Consolidated K-Series (Tables)

12 Months Ended

Dec. 31, 2016

Variable Interest Entity [Line Items]

Schedule of Geographic Concentration Risk Exceeding 5%

The geographic concentrations of credit risk exceeding 5% of the total loan balances in our residential mortgage loans held in securitization trusts and REO held in residential securitization trusts at December 31, 2016 and December 31, 2015 are as follows:

	December 31, 2016		December 31, 2015
New York	33.8	%	35.6	%
Massachusetts	19.9	%	20.7	%
New Jersey	10.8	%	11.1	%
Florida	8.9	%	7.7	%
Connecticut	7.4	%	6.5	%

Multi-family loans held in securitization trusts

Variable Interest Entity [Line Items]

Schedule of Geographic Concentration Risk Exceeding 5%

The geographic concentrations of credit risk exceeding 5% of the total loan balances related to our CMBS investments included in investment securities available for sale and multi-family loans held in securitization trusts as of December 31, 2016 and December 31, 2015, respectively, are as follows:

	December 31, 2016		December 31, 2015
California	13.8	%	13.8	%
Texas	12.4	%	12.3	%
New York	8.1	%	8.0	%
Maryland	5.3	%	5.2	%

Consolidated K-Series

Variable Interest Entity [Line Items]

Condensed Balance Sheet

The condensed consolidated balance sheets of the Consolidated K-Series at December 31, 2016 and December 31, 2015, respectively, are as follows (dollar amounts in thousands):

Balance Sheets	December 31, 2016		December 31, 2015
Assets
Multi-family loans held in securitization trusts	$	6,939,844	$	7,105,336
Receivables	24,098		24,579
Total Assets	$	6,963,942	$	7,129,915
Liabilities and Equity
Multi-family CDOs	$	6,624,896	$	6,818,901
Accrued expenses	24,003		24,483
Total Liabilities	6,648,899		6,843,384
Equity	315,043		286,531
Total Liabilities and Equity	$	6,963,942	$	7,129,915

Condensed Income Statement

The condensed consolidated statements of operations of the Consolidated K-Series for the years ended December 31, 2016, 2015, and 2014, respectively, are as follows (dollar amounts in thousands):

	Years Ended December 31,
Statements of Operations	2016		2015		2014
Interest income	$	249,191	$	257,417	$	301,877
Interest expense	222,553		232,971		275,916
Net interest income	26,638		24,446		25,961
Unrealized gain on multi-family loans and debt held in securitization trusts, net	3,032		12,368		56,931
Net Income	$	29,670	$	36,814	$	82,892