securities classified as held-to-maturity 1,028 3 – 1,031 December 31, 2018 Agency Securities classified as available-for-sale: Fannie Mae/Freddie Mac 8,949,793 56,041 74,276 8,931,558 Ginnie Mae 3,040,275 8,681 17,692 3,031,264 Residential mortgage securities classified as held-to-maturity 1,134 3 – 1,137 September 30, 2019 December 31, 2018 Fair Value Unrealized Loss Fair Value Unrealized Loss Securities in an unrealized loss position: One year or greater $ 2,788,414 $ 21,568 $ 4,736,171 $ 83,407 Less than one year 1,417,713 6,543 1,475,120 8,561 $ 4,206,127 $ 28,111 $ 6,211,291 $ 91,968 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, none of these investments were considered other-than-temporarily impaired at September 30, 2019.

EQUITY INCENTIVE PLAN

EQUITY INCENTIVE PLAN	9 Months Ended
	Sep. 30, 2019
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
EQUITY INCENTIVE PLAN	NOTE 10 — All equity-based awards and other long-term incentive awards are made pursuant to the Company’s Amended and Restated 2014 Flexible Incentive Plan that was approved by stockholders in May 2014. At September 30, 2019, this plan had 2,861,645 shares of common stock remaining available for future issuances. Long-term E quity-based Awards – Performance-based Restricted Stock Units (“ RSUs ”) RSU activity and related information for the nine months ended September 30, 2019 is summarized below: Weighted Average Number of Grant Date Shares Fair Value Unvested RSU awards outstanding at December 31, 2018 501,858 $ 9.02 Grants 206,914 6.87 Vestings (34,135 ) 8.03 Forfeitures (135,692 ) 8.03 Unvested RSU awards outstanding at September 30, 2019 538,945 8.50 During the quarter and nine months ended September 30, 2019, the Company recognized in Compensation-related expense 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 the related performance periods. If these shares do not vest, the related dividends will be forfeited. Included in Common stock dividends payable Long-term Equity-based Awards – Restricted Stock Awards Restricted stock award activity for the nine months ended September 30, 2019 is summarized below: Weighted Average Number of Grant Date Shares Fair Value Unvested stock awards outstanding at December 31, 2018 461,091 $ 9.01 Grants 342,097 7.16 Vestings (157,030 ) 8.52 Forfeitures (31,113 ) 8.29 Unvested stock awards outstanding at September 30, 2019 615,045 8.14 During the quarter and nine months ended September 30, 2019, 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. Included in Common stock dividend payable

BASIS OF PRESENTATION (Policies

BASIS OF PRESENTATION (Policies)	9 Months Ended
	Sep. 30, 2019
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, 2019 are not necessarily indicative of the results that may be expected for the calendar year ending December 31, 2019. 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, 2018.
Change in Use of Hedge Accounting	Change in Use of Hedge Accounting On March 1, 2019 the Company discontinued its use of hedge accounting on its interest rate swaps related to Secured borrowings, Unsecured borrowings
Recent Accounting Pronouncements	Recent Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2016-02, Leases (“ASU 2016-02”) which requires entities who are lessees to recognize a right-of-use asset and a lease liability arising from those leases on the balance sheet. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018 and interim periods within those fiscal years. The Company adopted ASU 2016-02 on January 1, 2019, which had no material effect on the Company’s results of operations, financial condition and cash flows. In June 2016, the FASB issued Accounting Standards Update No. 2016-13, Financial Instruments – Credit Losses (“ASU 2016-13”) which replaces the incurred loss impairment methodology in current GAAP to a methodology that better reflects expected credit losses. For financial instruments carried at amortized cost, impairment will be measured as a current estimate of expected lifetime credit losses. For available-for-sale debt securities in which changes in fair value are recorded in accumulated other comprehensive income, the FASB made targeted improvements eliminating the write-down of available-for-sale securities under the “other-than-temporarily” impaired model with an allowance for credit losses model. ASU 2016-13 is effective for fiscal years beginning after December 15, 2019 and interim periods within those fiscal years. The Company plans to adopt ASU 2016-13 on January 1, 2020, and expects it to have no material effect on the Company’s results of operations, financial condition and cash flows.

NET INCOME (LOSS) PER COMMON _2

NET INCOME (LOSS) PER COMMON SHARE (Tables)	9 Months Ended
	Sep. 30, 2019
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 (loss) 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 2019 2018 2019 2018 Basic net income (loss) per common share Numerator for basic net income (loss) per common share: Net income (loss) $ 3,196 $ 8,680 $ (68,010 ) $ 41,088 Preferred stock dividends (4,842 ) (4,842 ) (14,526 ) (14,526 ) Earnings participation of unvested equity awards (25 ) (24 ) (69 ) (84 ) $ (1,671 ) $ 3,814 $ (82,605 ) $ 26,478 Denominator for basic net income (loss) per common share: Average number of shares of common stock outstanding 91,560 91,659 87,578 92,649 Average unvested stock awards outstanding (615 ) (453 ) (632 ) (447 ) 90,945 91,206 86,946 92,202 $ (0.02 ) $ 0.04 $ (0.95 ) $ 0.29 Diluted net income (loss) per common share Numerator for diluted net income (loss) per common share $ (1,671 ) $ 3,814 $ (82,605 ) $ 26,478 Denominator for diluted net income (loss) per common share: Denominator for basic net income (loss) per common share 90,945 91,206 86,946 92,202 Net effect of dilutive equity awards – 140 – 115 90,945 91,346 86,946 92,317 $ (0.02 ) $ 0.04 $ (0.95 ) $ 0.29

