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Investment in Loans (Tables)
 3 Months Ended
Mar. 31, 2019
Receivables [Abstract]  
Summary of Investments in Loans
The following table is a summary of the Company's investments in loans as of March 31, 2019:
Loan Type
 
Unpaid Principal Balance
 
Fair Value
 
 
(In thousands)
Residential mortgage loans
 
$
577,880

 
$
583,252

Commercial mortgage loans
 
264,932

 
239,623

Consumer loans
 
184,171

 
192,115

Total
 
$
1,026,983

 
$
1,014,990

Commercial Mortgage Loans
The table below details certain information regarding the Company's commercial mortgage loans as of March 31, 2019:
 
 
 
 
 
 
 
 
Gross Unrealized
 
 
 
Weighted Average
($ in thousands)
 
Unpaid Principal Balance
 
Premium (Discount)
 
 Amortized Cost
 
 Gains
 
Losses
 
Fair Value
 
Coupon
 
Yield
 
Life (Years)(1)
Commercial mortgage loans
 
$
264,932

 
$
(27,249
)
 
$
237,683

 
$
2,131

 
$
(191
)
 
$
239,623

 
8.92
%
 
9.44
%
 
0.95
(1)
Average lives of loans are generally shorter than stated contractual maturities. Average lives are affected by scheduled periodic payments of principal and unscheduled prepayments of principal.
The table below summarizes the geographic distribution of the real estate collateral underlying the Company's commercial mortgage loans as of March 31, 2019:
Property Location by State
 
Percentage of Total Outstanding Unpaid Principal Balance
Florida
 
20.1
%
Connecticut
 
18.7
%
New York
 
12.7
%
New Jersey
 
10.4
%
North Carolina
 
7.3
%
Virginia
 
7.1
%
Massachusetts
 
4.9
%
Pennsylvania
 
4.3
%
Arizona
 
4.0
%
Indiana
 
3.8
%
Kentucky
 
3.8
%
Tennessee
 
1.5
%
Louisiana
 
1.4
%
 
 
100.0
%
The following table presents information on the Company's residential mortgage loans by re-performing or non-performing status, as of March 31, 2019.
(In thousands)
 
Unpaid Principal Balance
 
Fair Value
Re-performing
 
$
35,616

 
$
31,816

Non-performing
 
15,795

 
13,678

The table below details certain information regarding the Company's consumer loans as of March 31, 2019:
 
 
 
 
 
 
 
 
Gross Unrealized
 
 
 
Weighted Average
($ in thousands)
 
Unpaid Principal Balance
 
Premium (Discount)
 
Amortized Cost
 
Gains
 
Losses
 
Fair Value
 
Life (Years)(1)
 
Delinquency (Days)
Consumer loans
 
$
184,171

 
$
6,912

 
$
191,083

 
$
2,623

 
$
(1,591
)
 
$
192,115

 
0.78
 
3
(1)
Average lives of loans are generally shorter than stated contractual maturities. Average lives are affected by scheduled periodic payments of principal and unscheduled prepayments of principal.
The table below details certain information regarding the Company's residential mortgage loans as of March 31, 2019:
 
 
 
 
 
 
 
 
Gross Unrealized
 
 
 
Weighted Average
($ in thousands)
 
Unpaid Principal Balance
 
Premium (Discount)
 
 Amortized Cost
 
 Gains
 
Losses
 
Fair Value
 
Coupon
 
Yield
 
Life (Years)(1)
Residential mortgage loans, held-for-investment(2)
 
$
555,386

 
$
4,470

 
$
559,856

 
$
4,368

 
$
(1,461
)
 
$
562,763

 
6.49
%
 
5.68
%
 
1.95
Residential mortgage loans, held-for-sale
 
22,494

 
(3,344
)
 
19,150

 
1,520

 
(181
)
 
20,489

 
4.66
%
 
6.37
%
 
5.48
Total
 
$
577,880

 
$
1,126

 
$
579,006

 
$
5,888

 
$
(1,642
)
 
$
583,252

 
6.42
%
 
5.70
%
 
2.07
(1)
Average lives of loans are generally shorter than stated contractual maturities. Average lives are affected by scheduled periodic payments of principal and unscheduled prepayments of principal.
(2)
Includes $296.4 million of non-QM loans that have been securitized and are held in consolidated securitization trusts; see Note 10.
The table below summarizes the geographic distribution of the real estate collateral underlying the Company's residential mortgage loans as of March 31, 2019:
Property Location by State
 
Percentage of Total Outstanding Unpaid Principal Balance
California
 
48.3
%
Florida
 
12.9
%
Texas
 
12.7
%
Colorado
 
4.4
%
Arizona
 
2.8
%
Oregon
 
2.4
%
New York
 
2.2
%
Washington
 
2.2
%
Nevada
 
2.1
%
Utah
 
1.5
%
New Jersey
 
1.3
%
Maryland
 
1.1
%
Other
 
6.1
%
 
 
100.0
%
Summary of Loans Past Due
The table below provides details on the delinquency status of the Company's consumer loans, which the Company uses as an indicator of credit quality, as of March 31, 2019:
Days Past Due
 
Delinquency Status(1)
Current
 
95.9
%
30-59 Days
 
1.7
%
60-89 Days
 
1.3
%
90-119 Days
 
1.1
%
 
 
100.0
%
The following table provides details, by accrual status, for loans that are 90 days or more past due as of March 31, 2019:
 
 
Unpaid Principal Balance
 
Fair Value
90 days or more past due—accrual status
 
(In thousands)
Commercial mortgage loans(1)
 
$
6,491

 
$
6,491

90 days or more past due—non-accrual status
 
 
 
 
Residential mortgage loans
 
18,582

 
16,110

Commercial mortgage loans
 
16,050

 
16,050

Consumer loans
 
2,046

 
2,025

(1)
Represents a loan where the borrower is currently making payments and is expected to continue to make payments