Residential Mortgage Loans, At Fair Value (Tables)

9 Months Ended

Sep. 30, 2017

Mortgage Loans on Real Estate [Abstract]

Residential Mortgage Loans at Fair Value

The Company’s residential mortgage loans at fair value consist of the following as of September 30, 2017 and December 31, 2016, respectively (dollar amounts in thousands):



	Principal		Premium/(Discount)			Unrealized Gains/(Losses)		Carrying Value
September 30, 2017	$	73,546	$	(4,258	)	$	224	$	69,512
December 31, 2016	$	17,540	$	229		$	—	$	17,769

Components of Net Gain on Residential Mortgage Loans at Fair Value

The following table presents the components of net gain on residential mortgage loans at fair value for the nine months ended September 30, 2017 and 2016:



	September 30, 2017		September 30, 2016
Net realized gain on payoff and sale of loans	$	493	$	—
Net unrealized gains	$	224	$	—

Schedule of Geographic Concentration of Credit Risk

The geographic concentrations of credit risk exceeding 5% of the total loan balances in our residential mortgage loans held in securitization trusts and real estate owned held in residential securitization trusts as of September 30, 2017 and December 31, 2016 are as follows:



	September 30, 2017		December 31, 2016
New York	32.0	%	33.8	%
Massachusetts	19.9	%	19.9	%
New Jersey	11.1	%	10.8	%
Florida	10.0	%	8.9	%
Connecticut	8.1	%	7.4	%
Maryland	5.3	%	5.1	%

The geographic concentrations of credit risk exceeding 5% of the unpaid principal balance of residential mortgage loans at fair value as of September 30, 2017 and December 31, 2016, respectively, are as follows:



	September 30, 2017		December 31, 2016
California	34.98	%	63.32	%
Florida	8.48	%	5.63	%
New Jersey	8.28	%	2.46	%