RESIDENTIAL MORTGAGE INVESTME_2

RESIDENTIAL MORTGAGE INVESTMENTS (Tables)	9 Months Ended
	Sep. 30, 2019
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, 2019 Agency Securities: Fannie Mae/Freddie Mac: Fixed-rate $ 91 $ – $ 91 $ 91 6.50 % 6.35 % ARMs 8,388,517 256,961 8,645,478 8,699,076 3.58 2.74 Ginnie Mae ARMs 2,452,955 73,413 2,526,368 2,534,858 3.59 2.81 10,841,563 330,374 11,171,937 11,234,025 3.58 2.76 Residential mortgage loans: Fixed-rate 123 – 123 123 4.99 1.84 ARMs 714 3 717 717 3.89 4.45 837 3 840 840 4.05 4.03 Collateral for structured financings 923 15 938 938 7.99 7.56 $ 10,843,323 $ 330,392 $ 11,173,715 $ 11,235,803 3.58 2.76 December 31, 2018 Agency Securities: Fannie Mae/Freddie Mac: Fixed-rate $ 126 $ – $ 126 $ 126 6.50 % 6.23 % ARMs 8,691,794 257,999 8,949,793 8,931,558 3.42 2.28 Ginnie Mae ARMs 2,964,531 75,744 3,040,275 3,031,264 3.30 2.54 11,656,451 333,743 11,990,194 11,962,948 3.39 2.34 Residential mortgage loans: Fixed-rate 552 1 553 553 6.80 2.44 ARMs 868 4 872 872 3.91 3.24 1,420 5 1,425 1,425 5.03 2.95 Collateral for structured financings 991 17 1,008 1,008 7.99 7.43 $ 11,658,862 $ 333,765 $ 11,992,627 $ 11,965,381 3.39 2.34 (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, 2019
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, 2019 Borrowings under repurchase arrangements secured by Agency Securities with maturities of 30 days or less $ 10,836,662 $ 31,348 $ 10,291,986 2.31 % Similar borrowings secured by collateral for structured financings 938 – 938 7.99 $ 10,837,600 $ 31,348 $ 10,292,924 2.31 December 31, 2018 Borrowings under repurchase arrangements secured by Agency Securities with maturities of 30 days or less: $ 4,424,311 $ 12,287 $ 4,204,988 2.73 % Borrowings under repurchase arrangements secured by Agency Securities with maturities of 31 to 90 days 7,143,129 19,621 6,773,366 2.68 Similar borrowings secured by collateral for structured financings 1,008 – 1,008 7.99 $ 11,568,448 $ 31,908 $ 10,979,362 2.70
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, 2019 December 31, 2018 Average Borrowings Average Rate Average Borrowings Average Rate Average borrowings and rates adjusted for the effects of related derivative financial instruments (“Derivatives”) $ 10,481,080 2.40 % $ 11,439,646 2.07 %

