|
DEBT OBLIGATIONS - Schedule of Debt Obligations (Details) (USD $)
In Thousands, unless otherwise specified
|
Sep. 30, 2012
|
|
Residential Mortgage Loans
|
|
| Month Issued |
Aug 2006
|
| Outstanding Face Amount |
$ 5,181
|
| Carrying Value |
5,181
|
| Final Stated Maturity |
Dec 2034
|
| Unhedged Weighted Average Funding Cost (A) |
LIBOR+0.90%
|
| Weighted Average Funding Cost (B) |
1.11%
|
| Weighted Average Maturity (Years) |
6.4
|
| Face Amount of Floating Rate Debt |
5,181
|
| Outstanding Face Amount of Collateral (C) |
53,384
|
| Amortized Cost Basis of Collateral (C) |
39,208
|
| Carrying Value of Collateral (C) |
39,208
|
| Weighted Average Maturity (Years) Of Collateral |
6.6
|
| Floating Rate Face Amount of Collateral (C) |
53,384
|
| Aggregate Notional Amount of Current Hedges |
0
|
|
CDO IV Bonds Payable
|
|
| Month Issued |
Mar 2004
|
| Outstanding Face Amount |
86,983
|
| Carrying Value |
86,872
|
| Final Stated Maturity |
Mar 2039
|
| Unhedged Weighted Average Funding Cost (A) |
1.81%
|
| Weighted Average Funding Cost (B) |
4.99%
|
| Weighted Average Maturity (Years) |
1.6
|
| Face Amount of Floating Rate Debt |
76,103
|
| Outstanding Face Amount of Collateral (C) |
175,752
|
| Amortized Cost Basis of Collateral (C) |
165,292
|
| Carrying Value of Collateral (C) |
158,371
|
| Weighted Average Maturity (Years) Of Collateral |
2.3
|
| Floating Rate Face Amount of Collateral (C) |
48,891
|
| Aggregate Notional Amount of Current Hedges |
76,103
|
|
CDO VI Bonds Payable
|
|
| Month Issued |
Apr 2005
|
| Outstanding Face Amount |
91,469
|
| Carrying Value |
91,469
|
| Final Stated Maturity |
Apr 2040
|
| Unhedged Weighted Average Funding Cost (A) |
0.87%
|
| Weighted Average Funding Cost (B) |
5.35%
|
| Weighted Average Maturity (Years) |
4.9
|
| Face Amount of Floating Rate Debt |
88,437
|
| Outstanding Face Amount of Collateral (C) |
208,094
|
| Amortized Cost Basis of Collateral (C) |
119,483
|
| Carrying Value of Collateral (C) |
145,273
|
| Weighted Average Maturity (Years) Of Collateral |
3.0
|
| Floating Rate Face Amount of Collateral (C) |
51,154
|
| Aggregate Notional Amount of Current Hedges |
88,437
|
|
CDO VIII Bonds Payable
|
|
| Month Issued |
Nov 2006
|
| Outstanding Face Amount |
529,337
|
| Carrying Value |
528,278
|
| Final Stated Maturity |
Nov 2052
|
| Unhedged Weighted Average Funding Cost (A) |
0.77%
|
| Weighted Average Funding Cost (B) |
2.18%
|
| Weighted Average Maturity (Years) |
2.6
|
| Face Amount of Floating Rate Debt |
521,737
|
| Outstanding Face Amount of Collateral (C) |
708,193
|
| Amortized Cost Basis of Collateral (C) |
517,123
|
| Carrying Value of Collateral (C) |
538,238
|
| Weighted Average Maturity (Years) Of Collateral |
2.8
|
| Floating Rate Face Amount of Collateral (C) |
389,155
|
| Aggregate Notional Amount of Current Hedges |
154,795
|
|
CDO IX Bonds Payable
|
|
| Month Issued |
May 2007
|
| Outstanding Face Amount |
446,956
|
| Carrying Value |
448,461
|
