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Use of Special Purpose Entities (SPE) and Variable Interest Entities (VIE) (Tables)
 12 Months Ended
Dec. 31, 2020
Variable Interest Entity, Measure of Activity [Abstract]  
Summary of Assets and Liabilities of Consolidated VIEs
The following table summarizes the estimated fair values of the assets and liabilities of Campus Lodge at the Changeover Date (dollar amounts in thousands):

Cash$327 
Operating real estate (1)
50,481 
Lease intangible (1)
1,619 
Other assets1,395 
Total assets53,822 
Mortgage payable, net (2)
36,752 
Other liabilities1,543 
Total liabilities38,295 
Non-controlling interest (3)
6,808 
Net assets consolidated$8,719 

(1)Included in other assets in the accompanying consolidated balance sheets.
(2)Included in other liabilities in the accompanying consolidated balance sheets.
(3)Represents third party ownership of membership interests in Campus Lodge. The fair value of the non-controlling interests in Campus Lodge, a private company, was estimated using the net asset value of the underlying multi-family apartment community.
The following table presents a summary of the assets, liabilities and non-controlling interests of the Company’s residential loan securitizations, non-Agency RMBS re-securitization, Consolidated SLST and other Consolidated VIEs of as of December 31, 2020 (dollar amounts in thousands). Intercompany balances have been eliminated for purposes of this presentation:
Financing VIEsOther VIEs
Residential Loan SecuritizationsNon-Agency RMBS Re-Securitization Consolidated SLSTOtherTotal
Cash and cash equivalents
$— $— $— $462 $462 
Residential loans, at fair value691,451 — 1,266,785 — 1,958,236 
Investment securities available for sale, at fair value— 109,140 — — 109,140 
Operating real estate, net held in Consolidated VIEs (1)
— — — 50,532 50,532 
Other assets24,959 535 4,075 3,045 32,614 
Total assets$716,410 $109,675 $1,270,860 $54,039 $2,150,984 
Collateralized debt obligations ($569,323 at amortized cost, net and $1,054,335 at fair value)
$554,067 $15,256 $1,054,335 $— $1,623,658 
Mortgages payable, net in Consolidated VIEs (2)
— — — 36,752 36,752 
Other liabilities2,610 70 2,781 1,435 6,896 
Total liabilities$556,677 $15,326 $1,057,116 $38,187 $1,667,306 
Non-controlling interest in Consolidated VIEs (3)
$— $— $— $6,371 $6,371 
Net investment (4)
$159,733 $94,349 $213,744 $9,481 $477,307 

(1)Included in other assets in the accompanying consolidated balance sheets.
(2)Included in other liabilities in the accompanying consolidated balance sheets.
(3)Represents third party ownership of membership interests in other Consolidated VIEs.
(4)The net investment amount is the maximum amount of the Company's investment that is at risk to loss and represents the difference between total assets and total liabilities held by VIEs, less non-controlling interest, if any.
The following table presents a summary of the assets, liabilities and non-controlling interests of the Company's residential loan securitizations, the Consolidated K-Series, Consolidated SLST and KRVI as of December 31, 2019 (dollar amounts in thousands). Intercompany balances have been eliminated for purposes of this presentation:
Financing VIEOther VIEs
Residential Loan SecuritizationsConsolidated K-SeriesConsolidated SLSTKRVITotal
Cash and cash equivalents
$— $— $— $107 $107 
Residential loans ($44,030 at amortized cost, net and $1,328,886 at fair value)
44,030 — 1,328,886 — 1,372,916 
Multi-family loans, at fair value— 17,816,746 — — 17,816,746 
Other assets1,328 59,417 5,244 14,626 80,615 
Total assets$45,358 $17,876,163 $1,334,130 $14,733 $19,270,384 
Collateralized debt obligations ($40,429 at amortized cost, net and $17,777,280 at fair value)
$40,429 $16,724,451 $1,052,829 $— $17,817,709 
Other liabilities14 57,873 2,643 75 60,605 
Total liabilities$40,443 $16,782,324 $1,055,472 $75 $17,878,314 
Non-controlling interest in Consolidated VIEs (1)
$— $— $— $(704)$(704)
Net investment (2)
$4,915 $1,093,839 $278,658 $15,362 $1,392,774 

(1)The net investment amount is the maximum amount of the Company's investment that is at risk to loss and represents the difference between total assets and total liabilities held by VIEs, less non-controlling interest, if any.
(2)Represents third party ownership of membership interests in KRVI.
The following table presents the carrying value and estimated fair value of the Company’s financial instruments at December 31, 2020 and 2019, respectively (dollar amounts in thousands):
  December 31, 2020December 31, 2019
 Fair Value
Hierarchy Level		Carrying
Value		Estimated
Fair Value		Carrying
Value		Estimated
Fair Value
Financial Assets:     
Cash and cash equivalentsLevel 1$293,183 $293,183 $118,763 $118,763 
Residential loans
Residential loans, at fair valueLevel 33,049,166 3,049,166 2,758,640 2,758,640 
Residential loans at amortized cost, netLevel 3— — 202,756 208,471 
Multi-family loans
Preferred equity and mezzanine loan investmentsLevel 3163,593 163,593 180,045 182,465 
Consolidated K-SeriesLevel 3— — 17,816,746 17,816,746 
Investment securities available for saleLevel 2724,726 724,726 2,006,140 2,006,140 
Equity investmentsLevel 3259,095 259,095 189,965 191,359 
Derivative assetsLevel 2— — 15,878 15,878 
Loans held for sale, netLevel 3— — 2,406 2,482 
Financial Liabilities:     
Repurchase agreementsLevel 2405,531 405,531 3,105,416 3,105,416 
Collateralized debt obligations
Residential loan securitizations at amortized cost, netLevel 3554,067 561,329 40,429 38,888 
Consolidated K-SeriesLevel 3— — 16,724,451 16,724,451 
Consolidated SLSTLevel 31,054,335 1,054,335 1,052,829 1,052,829 
Non-Agency RMBS re-securitizationLevel 215,256 15,472 — — 
Subordinated debenturesLevel 345,000 36,871 45,000 41,592 
Convertible notesLevel 2135,327 137,716 132,955 140,865 
Schedule of Classification and Carrying Value of Unconsolidated VIEs The following tables present the classification and carrying value of unconsolidated VIEs as of December 31, 2020 and 2019, respectively (dollar amounts in thousands):
December 31, 2020
Multi-family loansInvestment securities available for sale, at fair valueEquity investmentsTotal
ABS$— $43,225 $— $43,225 
Preferred equity investments in multi-family properties
158,501 — 182,765 341,266 
Mezzanine loans on multi-family properties
5,092 — — 5,092 
Equity investments in entities that invest in residential properties and loans
— — 76,330 76,330 
Maximum exposure$163,593 $43,225 $259,095 $465,913 
December 31, 2019
Multi-family loansInvestment
securities
available for
sale, at fair value		Equity investmentsTotal
ABS$— $49,214 $— $49,214 
Preferred equity investments in multi-family properties
173,825 — 106,083 279,908 
Mezzanine loans on multi-family properties
6,220 — — 6,220 
Equity investments in entities that invest in residential properties and loans
— — 65,572 65,572 
Maximum exposure$180,045 $49,214 $171,655 $400,914