USE OF DERIVATIVES, OFFSETTIN_2

USE OF DERIVATIVES, OFFSETTING DISCLOSURES AND CHANGES IN OTHER COMPREHENSIVE INCOME BY COMPONENT (Tables)	9 Months Ended
	Sep. 30, 2019
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Schedule of Swap Agreements Expiration Period and Characteristics	At September 30, 2019 the Company’s swap positions related to secured borrowings had the following characteristics (dollars in thousands): Period of Contract Expiration Notional Amount Average Fixed-Rate Payment Requirement Fourth quarter 2019 $ 700,000 1.72 % First quarter 2020 600,000 2.07 Second quarter 2020 200,000 2.56 Third quarter 2020 200,000 1.64 Fourth quarter 2020 200,000 2.04 Second quarter 2021 800,000 1.95 Third quarter 2021 1,700,000 1.60 First quarter 2022 1,500,000 2.50 Second quarter 2022 1,300,000 2.30 $ 7,200,000
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 2019 2018 Balance sheet-related Swap agreements in a gain position (an asset) related to secured borrowings (a) $ 492 $ – Eurodollar futures contracts in a gain position (a) 775 – Swap agreements in a loss position (a liability) related to unsecured borrowings (a) (35,515 ) (17,834 ) Related net interest payable (b) (916 ) (372 ) $ (35,164 ) $ (18,206 ) (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 losses, net of unrealized gains, included in Accumulated other comprehensive income (loss) and scheduled to be recognized in the Statements of Operations over the next twelve months primarily in the form of a fixed-rate swap payments in excess of current market rates on swaps related to unsecured borrowings and amortization of net unrealized losses on de-designated interest rate swaps totaled $(409,000) at September 30, 2019. (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 2019 2018 2019 2018 Income statement-related Components of Secured borrowings-related effects on interest expense: Amount of gain reclassified from Accumulated other comprehensive income (loss) $ – $ 11,585 $ 7,891 $ 27,277 Amortization of unrealized gain, net of unrealized losses on de-designated Derivatives 3,120 – $ 12,854 – (a) 3,120 11,585 20,745 27,277 Component of Unsecured borrowings-related effects on interest expense: Amount of loss reclassified from Accumulated other comprehensive income (loss) (b) (418 ) (423 ) (1,121 ) (1,501 ) Decrease in interest expense as a result of the use of Derivatives $ 2,702 $ 11,162 $ 19,624 $ 25,776 Realized and unrealized (loss) gain on non-designated Derivatives (net) related to: Interest rate swap agreements $ (10,262 ) $ – $ (106,761 ) $ – Eurodollar futures 1,041 – 1,041 – (c) $ (9,221 ) $ – $ (105,720 ) $ – Other comprehensive income-related Amount of (loss) gain recognized in Other comprehensive income $ (7,648 ) $ 7,580 $ (22,945 ) $ 46,385 (a) Included in “Interest expense: Secured borrowings” on the face of the Statements of Operations. (b) Included in “Interest expense: Unsecured borrowings” on the face of the Statements of Operations. (c) Included in “Loss on derivative instruments (net)” on the face of the Statement of Operations.
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, 2019 Counterparty 4 $ 5,726 $ (4,459 ) $ 1,267 $ – $ – $ 1,267 December 31, 2018 Counterparty 4 $ 26,787 $ (26,787 ) $ – $ – $ – $ – ( a ) Included in gross amounts of recognized assets at September 3 0 , 2019 are the fair value of exchange-traded swap agreements, calculated including accrued interest , and the fair value of Eurodollar futures contracts . Included in gross amounts offset in the balance sheet are variation margin amounts associated with exchange-traded swaps at September 3 0 , 2019 . ( 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, 2019 Derivatives by counterparty: Counterparty 1 $ 36,431 $ – $ 36,431 $ – $ (36,431 ) $ – Counterparty 4 77,317 (77,317 ) – – – – 113,748 (77,317 ) 36,431 – (36,431 ) – Borrowings under repurchase arrangements (d) 10,299,497 – 10,299,497 (10,299,497 ) – – $ 10,413,245 $ (77,317 ) $ 10,335,928 $ (10,299,497 ) $ (36,431 ) $ – December 31, 2018 Derivatives by counterparty: Counterparty 1 $ 18,205 $ – $ 18,205 $ – $ (18,205 ) $ – Counterparty 4 9,718 (9,718 ) – – – – 27,923 (9,718 ) 18,205 – (18,205 ) – Borrowings under repurchase arrangements (d) 10,987,329 – 10,987,329 (10,987,329 ) – – $ 11,015,252 $ (9,718 ) $ 11,005,534 $ (10,987,329 ) $ (18,205 ) $ – (a) Included in gross amounts of recognized liabilities at September 30, 2019 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, 2019. (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 $7.5 million and $9.0 million on borrowings under repurchase arrangements as of September 30, 2019 and December 31, 2018, respectively.
Changes in Accumulated Other Comprehensive Income (Loss)	Changes in Accumulated other comprehensive income (loss) Unrealized Gains and Losses on Cash Flow Hedges Unrealized Gains and Losses on Available-for-Sale Securities Total Balance at June 30, 2019 $ (26,019 ) $ 64,780 $ 38,761 Activity for the quarter ended September 30, 2019: Other comprehensive loss before reclassifications (7,648 ) (2,692 ) (10,340 ) Amounts reclassified from accumulated other comprehensive income (2,702 ) – (2,702 ) Other comprehensive loss (10,350 ) (2,692 ) (13,042 ) Balance at September 30, 2019 $ (36,369 ) $ 62,088 $ 25,719 Balance at December 31, 2018 $ 6,200 $ (27,246 ) $ (21,046 ) Activity for the nine months ended September 30, 2019: Other comprehensive loss before reclassifications (22,945 ) 89,334 66,389 Amounts reclassified from accumulated other comprehensive income (19,624 ) – (19,624 ) Other comprehensive loss (42,569 ) 89,334 46,765 Balance at September 30, 2019 $ (36,369 ) $ 62,088 $ 25,719

UNSECURED BORROWINGS (Tables)

UNSECURED BORROWINGS (Tables)	9 Months Ended
	Sep. 30, 2019
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, 2019 December 31, 2018 Borrowings Outstanding Average Rate Borrowings Outstanding Average Rate Junior subordinated notes maturing in: October 2035 ($35,000 face amount) $ 34,383 7.88 % $ 34,354 7.89 % December 2035 ($40,000 face amount) 39,387 7.64 39,359 7.65 September 2036 ($25,000 face amount) 24,597 7.68 24,579 7.69 $ 98,367 7.74 $ 98,292 7.74

FAIR VALUE (Tables)

FAIR VALUE (Tables)	9 Months Ended
	Sep. 30, 2019
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, 2019 December 31, 2018 Fair Value Hierarchy Carrying Amount Fair Value Carrying Amount Fair Value Financial assets: Residential mortgage loans Level 2 $ 840 $ 900 $ 1,425 $ 1,400 Lending counterparty investments Level 3 – – 5,002 5,002 Secured borrowings-related interest rate swap agreements Level 2 492 492 – – Eurodollar futures Level 1 775 775 – – Financial liabilities: Unsecured borrowings Level 2 98,367 61,600 98,292 76,600 Unsecured borrowings-related interest rate swap agreements Level 2 35,515 35,515 17,834 17,834
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, 2019 Agency Securities classified as available-for-sale: Fannie Mae/Freddie Mac $ 8,645,478 $ 75,160 $ 21,562 $ 8,699,076 Ginnie Mae 2,526,368 15,039 6,549 2,534,858 Residential mortgage securities classified as held-to-maturity 1,028 3 – 1,031 December 31, 2018 Agency Securities classified as available-for-sale: Fannie Mae/Freddie Mac 8,949,793 56,041 74,276 8,931,558 Ginnie Mae 3,040,275 8,681 17,692 3,031,264 Residential mortgage securities classified as held-to-maturity 1,134 3 – 1,137
Securities in Unrealized Loss Position	September 30, 2019 December 31, 2018 Fair Value Unrealized Loss Fair Value Unrealized Loss Securities in an unrealized loss position: One year or greater $ 2,788,414 $ 21,568 $ 4,736,171 $ 83,407 Less than one year 1,417,713 6,543 1,475,120 8,561 $ 4,206,127 $ 28,111 $ 6,211,291 $ 91,968

EQUITY INCENTIVE PLAN (Tables)

