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Investment in Loans (Tables)
 6 Months Ended
Jun. 30, 2019
Receivables [Abstract]  
Summary of Investments in Loans
The following table is a summary of the Company's investments in loans as of June 30, 2019:
Loan Type
 
Unpaid Principal Balance
 
Fair Value
 
 
(In thousands)
Residential mortgage loans
 
$
652,119

 
$
663,880

Commercial mortgage loans
 
285,169

 
260,034

Consumer loans
 
157,774

 
162,609

Corporate loans
 
5,000

 
5,000

Total
 
$
1,100,062

 
$
1,091,523

The table below details certain information regarding the Company's residential mortgage loans as of June 30, 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)
 
$
652,119

 
$
5,258

 
$
657,377

 
$
7,681

 
$
(1,178
)
 
$
663,880

 
6.49
%
 
5.12
%
 
5.48
(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 $503.1 million of non-QM loans that have been securitized and are held in consolidated securitization trusts; see Note 10.
The table below details certain information regarding the Company's consumer loans as of June 30, 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
 
$
157,774

 
$
2,947

 
$
160,721

 
$
2,520

 
$
(632
)
 
$
162,609

 
0.76
 
4
(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.
Past Due Financing Receivables [Table Text Block]
The following table provides details, by accrual status, for loans that are 90 days or more past due as of June 30, 2019:
(In thousands)
 
Unpaid Principal Balance
 
Fair Value
90 days or more past due—non-accrual status
 
 
 
 
Residential mortgage loans
 
$
20,984

 
$
18,895

Commercial mortgage loans
 
77,276

 
53,324

Consumer loans
 
1,915

 
1,893
Schedules of Concentration of Risk, by Risk Factor [Table Text Block]
The table below summarizes the geographic distribution of the real estate collateral underlying the Company's commercial mortgage loans as of June 30, 2019:
Property Location by State
 
Percentage of Total Outstanding Unpaid Principal Balance
Florida
 
19.7
%
Connecticut
 
16.6
%
New York
 
15.7
%
New Jersey
 
13.0
%
North Carolina
 
6.8
%
Virginia
 
6.6
%
Massachusetts
 
4.6
%
Arizona
 
3.7
%
Kentucky
 
3.5
%
Indiana
 
2.1
%
Pennsylvania
 
1.6
%
Nevada
 
1.4
%
Tennessee
 
1.4
%
Louisiana
 
1.3
%
Georgia
 
1.0
%
Other
 
1.0
%
 
 
100.0
%
The table below summarizes the geographic distribution of the real estate collateral underlying the Company's residential mortgage loans as of June 30, 2019:
Property Location by State
 
Percentage of Total Outstanding Unpaid Principal Balance
California
 
48.8
%
Florida
 
12.9
%
Texas
 
12.6
%
Colorado
 
3.8
%
Arizona
 
3.0
%
Oregon
 
2.3
%
Nevada
 
1.9
%
New York
 
1.8
%
Utah
 
1.8
%
Washington
 
1.8
%
Maryland
 
1.2
%
Illinois
 
1.0
%
Other
 
7.1
%
 
 
100.0
%
The following table summarizes the Company's exposure to counterparty risk as of June 30, 2019.
 
 
Amount of Exposure
 
Number of Counterparties with Exposure
 
Maximum Percentage of Exposure to a Single Counterparty(1)
 
 
(In thousands)
 
 
 
 
Cash and cash equivalents
 
$
42,671

 
10

 
70.7
%
Collateral on repurchase agreements held by dealers(2)
 
2,029,073

 
24

 
15.0
%
Due from brokers
 
65,083

 
21

 
26.5
%
Receivable for securities sold(3)
 
38,705

 
5

 
40.6
%
(1)
Each counterparty is a large creditworthy financial institution.
(2)
Includes securities and loans as well as cash posted as collateral for repurchase agreements.
(3)
Included in Investment related receivables on the Condensed Consolidated Balance Sheet.
Financing Receivable Credit Quality Indicators [Table Text Block]
The following table presents information on the Company's residential mortgage loans by re-performing or non-performing status, as of June 30, 2019.
(In thousands)
 
Unpaid Principal Balance
 
Fair Value
Re-performing
 
$
15,923

 
$
13,866

Non-performing
 
18,641

 
16,996
Consumer Loans, Delinquency Status [Table Text Block]
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 June 30, 2019:
Days Past Due
 
Delinquency Status(1)
Current
 
95.3
%
30-59 Days
 
2.0
%
60-89 Days
 
1.5
%
90-119 Days
 
1.2
%
 
 
100.0
%
(1)
As a percentage of total unpaid principal balance.