| Final Stated Maturity |
May 2052
|
| Unhedged Weighted Average Funding Cost (A) |
0.57%
|
| Weighted Average Funding Cost (B) |
0.57%
|
| Weighted Average Maturity (Years) |
2.6
|
| Face Amount of Floating Rate Debt |
446,956
|
| Outstanding Face Amount of Collateral (C) |
672,126
|
| Amortized Cost Basis of Collateral (C) |
543,431
|
| Carrying Value of Collateral (C) |
551,501
|
| Weighted Average Maturity (Years) Of Collateral |
2.8
|
| Floating Rate Face Amount of Collateral (C) |
328,276
|
| Aggregate Notional Amount of Current Hedges |
0
|
|
Total CDO Bonds Payable
|
|
| Outstanding Face Amount |
1,154,745
|
| Carrying Value |
1,155,080
|
| Weighted Average Funding Cost (B) |
2.02%
|
| Weighted Average Maturity (Years) |
2.7
|
| Face Amount of Floating Rate Debt |
1,133,233
|
| Outstanding Face Amount of Collateral (C) |
1,764,165
|
| Amortized Cost Basis of Collateral (C) |
1,345,329
|
| Carrying Value of Collateral (C) |
1,393,383
|
| Weighted Average Maturity (Years) Of Collateral |
2.7
|
| Floating Rate Face Amount of Collateral (C) |
817,476
|
| Aggregate Notional Amount of Current Hedges |
319,335
|
|
MH Loans Portfolio I Bonds and Notes Payable
|
|
| Month Issued |
Apr 2010
|
| Outstanding Face Amount |
73,431
|
| Carrying Value |
69,441
|
| Final Stated Maturity |
Jul 2035
|
| Unhedged Weighted Average Funding Cost (A) |
6.20%
|
| Weighted Average Funding Cost (B) |
6.20%
|
| Weighted Average Maturity (Years) |
4.2
|
| Face Amount of Floating Rate Debt |
0
|
| Outstanding Face Amount of Collateral (C) |
122,453
|
| Amortized Cost Basis of Collateral (C) |
102,746
|
| Carrying Value of Collateral (C) |
102,746
|
| Weighted Average Maturity (Years) Of Collateral |
6.9
|
| Floating Rate Face Amount of Collateral (C) |
978
|
| Aggregate Notional Amount of Current Hedges |
0
|
|
MH Loans Portfolio II Bonds and Notes Payable
|
|
| Month Issued |
May 2011
|
| Outstanding Face Amount |
123,797
|
| Carrying Value |
122,961
|
| Final Stated Maturity |
Dec 2033
|
| Unhedged Weighted Average Funding Cost (A) |
4.35%
|
| Weighted Average Funding Cost (B) |
4.35%
|
| Weighted Average Maturity (Years) |
4.0
|
| Face Amount of Floating Rate Debt |
0
|
| Outstanding Face Amount of Collateral (C) |
158,542
|
| Amortized Cost Basis of Collateral (C) |
155,933
|
| Carrying Value of Collateral (C) |
155,933
|
| Weighted Average Maturity (Years) Of Collateral |
5.7
|
| Floating Rate Face Amount of Collateral (C) |
26,834
|
| Aggregate Notional Amount of Current Hedges |
0
|
|
Total Other Bonds And Notes Payable
|
|
| Outstanding Face Amount |
202,409
|
| Carrying Value |
197,583
|
| Weighted Average Funding Cost (B) |
4.92%
|
| Weighted Average Maturity (Years) |
4.2
|
| Face Amount of Floating Rate Debt |
5,181
|
| Outstanding Face Amount of Collateral (C) |
334,379
|
| Amortized Cost Basis of Collateral (C) |
297,887
|
| Carrying Value of Collateral (C) |
297,887
|
| Weighted Average Maturity (Years) Of Collateral |
6.3
|