EQUITY INCENTIVE PLAN (Tables)	9 Months Ended
	Sep. 30, 2019
Performance-based RSUs [Member]
Schedule of Performance-Based and Service-Based Stock Award Activity	RSU activity and related information for the nine months ended September 30, 2019 is summarized below: Weighted Average Number of Grant Date Shares Fair Value Unvested RSU awards outstanding at December 31, 2018 501,858 $ 9.02 Grants 206,914 6.87 Vestings (34,135 ) 8.03 Forfeitures (135,692 ) 8.03 Unvested RSU awards outstanding at September 30, 2019 538,945 8.50
Restricted Stock Award Activity [Member]
Schedule of Performance-Based and Service-Based Stock Award Activity	Restricted stock award activity for the nine months ended September 30, 2019 is summarized below: Weighted Average Number of Grant Date Shares Fair Value Unvested stock awards outstanding at December 31, 2018 461,091 $ 9.01 Grants 342,097 7.16 Vestings (157,030 ) 8.52 Forfeitures (31,113 ) 8.29 Unvested stock awards outstanding at September 30, 2019 615,045 8.14

NET INCOME (LOSS) PER COMMON _3

NET INCOME (LOSS) PER COMMON SHARE - Additional Information (Details) - shares	3 Months Ended		6 Months Ended	9 Months Ended		12 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Jun. 30, 2019	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Potentially dilutive securities excluded from the computation of diluted net income (loss) per common share	947,000	0		947,000	0
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%		7.50%

NET INCOME (LOSS) PER COMMON _4

NET INCOME (LOSS) PER COMMON SHARE - Components of Computation of Basic and Diluted Net Income (loss) per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Numerator for basic net income (loss) per common share [Abstract]
Net income (loss)	$ 3,196	$ 8,680	$ (68,010)	$ 41,088
Preferred stock dividends	(4,842)	(4,842)	(14,526)	(14,526)
Earnings participation of unvested equity awards	(25)	(24)	(69)	(84)
Numerator for basic net income (loss) per common share	$ (1,671)	$ 3,814	$ (82,605)	$ 26,478
Denominator for basic net income (loss) per common share [Abstract]
Average number of shares of common stock outstanding (in shares)	91,560	91,659	87,578	92,649
Average unvested stock awards outstanding (in shares)	(615)	(453)	(632)	(447)
Denominator for basic net income (loss) per common share (in shares)	90,945	91,206	86,946	92,202
Basic net income (loss) per common share (in dollars per share)	$ (0.02)	$ 0.04	$ (0.95)	$ 0.29
Numerator for diluted net income (loss) per common share [Abstract]
Numerator for basic net income (loss) per common share	$ (1,671)	$ 3,814	$ (82,605)	$ 26,478
Denominator for diluted net income (loss) per common share [Abstract]
Denominator for basic net income (loss) per common share (in shares)	90,945	91,206	86,946	92,202
Net effect of dilutive equity awards (in shares)		140		115
Denominator for diluted net income (loss) per common share (in shares)	90,945	91,346	86,946	92,317
Diluted net income (loss) per common share (in dollars per share)	$ (0.02)	$ 0.04	$ (0.95)	$ 0.29

