v3.19.1

Investment in Loans | 3 Months Ended
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Mar. 31, 2019
Receivables [Abstract] |
Investment in Loans | Investment in Loans The Company invests in various types of loans, such as residential mortgage, commercial mortgage, and consumer loans. As discussed in Note 2, the Company has elected the FVO for its 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 |
The Company is subject to credit risk in connection with its investments in loans. The two primary components of credit risk are default risk, which is the risk that a borrower fails to make scheduled principal and interest payments, and severity risk, which is the risk of loss upon a borrower default on a mortgage loan or other secured or unsecured loan. Severity risk includes the risk of loss of value of the property or other asset, if any, securing the loan, as well as the risk of loss associated with taking over the property or other asset, if any, including foreclosure costs. 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.
Residential Mortgage Loans 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 | %
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 |
As described in Note 2, the Company evaluates the cost basis of its residential mortgage loans for impairment on at least a quarterly basis. For the three-month period ended March 31, 2019, the Company recognized an impairment charge of $0.1 million on the cost basis of its residential mortgage loans, which is included in Realized gains (losses) on securities and loans, net, on the Condensed Consolidated Statement of Operations. The impairment charge recognized for the three-month period ended March 31, 2019, where the fair value of the residential mortgage loans was less than their carrying amount, related to residential mortgage loans with an aggregate unpaid principal balance of $2.2 million and fair value of $1.9 million. As of March 31, 2019, the Company had residential mortgage loans that were in the process of foreclosure with a fair value of $8.1 million. Commercial Mortgage Loans The table below details certain information regarding the Company's commercial mortgage loans as of March 31, 2019:
|  |  |  |  |  |  |  | Gross Unrealized |  |  |  | Weighted Average
($ 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 | %
As of March 31, 2019, the Company had five non-performing commercial mortgage loans with an unpaid principal balance and fair value of $65.2 million and $40.8 million, respectively. The Company evaluates the cost basis of its commercial mortgage loans for impairment on at least a quarterly basis. As of March 31, 2019, the Company did not have any commercial mortgage loans that were in the process of foreclosure. Consumer Loans The table below details certain information regarding the Company's consumer loans as of March 31, 2019:
|  |  |  |  |  |  |  | Gross Unrealized |  |  |  | Weighted Average
($ 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 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 | %
(1) | As a percentage of total unpaid principal balance.
As described in Note 2, the Company evaluates the cost basis of its pools of consumer loans for impairments on at least a quarterly basis. For the three-month period ended March 31, 2019, the Company recognized an impairment charge of $2.1 million on the cost basis of its consumer loan pools, which is included in Realized gains (losses) on securities and loans, net, on the Condensed Consolidated Statement of Operations. The impairment charge recognized for the three-month period ended March 31, 2019, where the fair value of the consumer loan pools was less than their carrying amount, related to consumer loan pools with an aggregate unpaid principal balance of $173.8 million and fair value of $181.3 million.

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- Definition The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=84173941&loc=d3e5074-111524 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(4)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03(a)(5)) -URI http://asc.fasb.org/extlink&oid=6879938&loc=d3e572229-122910 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=84173941&loc=d3e5162-111524 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=84173941&loc=d3e5066-111524 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(3)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03(7)) -URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-04(6)) -URI http://asc.fasb.org/extlink&oid=6488278&loc=d3e603758-122996 + Details
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