| Floating Rate Face Amount of Collateral (C) |
81,196
|
| Aggregate Notional Amount of Current Hedges |
0
|
|
CDO Securities Repurchase Agreements
|
|
| Month Issued |
Dec 2011
|
| Outstanding Face Amount |
7,157
|
| Carrying Value |
7,157
|
| Final Stated Maturity |
Oct 2012
|
| Unhedged Weighted Average Funding Cost (A) |
LIBOR+2.00%
|
| Weighted Average Funding Cost (B) |
2.21%
|
| Weighted Average Maturity (Years) |
0.0
|
| Face Amount of Floating Rate Debt |
7,157
|
| Outstanding Face Amount of Collateral (C) |
0
|
| Amortized Cost Basis of Collateral (C) |
0
|
| Carrying Value of Collateral (C) |
0
|
| Weighted Average Maturity (Years) Of Collateral |
0
|
| Floating Rate Face Amount of Collateral (C) |
0
|
| Aggregate Notional Amount of Current Hedges |
0
|
|
Non-agency RMBS Repurchase Agreements
|
|
| Month Issued |
Jul 2012
|
| Outstanding Face Amount |
59,646
|
| Carrying Value |
59,646
|
| Final Stated Maturity |
Oct 2012
|
| Unhedged Weighted Average Funding Cost (A) |
LIBOR+2.00%
|
| Weighted Average Funding Cost (B) |
2.21%
|
| Weighted Average Maturity (Years) |
0.0
|
| Face Amount of Floating Rate Debt |
59,646
|
| Outstanding Face Amount of Collateral (C) |
127,549
|
| Amortized Cost Basis of Collateral (C) |
87,580
|
| Carrying Value of Collateral (C) |
90,428
|
| Weighted Average Maturity (Years) Of Collateral |
2.8
|
| Floating Rate Face Amount of Collateral (C) |
127,549
|
| Aggregate Notional Amount of Current Hedges |
0
|
|
FNMA/FHLMC Securities
|
|
| Month Issued |
Various
|
| Outstanding Face Amount |
538,524
|
| Carrying Value |
538,524
|
| Final Stated Maturity |
Oct 2012
|
| Unhedged Weighted Average Funding Cost (A) |
0.42%
|
| Weighted Average Funding Cost (B) |
0.42%
|
| Weighted Average Maturity (Years) |
0.1
|
| Face Amount of Floating Rate Debt |
538,524
|
| Outstanding Face Amount of Collateral (C) |
534,801
|
| Amortized Cost Basis of Collateral (C) |
572,356
|
| Carrying Value of Collateral (C) |
577,132
|
| Weighted Average Maturity (Years) Of Collateral |
4.3
|
| Floating Rate Face Amount of Collateral (C) |
534,801
|
| Aggregate Notional Amount of Current Hedges |
0
|
|
Total Repurchase Agreements
|
|
| Outstanding Face Amount |
605,327
|
| Carrying Value |
605,327
|
| Weighted Average Funding Cost (B) |
0.62%
|
| Weighted Average Maturity (Years) |
0.1
|
| Face Amount of Floating Rate Debt |
605,327
|
| Outstanding Face Amount of Collateral (C) |
662,350
|
| Amortized Cost Basis of Collateral (C) |
659,936
|
| Carrying Value of Collateral (C) |
667,560
|
| Weighted Average Maturity (Years) Of Collateral |
4.0
|
| Floating Rate Face Amount of Collateral (C) |
662,350
|
| Aggregate Notional Amount of Current Hedges |
0
|
|
Senior Living
|
|
| Month Issued |
Jul 2012
|
| Outstanding Face Amount |
88,400
|
| Carrying Value |
88,400
|
| Final Stated Maturity |
Aug 2019
|
| Unhedged Weighted Average Funding Cost (A) |
3.45%
|
| Weighted Average Funding Cost (B) |
3.45%
|
| Weighted Average Maturity (Years) |