RESIDENTIAL MORTGAGE INVESTME_3

RESIDENTIAL MORTGAGE INVESTMENTS - Schedule of Residential Mortgage Investments (Details) - USD ($) $ in Thousands		9 Months Ended	12 Months Ended
		Sep. 30, 2019	Dec. 31, 2018
Financing Receivable, Recorded Investment [Line Items]
Unpaid Principal Balance		$ 10,843,323	$ 11,658,862
Investment Premiums		330,392	333,765
Amortized Cost Basis		11,173,715	11,992,627
Carrying Amount	[1]	$ 11,235,803	$ 11,965,381
Net WAC	[2]	3.58%	3.39%
Average Yield	[3]	2.76%	2.34%
Agency Securities [Member]
Financing Receivable, Recorded Investment [Line Items]
Unpaid Principal Balance		$ 10,841,563	$ 11,656,451
Investment Premiums		330,374	333,743
Amortized Cost Basis		11,171,937	11,990,194
Carrying Amount	[1]	$ 11,234,025	$ 11,962,948
Net WAC	[2]	3.58%	3.39%
Average Yield	[3]	2.76%	2.34%
Agency Securities [Member] | Fannie Mae/Freddie Mac [Member] | Fixed-Rate [Member]
Financing Receivable, Recorded Investment [Line Items]
Unpaid Principal Balance		$ 91	$ 126
Amortized Cost Basis		91	126
Carrying Amount	[1]	$ 91	$ 126
Net WAC	[2]	6.50%	6.50%
Average Yield	[3]	6.35%	6.23%
Agency Securities [Member] | Fannie Mae/Freddie Mac [Member] | ARMs [Member]
Financing Receivable, Recorded Investment [Line Items]
Unpaid Principal Balance		$ 8,388,517	$ 8,691,794
Investment Premiums		256,961	257,999
Amortized Cost Basis		8,645,478	8,949,793
Carrying Amount	[1]	$ 8,699,076	$ 8,931,558
Net WAC	[2]	3.58%	3.42%
Average Yield	[3]	2.74%	2.28%
Agency Securities [Member] | Ginnie Mae [Member] | ARMs [Member]
Financing Receivable, Recorded Investment [Line Items]
Unpaid Principal Balance		$ 2,452,955	$ 2,964,531
Investment Premiums		73,413	75,744
Amortized Cost Basis		2,526,368	3,040,275
Carrying Amount	[1]	$ 2,534,858	$ 3,031,264
Net WAC	[2]	3.59%	3.30%
Average Yield	[3]	2.81%	2.54%
Residential Mortgage Loans [Member]
Financing Receivable, Recorded Investment [Line Items]
Unpaid Principal Balance		$ 837	$ 1,420
Investment Premiums		3	5
Amortized Cost Basis		840	1,425
Carrying Amount	[1]	$ 840	$ 1,425
Net WAC	[2]	4.05%	5.03%
Average Yield	[3]	4.03%	2.95%
Residential Mortgage Loans [Member] | Fixed-Rate [Member]
Financing Receivable, Recorded Investment [Line Items]
Unpaid Principal Balance		$ 123	$ 552
Investment Premiums			1
Amortized Cost Basis		123	553
Carrying Amount	[1]	$ 123	$ 553
Net WAC	[2]	4.99%	6.80%
Average Yield	[3]	1.84%	2.44%
Residential Mortgage Loans [Member] | ARMs [Member]
Financing Receivable, Recorded Investment [Line Items]
Unpaid Principal Balance		$ 714	$ 868
Investment Premiums		3	4
Amortized Cost Basis		717	872
Carrying Amount	[1]	$ 717	$ 872
Net WAC	[2]	3.89%	3.91%
Average Yield	[3]	4.45%	3.24%
Collateral for Structured Financings [Member]
Financing Receivable, Recorded Investment [Line Items]
Unpaid Principal Balance		$ 923	$ 991
Investment Premiums		15	17
Amortized Cost Basis		938	1,008
Carrying Amount	[1]	$ 938	$ 1,008
Net WAC	[2]	7.99%	7.99%
Average Yield	[3]	7.56%	7.43%
[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) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Financing Receivable, Recorded Investment [Line Items]
Mortgage securities weighted average contractual maturity			287 months
Available for sale ARM securities, current-reset	$ 5,480,000,000		$ 5,480,000,000
Available for sale ARM securities, longer-to-reset	5,690,000,000		5,690,000,000
Available for sale securities	$ 0	$ 0	304,700,000	$ 0
Available-for-sale securities, gross realized gains			405,000
Available-for-sale securities, gross realized losses			$ 1,800,000
Current-Reset ARMs [Member]
Financing Receivable, Recorded Investment [Line Items]
Agency securities average months to roll			7 months
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			46 months
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, 2019	Dec. 31, 2018
Secured Borrowings, Including Interest Rate Hedging Activity [Line Items]
Collateral carrying amount		$ 10,840,000	$ 11,570,000
Borrowings outstanding	[1],[2]	10,299,497	10,987,329
Agency Securities [Member]
Secured Borrowings, Including Interest Rate Hedging Activity [Line Items]
Collateral carrying amount		10,837,600	11,568,448
Accrued interest receivable		31,348	31,908
Borrowings outstanding		$ 10,292,924	$ 10,979,362
Average borrowing rates		2.31%	2.70%
Agency Securities [Member] | Borrowings with Maturities of 30 Days or Less [Member]
Secured Borrowings, Including Interest Rate Hedging Activity [Line Items]
Collateral carrying amount		$ 10,836,662	$ 4,424,311
Accrued interest receivable		31,348	12,287
Borrowings outstanding		$ 10,291,986	$ 4,204,988
Average borrowing rates		2.31%	2.73%
Agency Securities [Member] | Borrowings with Maturities of 31 to 90 Days [Member]
Secured Borrowings, Including Interest Rate Hedging Activity [Line Items]
Collateral carrying amount			$ 7,143,129
Accrued interest receivable			19,621
Borrowings outstanding			$ 6,773,366
Average borrowing rates			2.68%
Agency Securities [Member] | Similar Borrowings [Member]
Secured Borrowings, Including Interest Rate Hedging Activity [Line Items]
Collateral carrying amount		$ 938	$ 1,008
Borrowings outstanding		$ 938	$ 1,008
Average borrowing rates		7.99%	7.99%
[1]	Amounts include accrued interest payable of $7.5 million and $9.0 million on borrowings under repurchase arrangements as of September 30, 2019 and December 31, 2018, respectively.
[2]	Included in gross amounts of recognized liabilities at September 30, 2019 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, 2019.

SECURED BORROWINGS - Schedule_2

SECURED BORROWINGS - Schedule of Average Borrowings Outstanding (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
Disclosure Of Repurchase Agreements [Abstract]
Average borrowings for the effects of related derivatives	$ 10,481,080	$ 11,439,646
Effective borrowing rate	2.40%	2.07%

USE OF DERIVATIVES, OFFSETTIN_3

USE OF DERIVATIVES, OFFSETTING DISCLOSURES AND CHANGES IN OTHER COMPREHENSIVE INCOME BY COMPONENT - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended	12 Months Ended
	Sep. 30, 2019	Sep. 30, 2019	Sep. 30, 2016
Derivative Instruments And Hedging Activities Disclosures [Line Items]
SWAP agreement notional amount during period	$ 1,700,000	$ 6,400,000	$ 100,000
SWAP agreement average interest rate during period	1.60%	2.17%	4.09%
Swap agreement notional amount expiring during period	$ 550,000	$ 3,150,000
SWAP agreement average interest rate expiring during period	1.40%	1.42%
SWAP agreement terminated notional amount during period	$ 1,500,000	$ 2,600,000
SWAP agreement terminated average interest rate during period	2.64%	2.72%
Futures contract notional amount during period	$ 7,200,000	$ 7,200,000
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
Eurodollar Futures Contract [Member]
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Futures contract notional amount during period	$ 500,000	$ 500,000
Futures contract weighted average interest rate during period	1.62%	1.62%
Derivative, maturity date		Jun. 30, 2020
Futures contract, average maturity (in years)		3 months

