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v3.20.1

Residential Whole Loans (Allowance for Credit Losses) (Details) - USD ($) $ in Thousands | 3 Months Ended |
--- | --- | ---
Mar. 31, 2020 | Mar. 31, 2019 | Jan. 01, 2020
Financing Receivable, Allowance for Credit Loss [Roll Forward] |  |  |  |
Allowance for credit losses at beginning of period |  | $ 3,025 | $ 968 |
Transition adjustment on adoption of ASU 2016-13 |  | 70,555 |  |
Current provision |  | 74,897 | 2,569 |
Write-offs |  | (647) | (512) |
Valuation adjustment on loans held for sale |  | 70,181 |  |
Allowance for credit and valuation losses at end of period |  | 218,011 | 3,025 |
Residential whole loans, at carrying value |  | 4,968,583 |  |
Cumulative effect adjustment on adoption of new accounting standard for revenue recognition |  |  |  | $ (8,326)
Gross up of the amortized cost basis of Purchased Credit Deteriorated Loans |  | 62,400 |  |
Non-QM Loans |  |  |  |
Financing Receivable, Allowance for Credit Loss [Roll Forward] |  |  |  |
Allowance for credit losses at beginning of period |  | 388 | 0 |
Transition adjustment on adoption of ASU 2016-13 |  | 6,904 |  |
Current provision |  | 26,358 | 388 |
Write-offs |  | 0 | 0 |
Valuation adjustment on loans held for sale |  | 70,181 |  |
Allowance for credit and valuation losses at end of period |  | 103,831 | 388 |
Rehabilitation loans |  |  |  |
Financing Receivable, Allowance for Credit Loss [Roll Forward] |  |  |  |
Allowance for credit losses at beginning of period |  | 2,331 | 0 |
Transition adjustment on adoption of ASU 2016-13 |  | 517 |  |
Current provision |  | 33,213 | 2,843 |
Write-offs |  | (428) | (512) |
Valuation adjustment on loans held for sale |  | 0 |  |
Allowance for credit and valuation losses at end of period |  | 35,633 | 2,331 |
Residential whole loans, at carrying value |  | 110,800 |  |
Single-family rental loans |  |  |  |
Financing Receivable, Allowance for Credit Loss [Roll Forward] |  |  |  |
Allowance for credit losses at beginning of period |  | 62 | 0 |
Transition adjustment on adoption of ASU 2016-13 |  | 754 |  |
Current provision |  | 6,615 | 62 |
Write-offs |  | 0 | 0 |
Valuation adjustment on loans held for sale |  | 0 |  |
Allowance for credit and valuation losses at end of period |  | 7,431 | 62 |
Seasoned performing loans |  |  |  |
Financing Receivable, Allowance for Credit Loss [Roll Forward] |  |  |  |
Allowance for credit losses at beginning of period |  | 0 | 0 |
Transition adjustment on adoption of ASU 2016-13 |  | 19 |  |
Current provision |  | 230 | 0 |
Write-offs |  | 0 | 0 |
Valuation adjustment on loans held for sale |  | 0 |  |
Allowance for credit and valuation losses at end of period |  | 249 | 0 |
Purchased Credit Deteriorated Loans |  |  |  |
Financing Receivable, Allowance for Credit Loss [Roll Forward] |  |  |  |
Allowance for credit losses at beginning of period |  | 244 | 968 |
Transition adjustment on adoption of ASU 2016-13 |  | 62,361 |  |
Current provision |  | 8,481 | (724) |
Write-offs |  | (219) | 0 |
Valuation adjustment on loans held for sale |  | 0 |  |
Allowance for credit and valuation losses at end of period |  | 70,867 | $ 244 |
Residential whole loans, at carrying value |  | 74,500 |  |
Unfunded Loan Commitment |  |  |  |
Financing Receivable, Allowance for Credit Loss [Roll Forward] |  |  |  |
Allowance for credit and valuation losses at end of period |  | 3,500 |  |
Commitment to lend, unfunded |  | 123,100 |  |
Non-QM Loans |  |  |  |
Financing Receivable, Allowance for Credit Loss [Roll Forward] |  |  |  |
Loans net carrying amount | [1],[2] | 895,300 |  |
Residential whole loans, at carrying value |  | $ 2,573,266 |  |
Accounting Standards Update 2016-13 |  |  |  |
Financing Receivable, Allowance for Credit Loss [Roll Forward] |  |  |  |
Cumulative effect adjustment on adoption of new accounting standard for revenue recognition |  |  |  | $ 8,300
[1] | Includes Non-QM loans held-for-sale with an amortized cost of $965.5 million and a net carrying value of $895.3 million at March 31, 2020.
[2] | Includes approximately $185.9 million and $186.4 million of Residential whole loans, at carrying value and $516.4 million and $567.4 million of Residential whole loans, at fair value transferred to consolidated variable interest entities (“VIEs”) at March 31, 2020 and December 31, 2019, respectively. Such assets can be used only to settle the obligations of each respective VIE

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