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Investment in Loans (Tables)
 6 Months Ended
Jun. 30, 2020
Receivables [Abstract]  
Summary of Investments in Loans
The tables below detail certain information regarding the Company's corporate loans as of June 30, 2020 and December 31, 2019:
June 30, 2020:
 
 
 
 
 
 
Weighted Average
($ in thousands)
 
Unpaid
Principal Balance
 
Fair Value
 
Rate
 
Remaining Term (Years)
Corporate loans, held-for-investment(1)
 
$
6,687

 
$
6,227

 
19.36
%
 
2.23
(1)
See Note 21 for further details on the Company's unfunded commitments related to certain of its corporate loans.
December 31, 2019:
 
 
 
 
 
 
Weighted Average
($ in thousands)
 
Unpaid
Principal Balance
 
Fair Value
 
Rate
 
Remaining Term (Years)
Corporate loans, held-for-investment(1)(2)
 
$
18,415

 
$
18,510

 
17.62
%
 
0.87
(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 following table is a summary of the Company's investments in loans as of June 30, 2020 and December 31, 2019:
 
 
As of
(In thousands)
 
June 30, 2020
 
December 31, 2019
Loan Type
 
Unpaid Principal Balance
 
Fair
Value
 
Unpaid Principal Balance
 
Fair
Value
Residential mortgage loans
 
$
937,154

 
$
948,447

 
$
911,705

 
$
932,203

Commercial mortgage loans
 
295,621

 
295,496

 
277,870

 
274,759

Consumer loans
 
163,043

 
166,681

 
179,743

 
186,954

Corporate loans
 
6,687

 
6,227

 
18,415

 
18,510

Total
 
$
1,402,045

 
$
1,416,851

 
$
1,387,733

 
$
1,412,426


The tables below detail certain information regarding the Company's commercial mortgage loans as of June 30, 2020 and December 31, 2019:
June 30, 2020:
 
 
 
 
 
 
 
 
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
 
$
295,621

 
$
(182
)
 
$
295,439

 
$
808

 
$
(751
)
 
$
295,496

 
8.28
%
 
8.25
%
 
0.94
(1)
Excludes commercial mortgage loans, in non-accrual status, with a fair value of $23.9 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.
December 31, 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
 
$
277,870

 
$
(3,302
)
 
$
274,568

 
$
253

 
$
(62
)
 
$
274,759

 
7.65
%
 
8.58
%
 
1.07
(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 tables below detail certain information regarding the Company's consumer loans as of June 30, 2020 and December 31, 2019:
June 30, 2020:
 
 
 
 
 
 
 
 
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
 
$
163,043

 
$
6,811

 
$
169,854

 
$
1,912

 
$
(5,085
)
 
$
166,681

 
0.87
 
4
(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.
December 31, 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
 
$
179,743

 
$
5,027

 
$
184,770

 
$
2,561

 
$
(377
)
 
$
186,954

 
0.82
 
4
(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 tables below detail certain information regarding the Company's residential mortgage loans as of June 30, 2020 and December 31, 2019.
June 30, 2020:
 
 
 
 
 
 
 
 
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)
 
$
937,154

 
$
9,063

 
$
946,217

 
$
10,597

 
$
(8,367
)
 
$
948,447

 
6.26
%
 
5.33
%
 
2.43
(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 $806.1 million of non-QM loans that have been securitized and are held in consolidated securitization trusts. Such loans had $9.4 million and $(3.2) million of gross unrealized gains and gross unrealized losses, respectively; such unrealized gains (losses) are presented on a gross basis on the Company's Consolidated Condensed Statement of Operations. See Note 10.
December 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)
 
$
911,705

 
$
9,354

 
$
921,059

 
$
13,082

 
$
(1,938
)
 
$
932,203

 
6.44
%
 
5.79
%
 
1.90
(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 $628.4 million of non-QM loans that have been securitized and are held in consolidated securitization trusts.
Financing Receivable, Past Due [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, 2020 and December 31, 2019:
 
 
As of
 
 
June 30, 2020
 
December 31, 2019
(In thousands)
 
Unpaid Principal Balance
 
Fair Value
 
Unpaid Principal Balance
 
Fair Value
90 days or more past due—non-accrual status
 
 
 
 
 
 
 
 
Residential mortgage loans
 
$
69,375

 
$
65,618

 
$
22,092

 
$
19,401

Commercial mortgage loans
 
24,123

 
23,888

 
28,936

 
26,545

Consumer loans
 
2,067

 
1,935

 
5,633

 
5,225
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 residential mortgage loans as a percentage of total outstanding unpaid principal balance as of June 30, 2020 and December 31, 2019:
Property Location by U.S. State
 