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, 2019USD ($)
Notional Disclosures [Abstract]
Notional Amount	$ 7,200,000
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	$ 200,000
Average Fixed-Rate Payment Requirement	2.56%
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 Second Quarter 2021 [Member]
Notional Disclosures [Abstract]
Notional Amount	$ 800,000
Average Fixed-Rate Payment Requirement	1.95%
Interest Rate SWAP Currently-Paying Contracts Expiring Third Quarter 2021 [Member]
Notional Disclosures [Abstract]
Notional Amount	$ 1,700,000
Average Fixed-Rate Payment Requirement	1.60%
Interest Rate SWAP Currently-Paying Contracts Expiring First Quarter 2022 [Member]
Notional Disclosures [Abstract]
Notional Amount	$ 1,500,000
Average Fixed-Rate Payment Requirement	2.50%
Interest Rate SWAP Currently-Paying Contracts Expiring Second Quarter 2022 [Member]
Notional Disclosures [Abstract]
Notional Amount	$ 1,300,000
Average Fixed-Rate Payment Requirement	2.30%

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, 2019	Dec. 31, 2018
Balance sheet-related [Abstract]
Swap agreements in a loss position (a liability) related to borrowings		$ (35,515)	$ (17,834)
Interest rate swap agreements at fair value, net assets (liability)		(35,164)	(18,206)
Swap agreements in a gain position (an asset) related to borrowings		1,267
Interest Rate Swap Agreements at Fair Value [Member] | Eurodollar Futures Contract [Member]
Balance sheet-related [Abstract]
Swap agreements in a gain position (an asset) related to borrowings	[1]	775
Interest Rate Swap Agreements at Fair Value [Member] | Secured Borrowings [Member]
Balance sheet-related [Abstract]
Swap agreements in a gain position (an asset) related to borrowings	[1]	492
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]	(35,515)	(17,834)
Accounts Payable and Accrued Liabilities [Member]
Balance sheet-related [Abstract]
Related net interest payable	[2]	$ (916)	$ (372)
[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 losses, net of unrealized gains, included in Accumulated other comprehensive income (loss) and scheduled to be recognized in the Statements of Operations over the next twelve months primarily in the form of a fixed-rate swap payments in excess of current market rates on swaps related to unsecured borrowings and amortization of net unrealized losses on de-designated interest rate swaps totaled $(409,000) at September 30, 2019.
[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, 2019USD ($)
Notional Disclosures [Abstract]
Derivative instruments unrealized losses to be recognized	$ (409,000)

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, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Income statement-related [Abstract]
Amount of gain reclassified from Accumulated other comprehensive income (loss)		$ (2,702)	$ (11,162)	$ (19,624)	$ (25,776)
Amortization of unrealized gain, net of unrealized losses on de-designated Derivatives				12,854
Realized and unrealized (loss) gain on non-designated Derivatives (net)		(9,221)		(105,720)
Other comprehensive income (loss)-related [Abstract]
Amount of (loss) gain recognized in Other comprehensive income		(7,648)	7,580	(22,945)	46,385
Interest Rate Swap Agreements [Member]
Income statement-related [Abstract]
Realized and unrealized (loss) gain on non-designated Derivatives (net)		(10,262)		(106,761)
Eurodollar Futures Contract [Member]
Income statement-related [Abstract]
Realized and unrealized (loss) gain on non-designated Derivatives (net)		1,041		1,041
Interest Expense [Member]
Income statement-related [Abstract]
Decrease in interest expense and increase in Net (loss) income as a result of the use of Derivatives		2,702	11,162	19,624	25,776
Interest Expense [Member] | Secured Borrowings [Member]
Income statement-related [Abstract]
Amount of gain reclassified from Accumulated other comprehensive income (loss)			11,585	7,891	27,277
Amortization of unrealized gain, net of unrealized losses on de-designated Derivatives		3,120		12,854
Decrease in interest expense and increase in Net (loss) income as a result of the use of Derivatives	[1]	3,120	11,585	20,745	27,277
Interest Expense [Member] | Unsecured Borrowings [Member]
Income statement-related [Abstract]
Amount of gain reclassified from Accumulated other comprehensive income (loss)		$ (418)	$ (423)	$ (1,121)	$ (1,501)
[1]	Included in “Interest expense:  Secured borrowings” on the face of the Statements of Operations.