6.5
|
| Face Amount of Floating Rate Debt |
23,400
|
| Outstanding Face Amount of Collateral (C) |
N/A
|
| Amortized Cost Basis of Collateral (C) |
141,553
|
| Carrying Value of Collateral (C) |
141,553
|
| Weighted Average Maturity (Years) Of Collateral |
N/A
|
| Floating Rate Face Amount of Collateral (C) |
0
|
| Aggregate Notional Amount of Current Hedges |
23,400
|
|
Total Mortgage Notes Payable
|
|
| Outstanding Face Amount |
88,400
|
| Carrying Value |
88,400
|
| Weighted Average Funding Cost (B) |
3.45%
|
| Weighted Average Maturity (Years) |
6.5
|
| Face Amount of Floating Rate Debt |
23,400
|
| Outstanding Face Amount of Collateral (C) |
N/A
|
| Amortized Cost Basis of Collateral (C) |
141,553
|
| Carrying Value of Collateral (C) |
141,553
|
| Weighted Average Maturity (Years) Of Collateral |
N/A
|
| Floating Rate Face Amount of Collateral (C) |
0
|
| Aggregate Notional Amount of Current Hedges |
23,400
|
|
Junior Subordinated Debt
|
|
| Month Issued |
Mar 2006
|
| Outstanding Face Amount |
51,004
|
| Carrying Value |
51,245
|
| Final Stated Maturity |
Apr 2035
|
| Unhedged Weighted Average Funding Cost (A) |
7.57%; LIBOR+2.25% After Apr 2016
|
| Weighted Average Funding Cost (B) |
7.41%
|
| Weighted Average Maturity (Years) |
22.6
|
| Face Amount of Floating Rate Debt |
0
|
| Outstanding Face Amount of Collateral (C) |
0
|
| Amortized Cost Basis of Collateral (C) |
0
|
| Carrying Value of Collateral (C) |
0
|
| Weighted Average Maturity (Years) Of Collateral |
0
|
| Floating Rate Face Amount of Collateral (C) |
0
|
| Aggregate Notional Amount of Current Hedges |
0
|
|
Total Corporate
|
|
| Outstanding Face Amount |
51,004
|
| Carrying Value |
51,245
|
| Weighted Average Funding Cost (B) |
7.41%
|
| Weighted Average Maturity (Years) |
22.6
|
| Face Amount of Floating Rate Debt |
0
|
| Outstanding Face Amount of Collateral (C) |
0
|
| Amortized Cost Basis of Collateral (C) |
0
|
| Carrying Value of Collateral (C) |
0
|
| Weighted Average Maturity (Years) Of Collateral |
0
|
| Floating Rate Face Amount of Collateral (C) |
0
|
| Aggregate Notional Amount of Current Hedges |
0
|
|
Debt Securities Payable
|
|
| Outstanding Face Amount |
2,101,885
|
| Carrying Value |
2,097,635
|
| Weighted Average Funding Cost (B) |
2.08%
|
| Weighted Average Maturity (Years) |
2.7
|
| Face Amount of Floating Rate Debt |
1,767,141
|
| Outstanding Face Amount of Collateral (C) |
2,760,894
|
| Amortized Cost Basis of Collateral (C) |
2,444,705
|
| Carrying Value of Collateral (C) |
2,500,383
|
| Weighted Average Maturity (Years) Of Collateral |
3.5
|
| Floating Rate Face Amount of Collateral (C) |
1,561,022
|
| Aggregate Notional Amount of Current Hedges |
342,735
|
|
Financing on subprime mortgage loans subject to call option
|
|
| Month Issued |
April 2006 and July 2007
|
| Outstanding Face Amount |
406,217
|
| Carrying Value |
405,525
|
|
Total Debt
|
|
| Outstanding Face Amount |
2,508,102
|
| Carrying Value |
$ 2,503,160
|