June 30, 2020
 
December 31, 2019
California
 
45.1
%
 
46.6
%
Florida
 
12.7
%
 
11.9
%
Texas
 
10.8
%
 
11.9
%
Colorado
 
3.1
%
 
3.2
%
Massachusetts
 
3.0
%
 
2.9
%
Oregon
 
2.4
%
 
2.2
%
Illinois
 
2.1
%
 
1.7
%
Arizona
 
2.0
%
 
2.4
%
Utah
 
1.9
%
 
1.9
%
Nevada
 
1.8
%
 
1.6
%
Washington
 
1.7
%
 
1.6
%
New Jersey
 
1.4
%
 
1.1
%
New York
 
1.3
%
 
1.3
%
Maryland
 
1.1
%
 
1.1
%
Connecticut
 
1.0
%
 
—
%
North Carolina
 
1.0
%
 
—
%
Other
 
7.6
%
 
8.6
%
 
 
100.0
%
 
100.0
%

The table below summarizes the geographic distribution of the real estate collateral underlying the Company's commercial mortgage loans as a percentage of total outstanding unpaid principal balance as of June 30, 2020 and December 31, 2019:
Property Location by U.S. State
 
June 30, 2020
 
December 31, 2019
Florida
 
17.4
%
 
31.7
%
New York
 
15.7
%
 
17.7
%
Pennsylvania
 
9.8
%
 
—
%
Virginia
 
9.4
%
 
6.8
%
Connecticut
 
9.1
%
 
8.2
%
New Jersey
 
6.7
%
 
13.3
%
Utah
 
5.8
%
 
—
%
Missouri
 
5.7
%
 
4.6
%
California
 
4.9
%
 
—
%
Massachusetts
 
4.4
%
 
4.7
%
Arizona
 
3.1
%
 
3.8
%
Indiana
 
2.0
%
 
2.1
%
North Carolina
 
1.7
%
 
1.8
%
Nevada
 
1.4
%
 
1.5
%
Tennessee
 
1.4
%
 
1.5
%
Illinois
 
1.2
%
 
1.2
%
Other
 
0.3
%
 
1.1
%
 
 
100.0
%
 
100.0
%

The following table summarizes the Company's exposure to counterparty risk as of June 30, 2020 and December 31, 2019.
June 30, 2020:
 
 
Amount of Exposure
 
Number of Counterparties with Exposure
 
Maximum Percentage of Exposure to a Single Counterparty(1)
 
 
(In thousands)
 
 
 
 
Cash and cash equivalents
 
$
146,531

 
9

 
25.2
%
Collateral on repurchase agreements held by dealers(2)
 
1,628,480

 
26

 
13.8
%
Due from brokers
 
56,702

 
21

 
37.2
%
Receivable for securities sold(3)
 
14,260

 
2

 
69.9
%
(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.
December 31, 2019:
 
 
Amount of Exposure
 
Number of Counterparties with Exposure
 
Maximum Percentage of Exposure to a Single Counterparty(1)
 
 
(In thousands)
 
 
 
 
Cash and cash equivalents
 
$
72,302

 
11

 
42.2
%
Collateral on repurchase agreements held by dealers(2)
 
2,793,696

 
28

 
13.8
%
Due from brokers
 
79,829

 
24

 
30.9
%
Receivable for securities sold(3)
 
69,995

 
5

 
62.3
%
(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 June 30, 2020 and December 31, 2019.
 
 
As of
 
 
June 30, 2020
 
December 31, 2019
(In thousands)
 
Unpaid Principal Balance
 
Fair Value
 
Unpaid Principal Balance
 
Fair Value
Re-performing
 
$
23,438

 
$
20,920

 
$
27,663

 
$
25,323

Non-performing
 
66,170

 
62,957

 
17,757

 
15,580
Consumer Loans, Delinquency Status [Table Text Block]
The table below provides details on the delinquency status as a percentage of total unpaid principal balance of the Company's consumer loans, which the Company uses as an indicator of credit quality, as of June 30, 2020 and December 31, 2019:
Days Past Due
 
June 30, 2020
 
December 31, 2019
Current
 
95.9
%
 
95.3
%
30-59 Days
 
1.6
%
 
2.1
%
60-89 Days
 
1.1
%
 
1.4
%
90-119 Days
 
1.2
%
 
1.2
%
>120 Days
 
0.2
%
 
—
%
 
 
100.0
%
 
100.0
%