v3.19.3

Investment in Loans (Tables) | 9 Months Ended
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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.

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- Definition Tabular disclosure of financing receivables by credit quality indicator. The credit quality indicator is a statistic about the credit quality of financing receivables. Examples include, but not limited to, consumer credit risk scores, credit-rating-agency ratings, an entity's internal credit risk grades, loan-to-value ratios, collateral, collection experience and other internal metrics. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 29 -URI http://asc.fasb.org/extlink&oid=84173941&loc=SL6953659-111524 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 55 -Paragraph 19 -URI http://asc.fasb.org/extlink&oid=82894031&loc=SL6953803-111525 + Details
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- Definition Tabular disclosure of the various types of trade accounts and notes receivable and for each the gross carrying value, allowance, and net carrying value as of the balance sheet date. Presentation is categorized by current, noncurrent and unclassified receivables. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.3,4) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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