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Investment in Loans (Tables)
 12 Months Ended
Dec. 31, 2021
Receivables [Abstract]  
Summary of Investments in Loans The following table is a summary of the Company's investments in loans as of December 31, 2021 and 2020:
As of
(In thousands)December 31, 2021December 31, 2020
Loan TypeUnpaid Principal BalanceFair
Value		Unpaid Principal BalanceFair
Value
Residential mortgage loans$1,969,874 $2,016,228 $1,150,303 $1,187,069 
Commercial mortgage loans326,438 326,197 212,716 213,031 
Consumer loans59,881 62,365 48,180 47,525 
Corporate loans10,531 10,531 5,855 5,855 
Total$2,366,724 $2,415,321 $1,417,054 $1,453,480 
The tables below detail certain information regarding the Company's residential mortgage loans as of December 31, 2021 and 2020.
December 31, 2021:
Gross UnrealizedWeighted Average
($ in thousands)Unpaid Principal BalancePremium (Discount) Amortized Cost GainsLossesFair ValueCouponYield
Life (Years)(1)
Residential mortgage loans, held-for-investment(2)
$1,958,807 $45,462 $2,004,269 $13,792 $(13,173)$2,004,888 5.63 %4.67 %2.06
Residential mortgage loans, held-for-sale11,067 (1,423)9,644 1,707 (11)11,340 4.58 5.94 %0.08
Total residential mortgage loans$1,969,874 $44,039 $2,013,913 $15,499 $(13,184)$2,016,228 5.63 %4.68 %2.05
(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 $1.042 billion of non-QM loans that have been securitized and are held in consolidated securitization trusts. Such loans had $11.5 million and $(3.7) million of gross unrealized gains and gross unrealized losses, respectively. See Residential Mortgage Loan Securitizations in Note 10 for additional information.
December 31, 2020:
Gross UnrealizedWeighted Average
($ in thousands)Unpaid Principal BalancePremium (Discount) Amortized Cost GainsLossesFair ValueCouponYield
Life (Years)(1)
Residential mortgage loans, held-for-investment(2)
$1,150,303 $14,263 $1,164,566 $27,892 $(5,389)$1,187,069 6.19 %5.60 %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 $801.3 million of non-QM loans that have been securitized and are held in consolidated securitization trusts. Such loans had $24.8 million and $(0.1) million of gross unrealized gains and gross unrealized losses, respectively. See Residential Mortgage Loan Securitizations in Note 10 for additional information.
The tables below detail certain information regarding the Company's commercial mortgage loans as of December 31, 2021 and 2020:
December 31, 2021:
Gross UnrealizedWeighted Average
($ in thousands)Unpaid Principal BalancePremium (Discount) Amortized Cost GainsLossesFair ValueCoupon
Yield(1)
Life (Years)(2)
Commercial mortgage loans, held-for-investment$326,438 $— $326,438 $76 $(317)$326,197 7.05 %6.99 %1.33
(1)Excludes non-performing commercial mortgage loans, in non-accrual status, with a fair value of $15.5 million.
(2)Average lives of loans are generally shorter than stated contractual maturities. Average lives are affected by scheduled periodic payments of principal and unscheduled prepayments of principal.
December 31, 2020:
Gross UnrealizedWeighted Average
($ in thousands)Unpaid Principal BalancePremium (Discount) Amortized Cost GainsLossesFair ValueCoupon
Yield(1)
Life (Years)(2)
Commercial mortgage loans, held-for-investment$212,716 $290 $213,006 $479 $(454)$213,031 8.38 %8.28 %0.62
(1)Excludes non-performing commercial mortgage loans, in non-accrual status, with a fair value of $31.5 million.
(2)Average lives of loans are generally shorter than stated contractual maturities. Average lives are affected by scheduled periodic payments of principal and unscheduled prepayments of principal.
The tables below detail certain information regarding the Company's consumer loans as of December 31, 2021 and 2020:
December 31, 2021:
Gross UnrealizedWeighted Average
($ in thousands)Unpaid Principal BalancePremium (Discount)Amortized CostGainsLosses
Fair Value(1)
Life (Years)(2)
Delinquency (Days)
Consumer loans, held-for-investment$59,881 $3,212 $63,093 $809 $(1,537)$62,365 0.944
(1)Includes $0.3 million of charged-off loans for which the Company has determined that it is probable the servicer will be able to collect principal and interest.
(2)Average lives of loans are generally shorter than stated contractual maturities. Average lives are affected by scheduled periodic payments of principal and unscheduled prepayments of principal.
December 31, 2020:
Gross UnrealizedWeighted Average
($ in thousands)Unpaid Principal BalancePremium (Discount)Amortized CostGainsLosses
Fair Value(1)
Life (Years)(2)
Delinquency (Days)
Consumer loans, held-for-investment$48,180 $72 $48,252 $1,160 $(1,887)$47,525 1.047
(1)Includes $0.6 million of charged-off loans for which the Company has determined that it is probable the servicer will be able to collect principal and interest.
