Annual report pursuant to Section 13 and 15(d)

FAIR VALUE OF FINANCIAL INSTRUMENTS - Carrying Values and Estimated Fair Values (Details)

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FAIR VALUE OF FINANCIAL INSTRUMENTS - Carrying Values and Estimated Fair Values (Details) - USD ($)
$ in Thousands
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Financial Instruments        
Real estate securities $ 1,950 $ 59,034    
Real estate securities, pledged as collateral 627,304 105,963    
Real estate related and other loans, held-for-sale, net 55,612 149,198    
Subprime mortgage loans subject to call option 0 380,806    
Restricted cash 6,404 4,469    
Cash and cash equivalents 140,140 45,651 $ 73,727 $ 42,721
Non-hedge derivative assets 856 127    
Financial Instruments        
CDO bonds payable 0 92,933    
Other bonds and notes payable 0 16,162    
Repurchase agreements 600,964 418,458    
Credit facilities and obligations under capital leases 115,284 11,258    
Financing of subprime mortgage loans subject to call option 0 380,806    
Junior subordinated notes payable 51,217 51,225    
Carrying Value        
Financial Instruments        
Real estate securities 1,950 59,034    
Real estate securities, pledged as collateral 627,304 105,963    
Real estate related and other loans, held-for-sale, net 55,612 149,198    
Residential mortgage loans, held-for-sale, net 231 532    
Subprime mortgage loans subject to call option 0 380,806    
Restricted cash 6,404 4,469    
Cash and cash equivalents 140,140 45,651    
Non-hedge derivative assets 856 127    
Financial Instruments        
CDO bonds payable 0 92,933    
Other bonds and notes payable 0 16,162    
Repurchase agreements 600,964 418,458    
Credit facilities and obligations under capital leases 115,284 11,258    
Financing of subprime mortgage loans subject to call option 0 380,806    
Junior subordinated notes payable 51,217 51,225    
Non-hedge derivative liabilities 0 684    
Estimated Fair Value        
Financial Instruments        
Real estate securities 1,950 59,034    
Real estate securities, pledged as collateral 627,304 105,963    
Real estate related and other loans, held-for-sale, net 61,144 165,270    
Residential mortgage loans, held-for-sale, net 249 569    
Subprime mortgage loans subject to call option 0 380,806    
Restricted cash 6,404 4,469    
Cash and cash equivalents 140,140 45,651    
Non-hedge derivative assets 856 127    
Financial Instruments        
CDO bonds payable 0 15,193    
Other bonds and notes payable 0 16,620    
Repurchase agreements 600,964 418,625    
Credit facilities and obligations under capital leases 115,284 11,258    
Financing of subprime mortgage loans subject to call option 0 380,806    
Junior subordinated notes payable 26,756 24,649    
Non-hedge derivative liabilities $ 0 $ 684