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Preferred Equity and Mezzanine Loan Investments - (Tables) | 12 Months Ended
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Dec. 31, 2017
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets and Liabilities, Net [Abstract] |
Schedule of Mezzanine Loans and Preferred Equity Investments | The geographic concentrations of credit risk exceeding 5% of the total preferred equity and mezzanine loan investment amounts as of December 31, 2017 and December 31, 2016 are as follows:
| December 31, 2017 |  | December 31, 2016
Texas | 24.3 | % |  | 43.3 | %
New York | 24.1 | % |  | — |
Virginia | 10.8 | % |  | 14.9 | %
Alabama | 7.1 | % |  | — |
South Carolina | 7.0 | % |  | 9.4 | %
Kentucky | 5.2 | % |  | 7.2 | %
consist of the following as of December 31, 2017 and December 31, 2016 (dollar amounts in thousands):
| December 31, 2017 |  | December 31, 2016
Investment amount | $ | 140,560 |  |  | $ | 101,154 |
Deferred loan fees, net | (1,640 | ) |  | (1,004 | )
Total | $ | 138,920 |  |  | $ | 100,150 |
owing table summarizes the Company’s securitized debt collateralized by multi-family CMBS or distressed residential mortgage loans (dollar amounts in thousands):
| Multi-family CMBS Re-securitization(1) |  | Distressed Residential Mortgage Loan Securitizations
Principal Amount at December 31, 2017 | $ | 33,350 |  |  | $ | 53,089 |
Principal Amount at December 31, 2016 | $ | 33,553 |  |  | $ | 132,319 |
Carrying Value at December 31, 2017(2) | $ | 29,164 |  |  | $ | 52,373 |
Carrying Value at December 31, 2016(2) | $ | 28,332 |  |  | $ | 130,535 |
Pass-through rate of Notes issued | 5.35 | % |  | 4.00 | %
(1) | The Company engaged in the re-securitization transaction primarily for the purpose of obtaining non-recourse financing on a portion of its multi-family CMBS portfolio. As a result of engaging in this transaction, the Company remains economically exposed to the first loss position on the underlying multi-family CMBS transferred to the Consolidated VIE. The holders of the Note issued in this re-securitization have no recourse to the general credit of the Company, but the Company does have the obligation, under certain circumstances, to repurchase assets upon the breach of certain representations and warranties. The Company will receive all remaining cash flow, if any, through its retained ownership.
(2) | Classified as securitized debt in the liability section of the Company’s accompanying consolidated balance sheets.

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