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Residential Mortgage Loans, At Fair Value (Tables)
 12 Months Ended
Dec. 31, 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 December 31, 2017 and December 31, 2016, respectively (dollar amounts in thousands):
 
 
Principal
 
Premium/(Discount)
 
Unrealized Gains/(Losses)
 
Carrying Value
December 31, 2017
 
$
92,105

 
$
(4,911
)
 
$
(41
)
 
$
87,153

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 years ended December 31, 2017 and 2016, respectively (dollar amounts in thousands):

 
December 31, 2017
 
December 31, 2016
Net realized gain on payoff and sale of loans
$
1,719

 
$
—

Net unrealized losses
41

 
—
Schedule of Geographic Concentration Risk Exceeding 5%
The geographic concentrations of credit risk exceeding 5% of the total loan balances in our residential mortgage loans held in securitization trusts and REO held in residential securitization trusts at December 31, 2017 and December 31, 2016 are as follows:
 
December 31, 2017
 
December 31, 2016
New York
31.8
%
 
33.8
%
Massachusetts
20.7
%
 
19.9
%
New Jersey
11.9
%
 
10.8
%
Florida
8.8
%
 
8.9
%
Connecticut
7.3
%
 
7.4
%
Maryland
5.2
%
 
5.1
%


The geographic concentrations of credit risk exceeding 5% of the unpaid principal balance of residential mortgage loans at fair value as of December 31, 2017 and December 31, 2016, respectively, are as follows:
 
December 31, 2017
 
December 31, 2016
California
35.9
%
 
63.3
%
New Jersey
7.7
%
 
2.5
%
Florida
6.6
%
 
5.6
%