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, 2019	Dec. 31, 2018
Offsetting of derivative assets [Abstract]
Gross Amounts of Recognized Assets		$ 1,267
Net Amounts of Assets Presented in the Balance Sheet		35,164	$ 18,206
Offsetting Derivatives Assets [Member] | Counterparty 4 [Member]
Offsetting of derivative assets [Abstract]
Gross Amounts of Recognized Assets	[1]	5,726	26,787
Gross Amounts Offset in the Balance Sheet	[1]	(4,459)	(26,787)
Net Amounts of Assets Presented in the Balance Sheet		1,267	0
Financial Instruments	[2]	0	0
Cash Collateral Received	[2]	0	0
Net Amount		$ 1,267	$ 0
[1]	Included in gross amounts of recognized assets at September 3 0 , 2019 are the fair value of exchange-traded swap agreements, calculated including accrued interest , and the fair value of Eurodollar futures contracts . Included in gross amounts offset in the balance sheet are variation margin amounts associated with exchange-traded swaps at September 3 0 , 2019 .
[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, 2019	Dec. 31, 2018
Offsetting of financial liabilities and derivative liabilities [Abstract]
Gross Amounts of Recognized Liabilities (Derivatives)		$ 35,515	$ 17,834
Cash Collateral Pledged (Derivatives)		(83,511)	(31,797)
Gross Amounts of Recognized Liabilities (Repurchase Arrangements)	[1],[2]	10,299,497	10,987,329
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]	10,299,497	10,987,329
Financial Instruments (Repurchase Arrangements)	[1],[4]	(10,299,497)	(10,987,329)
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]	10,413,245	11,015,252
Gross Amounts Offset in the Balance Sheet (Financial Liabilities Total)	[2]	(77,317)	(9,718)
Net Amounts of Liabilities Presented in the Balance Sheet (Financial Liabilities Total)	[3]	10,335,928	11,005,534
Financial Instruments (Financial Liabilities Total)	[4]	(10,299,497)	(10,987,329)
Cash Collateral Pledged (Financial Liabilities Total)	[4]	(36,431)	(18,205)
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]	36,431	18,205
Gross Amounts Offset in the Balance Sheet (Derivatives)	[2]	0	0
Net Amounts of Liabilities Presented in the Balance Sheet (Derivatives)	[3]	36,431	18,205
Financial Instruments (Derivatives)	[4]	0	0
Cash Collateral Pledged (Derivatives)	[4]	(36,431)	(18,205)
Net Amount (Derivatives)		0	0
Counterparty 4 [Member]
Offsetting of financial liabilities and derivative liabilities [Abstract]
Gross Amounts of Recognized Liabilities (Derivatives)	[2]	77,317	9,718
Gross Amounts Offset in the Balance Sheet (Derivatives)	[2]	(77,317)	(9,718)
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]	113,748	27,923
Gross Amounts Offset in the Balance Sheet (Derivatives)	[2]	(77,317)	(9,718)
Net Amounts of Liabilities Presented in the Balance Sheet (Derivatives)	[3]	36,431	18,205
Financial Instruments (Derivatives)	[4]	0	0
Cash Collateral Pledged (Derivatives)	[4]	(36,431)	(18,205)
Net Amount (Derivatives)		$ 0	$ 0
[1]	Amounts include accrued interest payable of $7.5 million and $9.0 million on borrowings under repurchase arrangements as of September 30, 2019 and December 31, 2018, respectively.
[2]	Included in gross amounts of recognized liabilities at September 30, 2019 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, 2019.
[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, 2019	Dec. 31, 2018
Portfolio-Related Secured Borrowings [Member]
Notional Disclosures [Abstract]
Accrued interest payable	$ 7.5	$ 9

USE OF DERIVATIVES, OFFSETTI_11

USE OF DERIVATIVES, OFFSETTING DISCLOSURES AND CHANGES IN OTHER COMPREHENSIVE INCOME (LOSS) BY COMPONENT - Changes in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	$ 1,022,388	$ 1,168,856	$ 1,059,063	$ 1,238,876
Other comprehensive income	(13,042)	(30,353)	46,765	(66,727)
Ending Balance	1,071,756	1,121,093	1,071,756	1,121,093
Unrealized Gains and Losses on Cash Flow Hedges [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	(26,019)		6,200
Other comprehensive loss before reclassifications	(7,648)		(22,945)
Amounts reclassified from accumulated other comprehensive income	(2,702)		(19,624)
Other comprehensive income	(10,350)		(42,569)
Ending Balance	(36,369)		(36,369)
Unrealized Gains and Losses on Available-for-sale Securities [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	64,780		(27,246)
Other comprehensive loss before reclassifications	(2,692)		89,334
Amounts reclassified from accumulated other comprehensive income	0		0
Other comprehensive income	(2,692)		89,334
Ending Balance	62,088		62,088
Accumulated Other Comprehensive Income (Loss) [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	38,761	25,744	(21,046)	62,118
Other comprehensive loss before reclassifications	(10,340)		66,389
Amounts reclassified from accumulated other comprehensive income	(2,702)		(19,624)
Other comprehensive income	(13,042)		46,765
Ending Balance	$ 25,719	$ (4,609)	$ 25,719	$ (4,609)

UNSECURED BORROWINGS - Addition

UNSECURED BORROWINGS - Additional Information (Details) - Junior Subordinated Debt [Member] $ in Millions	9 Months Ended
	Sep. 30, 2019USD ($)
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, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Borrowings Outstanding	$ 98,367	$ 98,292
Effective interest rate	7.74%	7.74%
October 2035 [Member]
Debt Instrument [Line Items]
Borrowings Outstanding	$ 34,383	$ 34,354
Effective interest rate	7.88%	7.89%
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	$ 39,387	$ 39,359
Effective interest rate	7.64%	7.65%
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	$ 24,597	$ 24,579
Effective interest rate	7.68%	7.69%
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 ($) $ / shares in Units, $ in Thousands, shares in Millions	Aug. 01, 2019	Sep. 30, 2019
Class Of Stock [Line Items]
Net proceeds from issuance of Common Stock		$ 75,195
IPO [Member]
Class Of Stock [Line Items]
Number of shares issued for public offering	9
Price per share after underwriting discounts and offering expenses, net ( in dollers per share)	$ 8.34
Net proceeds from issuance of Common Stock	$ 75,000