(2)Average lives of loans are generally shorter than stated contractual maturities. Average lives are affected by scheduled periodic payments of principal and unscheduled prepayments of principal.
The tables below detail certain information regarding the Company's corporate loans as of December 31, 2021 and 2020:
December 31, 2021:
Weighted Average
($ in thousands)Unpaid
Principal Balance		Fair ValueRateRemaining Term (Years)
Corporate loans, held-for-investment(1)
$10,531 $10,531 16.14 %4.01
(1)See Note 21 for further details on the Company's unfunded commitments related to certain of its corporate loans.
December 31, 2020:
Weighted Average
($ in thousands)Unpaid
Principal Balance		Fair ValueRateRemaining Term (Years)
Corporate loans, held-for-investment(1)
$5,855 $5,855 20.00 %1.75
(1)See Note 21 for further details on the Company's unfunded commitments related to certain of its corporate loans.
Financing Receivable, Past Due [Table Text Block]
The following table provides details, by loan type, for loans that are 90 days or more past due as of December 31, 2021 and 2020:
As of
December 31, 2021December 31, 2020
(In thousands)Unpaid Principal BalanceFair ValueUnpaid Principal BalanceFair Value
90 days or more past due—non-accrual status
Residential mortgage loans$36,528 $33,288 $64,509 $60,381 
Commercial mortgage loans15,500 15,462 44,233 44,052 
Consumer loans600 589 1,015 930 
Schedules of Exposure to Counterparty Risk
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 December 31, 2021 and 2020:
Property Location by U.S. StateDecember 31, 2021December 31, 2020
California40.2 %43.1 %
Florida14.9 %14.8 %
Texas11.9 %10.2 %
Utah2.9 %1.7 %
Massachusetts2.2 %2.6 %
Arizona2.1 %2.0 %
Colorado2.0 %3.1 %
Illinois2.0 %1.8 %
Nevada1.9 %1.9 %
Oregon1.8 %2.2 %
North Carolina1.8 %1.1 %
New York1.7 %1.6 %
Tennessee1.6 %0.8 %
Georgia1.5 %1.3 %
Washington1.5 %1.4 %
Connecticut1.2 %0.9 %
New Jersey1.1 %1.4 %
Maryland0.7 %1.0 %
Other7.0 %7.1 %
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 December 31, 2021 and 2020:
Property Location by U.S. StateDecember 31, 2021December 31, 2020
Florida32.3 %23.8 %
New York13.5 %15.2 %
Arizona9.3 %4.3 %
Tennessee7.7 %— %
Ohio7.3 %7.3 %
Missouri7.0 %7.9 %
North Carolina5.9 %2.2 %
New Jersey5.1 %5.8 %
Michigan4.9 %— %
Connecticut3.5 %11.2 %
New Hampshire3.5 %— %
Massachusetts— %6.1 %
California— %5.9 %
Virginia— %4.2 %
Indiana— %2.8 %
Nevada— %1.9 %
Illinois— %1.4 %
100.0 %100.0 %
The following table summarizes the Company's exposure to counterparty risk as of December 31, 2021 and 2020.
December 31, 2021:
Amount of ExposureNumber of Counterparties with Exposure
Maximum Percentage of Exposure to a Single Counterparty(1)
(In thousands)
Cash and cash equivalents$92,661 9 46.9 %
Collateral on repurchase agreements held by dealers(2)
2,822,847 23 33.5 %
Due from brokers93,549 19 29.1 %
Receivable for securities sold(3)
11,014 3 50.7 %
(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 Consolidated Balance Sheet.
December 31, 2020:
Amount of ExposureNumber of Counterparties with Exposure
Maximum Percentage of Exposure to a Single Counterparty(1)
(In thousands)
Cash and cash equivalents$111,647 8 40.1 %
Collateral on repurchase agreements held by dealers(2)
1,860,059 24 15.3 %
Due from brokers63,147 22 28.9 %
Receivable for securities sold(3)
1,416 2 94.5 %
(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 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 December 31, 2021 and 2020.
As of
December 31, 2021December 31, 2020
(In thousands)Unpaid Principal BalanceFair ValueUnpaid Principal BalanceFair Value
Re-performing$20,712 $20,611 $18,120 $16,741 
Non-performing33,949 30,806 62,009 58,169 
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 December 31, 2021 and 2020:
Days Past DueDecember 31, 2021December 31, 2020
Current96.0 %90.4 %
30-59 Days1.7 %3.4 %
60-89 Days1.3 %3.3 %
90-119 Days1.0 %2.8 %
>120 Days— %0.1 %
100.0 %100.0 %