Quarterly report pursuant to Section 13 or 15(d)

DERIVATIVES (Tables)

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DERIVATIVES (Tables)
 6 Months Ended
Jun. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of fair value of derivatives financial instruments

The table below presents the fair value of the derivative financial instruments as well as their classification on the consolidated balance sheets as of June 30, 2015 and December 31, 2014:

 
                   
      Fair Value
      June 30, 2015   December 31, 2014
  Balance Sheet Location        
Derivative assets          
TBAs, not designated as hedges Receivables and other assets   $ 8     $ —  
      $ 8     $ —  
           
Derivative liabilities          
Interest rate swaps, designated as hedges Accounts payable, accrued expenses and other liabilities   $ —     $ 1,963  
Interest rate swaps, not designated as hedges Accounts payable, accrued expenses and other liabilities   —     334  
TBAs, not designated as hedges Accounts payable, accrued expenses and other liabilities   2,037     2,031  
      $ 2,037     $ 4,328  
Schedule of gains (losses) recorded in relation to derivatives

The following table summarizes gains (losses) recorded in relation to derivatives:

 
                           
      Three Months Ended June 30,   Six Months Ended June 30,
  Income Statement Location   2015   2014   2015   2014
Cash flow hedges                  
Gain on the ineffective portion Other income (loss)  $ —    $ 259    $ —    $ 259  
Loss recognized on termination of hedge Gain (loss) on settlement of investments   (612 )   —     (612 )   —  
Deferred hedge gain reclassified from AOCI into earnings Interest expense   19     14     38     27  
Amount of loss reclassified from AOCI into income (effective portion) Interest expense   (655 )   (1,177 )   (1,363 )   (2,457 )
Amount of unrealized loss recognized in OCI on derivatives (effective portion) None   (27 )   (75 )   (60 )   (152 )
                   
Non-hedge derivatives                  
Gain recognized related to interest rate swaps Other income (loss)  $ —    $ 2,029   $  292   $  4,104  
Gain recognized related to linked transactions Other income (loss)       1,825     —     12,498  
Loss recognized related to linked transactions Interest expense   —     (89 )   —     (211 )
Gain recognized related to TBAs Other income (loss)   1,322     —     1     —  
Gain (loss) on settlement of TBAs Gain (loss) on settlement of investments, net   2,928     —     (1,943 )   —  
Schedule of additional information about cash flow hedges

The following table presents additional information about cash flow hedge transactions:

 
             
    June 30, 2015   December 31, 2014
Cash flow hedges        
Expected reclassification of deferred hedges from AOCI into earnings over the next 12 months $ 60    $ 78  
Expected reclassification of current hedges from AOCI into earnings over the next 12 months   —     (1,730 )