FAIR VALUE - Additional Informa

FAIR VALUE - Additional Information (Details)	9 Months Ended
	Sep. 30, 2019
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, 2019	Dec. 31, 2018
Financial assets [Abstract]
Residential mortgage loans	$ 11,235,803	$ 11,965,381
Derivatives at fair value	1,267
Carrying Amount [Member] | Level 2 [Member]
Financial assets [Abstract]
Residential mortgage loans	840	1,425
Financial liabilities [Abstract]
Unsecured borrowings	98,367	98,292
Carrying Amount [Member] | Level 3 [Member]
Financial assets [Abstract]
Lending counterparty investments		5,002
Fair Value [Member] | Level 2 [Member]
Financial assets [Abstract]
Residential mortgage loans	900	1,400
Financial liabilities [Abstract]
Unsecured borrowings	61,600	76,600
Fair Value [Member] | Level 3 [Member]
Financial assets [Abstract]
Lending counterparty investments		5,002
Interest Rate Swap Agreements [Member] | Carrying Amount [Member] | Secured Borrowings [Member] | Level 2 [Member]
Financial assets [Abstract]
Secured borrowings-related interest rate swap agreements	492
Interest Rate Swap Agreements [Member] | Carrying Amount [Member] | Unsecured Borrowings [Member] | Level 2 [Member]
Financial liabilities [Abstract]
Interest rate swap agreements	35,515	17,834
Interest Rate Swap Agreements [Member] | Fair Value [Member] | Secured Borrowings [Member] | Level 2 [Member]
Financial assets [Abstract]
Secured borrowings-related interest rate swap agreements	492
Interest Rate Swap Agreements [Member] | Fair Value [Member] | Unsecured Borrowings [Member] | Level 2 [Member]
Financial liabilities [Abstract]
Interest rate swap agreements	35,515	$ 17,834
Eurodollar Futures Contract [Member] | Carrying Amount [Member] | Fair Value, Inputs, Level 1 [Member]
Financial assets [Abstract]
Derivatives at fair value	775
Eurodollar Futures Contract [Member] | Fair Value [Member] | Fair Value, Inputs, Level 1 [Member]
Financial assets [Abstract]
Derivatives at fair value	$ 775

FAIR VALUE - Fair Value and Rel

FAIR VALUE - Fair Value and Related Disclosures for Debt Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Residential Mortgage Securities Classified as Held-to-Maturity [Member]
Held-to-maturity securities disclosure [Abstract]
Held-to-maturities, Amortized Cost Basis	$ 1,028	$ 1,134
Held-to-maturities, Gross Unrealized Gains	3	3
Held-to-maturities, Fair Value	1,031	1,137
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	8,645,478	8,949,793
Available-for-sale securities, Gross Unrealized Gains	75,160	56,041
Available-for-sale securities, Gross Unrealized Losses	21,562	74,276
Available-for-sale securities, Fair Value	8,699,076	8,931,558
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	2,526,368	3,040,275
Available-for-sale securities, Gross Unrealized Gains	15,039	8,681
Available-for-sale securities, Gross Unrealized Losses	6,549	17,692
Available-for-sale securities, Fair Value	$ 2,534,858	$ 3,031,264

FAIR VALUE - Securities in Unre

FAIR VALUE - Securities in Unrealized Loss Position (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Securities in an unrealized loss position, fair value [Abstract]
One year or greater	$ 2,788,414	$ 4,736,171
Less than one year	1,417,713	1,475,120
Fair Value, Total	4,206,127	6,211,291
Securities in an unrealized loss position, aggregate loss [Abstract]
One year or greater	21,568	83,407
Less than one year	6,543	8,561
Unrealized Losses, Total	$ 28,111	$ 91,968

EQUITY INCENTIVE PLAN - Additio

EQUITY INCENTIVE PLAN - Additional Information (Details) - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock dividend payable	$ 11,702,000	$ 11,702,000	$ 7,132,000
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)	2,861,645	2,861,645
Performance-based RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total of unrecognized compensation expense for unvested stock award	$ 1,100,000	$ 1,100,000
Compensation cost not yet recognized, period for recognition		1 year 4 months 24 days
Long term incentive compensation expense	(236,000)	$ 602,000
Common stock dividend payable	109,000	109,000
Stock Awards Activity [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total of unrecognized compensation expense for unvested stock award	2,600,000	$ 2,600,000
Compensation cost not yet recognized, period for recognition		1 year 3 months 18 days
Common stock dividend payable	288,000	$ 288,000
Long term incentive compensation expense	376,000	1,100,000
Other general and administrative expense	$ 129,000	$ 374,000

EQUITY INCENTIVE PLAN - Schedul

EQUITY INCENTIVE PLAN - Schedule of Performance-Based Restricted Stock Units Activity (Details) - Performance-based RSUs [Member]	9 Months Ended
	Sep. 30, 2019$ / sharesshares
Number of Shares
Unvested equity awards outstanding at beginning of period (in shares) | shares	501,858
Grants (in shares) | shares	206,914
Vestings (in shares) | shares	(34,135)
Forfeitures (in shares) | shares	(135,692)
Unvested equity outstanding at end of period (in shares) | shares	538,945
Weighted Average Grant Date Fair Value
Unvested equity awards outstanding at beginning of period (in dollars per share) | $ / shares	$ 9.02
Grants (in dollars per share) | $ / shares	6.87
Vestings (in dollars per share) | $ / shares	8.03
Forfeitures (in dollars per share) | $ / shares	8.03
Unvested equity awards outstanding at end of period (in dollars per share) | $ / shares	$ 8.50

EQUITY INCENTIVE PLAN - Sched_2

EQUITY INCENTIVE PLAN - Schedule of Restricted Stock Award Activity (Details) - Restricted Stock Award Activity [Member]	9 Months Ended
	Sep. 30, 2019$ / sharesshares
Number of Shares
Unvested equity awards outstanding at beginning of period (in shares) | shares	461,091
Grants (in shares) | shares	342,097
Vestings (in shares) | shares	(157,030)
Forfeitures (in shares) | shares	(31,113)
Unvested equity outstanding at end of period (in shares) | shares	615,045
Weighted Average Grant Date Fair Value
Unvested equity awards outstanding at beginning of period (in dollars per share) | $ / shares	$ 9.01
Grants (in dollars per share) | $ / shares	7.16
Vestings (in dollars per share) | $ / shares	8.52
Forfeitures (in dollars per share) | $ / shares	8.29
Unvested equity awards outstanding at end of period (in dollars per share) | $ / shares	$ 8.14