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Fair Value of Financial Instruments - Carrying Value and Estimated Fair Value of the Company's Financial Assets (Details) - USD ($)
$ in Thousands
Sep. 30, 2017
Dec. 31, 2016
Financial Assets:    
Cash and cash equivalents $ 101,904 $ 83,554
Fair Value 674,161 818,976
Derivative assets 182,115 150,296
Mezzanine loan and preferred equity investments, carrying value 123,944 138,323
Financial Liabilities    
Financing arrangements 608,304 773,142
Derivative liabilities 467 498
Subordinated debentures, carrying value 45,000 45,000
Convertible notes, carrying value 128,273 0
Distressed residential mortgage loans held in securitization trusts, carrying amount 133,972 195,347
Distressed residential mortgage loans    
Financial Assets:    
Residential mortgage loans held in securitization trusts (net) 235,700 307,700
Financial Liabilities    
Distressed residential mortgage loans held in securitization trusts, carrying amount 369,700 503,100
Distressed residential mortgage loans    
Financial Liabilities    
Distressed residential mortgage loans held in securitization trusts, carrying amount 134,000 195,300
Equity Method Investments    
Financial Assets:    
Investment in unconsolidated entities, carrying value 10,242 18,927
Investments in unconsolidated entities, estimated fair value 41,026 60,332
Portfolio Investments    
Financial Liabilities    
Financing arrangements 608,304 773,142
Residential collateralized debt obligations    
Financial Liabilities    
Secured debt, carrying value 76,867 91,663
Multi-family collateralized debt obligations    
Financial Liabilities    
Secured debt, carrying value 7,990,619 6,624,896
Available-for-sale securities    
Financial Liabilities    
Investment securities, available for sale, at fair value (including $46,623 and $43,897 held in securitization trusts as of September 30, 2017 and December 31, 2016, respectively, and pledged securities of $493,632 and $690,592, as of September 30, 2017 and December 31, 2016, respectively) 46,623 43,897
Level 1    
Financial Assets:    
Cash and cash equivalents 101,904 83,554
Cash and cash equivalents, estimated fair value 101,904 83,554
Receivable for securities sold, carrying value 1,261 0
Receivable for securities sold, estimated fair value 1,261 0
Financial Liabilities    
Payable for securities purchased, carrying value 181,718 148,015
Payable for securities purchased, estimated fair value 181,718 148,015
Level 3    
Financial Assets:    
Mortgage loans held for sale (net), carrying value 6,797 7,847
Mortgage loans held for sale (net), estimated fair value 6,899 7,959
Mortgage loans held for investment, carrying value 1,760 19,529
Mortgage loans held for investment, estimated fair value 1,900 19,641
Mezzanine loan and preferred equity investments, carrying value 122,578 100,150
Mezzanine loan and preferred equity investments, estimated fair value 124,436 101,408
Investment in unconsolidated entities, carrying value 51,268 79,259
Investments in unconsolidated entities, estimated fair value 51,342 79,390
Financial Liabilities    
Secured debt, carrying value 98,371 158,867
Secured debt, estimated fair value 105,768 163,884
Subordinated debentures, carrying value 45,000 45,000
Subordinated debentures, estimated fair value 44,989 43,132
Level 3 | Residential collateralized debt obligations    
Financial Liabilities    
Secured debt, carrying value 76,867 91,663
Secured debt, estimated fair value 72,428 85,568
Level 3 | Multi-family collateralized debt obligations    
Financial Liabilities    
Secured debt, carrying value 7,990,619 6,624,896
Secured debt, estimated fair value 7,990,619 6,624,896
Level 3 | Residential mortgage loans held in securitization trusts    
Financial Assets:    
Residential mortgage loans held in securitization trusts (net) 79,875 95,144
Residential mortgage loans held in securitization trusts (net), estimated fair value 77,412 88,718
Level 3 | Distressed residential mortgage loans    
Financial Assets:    
Residential mortgage loans held in securitization trusts (net) 369,651 503,094
Residential mortgage loans held in securitization trusts (net), estimated fair value 374,169 504,915
Level 3 | Residential mortgage loans, at fair value    
Financial Assets:    
Residential mortgage loans held in securitization trusts (net) 69,512 17,769
Residential mortgage loans held in securitization trusts (net), estimated fair value 69,512 17,769
Level 3 | Multi-family loans held in securitization trusts    
Financial Assets:    
Residential mortgage loans held in securitization trusts (net) 8,399,334 6,939,844
Residential mortgage loans held in securitization trusts (net), estimated fair value 8,399,334 6,939,844
Level 1 and 2    
Financial Assets:    
Derivative assets 182,115 150,296
Financial Liabilities    
Derivative liabilities 467 498
Level 2    
Financial Liabilities    
Convertible notes, carrying value 128,273 0
Convertible notes, estimated fair value 138,697 0
Level 2 | Portfolio Investments    
Financial Liabilities    
Financing arrangements 608,304 773,142
Level 2 | Distressed residential mortgage loans    
Financial Liabilities    
Financing arrangements $ 160,562 $ 192,419