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Investment in Loans (Tables)
 9 Months Ended
Sep. 30, 2019
Receivables [Abstract]  
Summary of Investments in Loans
The table below details certain information regarding the Company's commercial mortgage loans as of September 30, 2019:
 
 
 
 
 
 
 
 
Gross Unrealized
 
 
 
Weighted Average
($ in thousands)
 
Unpaid Principal Balance
 
Premium (Discount)
 
 Amortized Cost
 
 Gains
 
Losses
 
Fair Value
 
Coupon
 
Yield(1)
 
Life (Years)(2)
Commercial mortgage loans, held-for-investment
 
$
285,252

 
$
(25,055
)
 
$
260,197

 
$
512

 
$
(83
)
 
$
260,626

 
8.48
%
 
9.24
%
 
1.02
(1)
Excludes commercial mortgage loans, held at par in non-accrual status, with a fair value of $10.7 million.
(2)
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 corporate loans as of September 30, 2019:
 
 
 
 
 
 
Weighted Average
($ in thousands)
 
Unpaid
Principal Balance
 
Fair Value
 
Rate
 
Remaining Term (Years)
Corporate loans, held-for-investment(1)(2)
 
$
15,790

 
$
15,790

 
17.53
%
 
1.52
(1)
See Note 13 for further details on the Company's transactions involving a loan originator in which the Company also holds an equity investment.
(2)
See Note 21 for further details on the Company's unfunded commitments related to certain of its corporate loans.
The table below details certain information regarding the Company's residential mortgage loans as of September 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)
 
$
780,920

 
$
6,748

 
$
787,668

 
$
11,309

 
$
(1,249
)
 
$
797,728

 
6.45
%
 
5.46
%
 
1.47
(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 $466.3 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 September 30, 2019:
 
 
 
 
 
 
 
 
Gross Unrealized
 
 
 
Weighted Average
($ in thousands)
 
Unpaid Principal Balance
 
Premium (Discount)
 
Amortized Cost
 
Gains
 
Losses
 
Fair Value(1)
 
Life (Years)(2)
 
Delinquency (Days)
Consumer loans, held-for-investment
 
$
148,042

 
$
1,739

 
$
149,781

 
$
2,357

 
$
(439
)
 
$
151,699

 
0.74
 
5
(1)
Includes $0.6 million of charged-off loans for which the Company has determined that it is probable the servicer will be able to collect principal and interest.
(2)
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 following table is a summary of the Company's investments in loans as of September 30, 2019:
Loan Type
 
Unpaid Principal Balance
 
Fair Value
 
 
(In thousands)
Residential mortgage loans
 
$
780,920

 
$
797,728

Commercial mortgage loans
 
285,252

 
260,626

Consumer loans
 
148,042

 
151,699

Corporate loans
 
15,790

 
15,790

Total
 
$
1,230,004

 
$
1,225,843
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 September 30, 2019:
(In thousands)
 
Unpaid Principal Balance
 
Fair Value
90 days or more past due—non-accrual status
 
 
 
 
Residential mortgage loans
 
$
18,961

 
$
16,521

Commercial mortgage loans
 
62,286

 
38,407

Consumer loans
 
1,367

 
1,254
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 September 30, 2019:
Property Location by State
 
Percentage of Total Outstanding Unpaid Principal Balance
Florida
 
24.4
%
New York
 
17.3
%
Connecticut
 
16.6
%
New Jersey
 
13.0
%
Virginia
 
6.6
%
Massachusetts
 
4.6
%
North Carolina
 
3.8
%
Arizona
 
3.7
%
Indiana
 
2.1
%
Pennsylvania
 
1.6
%
Nevada
 
1.4
%
Tennessee
 
1.4
%
Louisiana
 
1.3
%
Illinois
 
1.2
%
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 September 30, 2019:
Property Location by State
 
Percentage of Total Outstanding Unpaid Principal Balance
California
 
48.9
%
Florida
 
12.9
%
Texas
 
12.1
%
Colorado
 
3.7
%
Arizona
 
2.7
%
Utah
 
1.9
%
Oregon
 
1.8
%
Washington
 
1.7
%
Nevada
 
1.6
%
Massachusetts
 
1.5
%
Illinois
 
1.4
%
New York
 
1.4
%
Maryland
 
1.1
%
Other
 
7.3
%
 
 
100.0
%
The following table summarizes the Company's exposure to counterparty risk as of September 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
 
$
33,251

 
11

 
51.2
%
Collateral on repurchase agreements held by dealers(2)
 
2,388,197

 
26

 
14.7
%
Due from brokers
 
66,162

 
23

 
28.5
%
Receivable for securities sold(3)
 
205,359

 
7

 
43.1
%
(1)
Each counterparty is a large creditworthy financial institution.
(2)
Includes securities, loans, and REO 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 September 30, 2019.
(In thousands)
 
Unpaid Principal Balance
 
Fair Value
Re-performing
 
$
14,992

 
$
13,018

Non-performing
 
17,942

 
15,940
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 September 30, 2019:
Days Past Due
 
Delinquency Status(1)
Current
 
94.5
%
30-59 Days
 
2.4
%
60-89 Days
 
1.7
%
90-119 Days
 
1.4
%
 
 
100.0
%
(1)
As a percentage of total unpaid principal balance.