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Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2017

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following table presents the Company’s financial instruments measured at fair value on a recurring basis as of December 31, 2017 and 2016, respectively, on the Company’s consolidated balance sheets (dollar amounts in thousands):

	Measured at Fair Value on a Recurring Basis at
	December 31, 2017																December 31, 2016
	Level 1				Level 2				Level 3				Total				Level 1				Level 2				Level 3				Total
Assets carried at fair value
Investment securities available for sale:
Agency RMBS	$	—			$	1,169,536			$	—			$	1,169,536			$	—			$	526,363			$	—			$	526,363
Non-Agency RMBS	—				102,125				—				102,125				—				163,284				—				163,284
U.S. Treasury securities	—				—				—				—				2,887				—				—				2,887
CMBS	—				93,498				47,922				141,420				—				82,545				43,897				126,442
Multi-family loans held in securitization trusts	—				—				9,657,421				9,657,421				—				—				6,939,844				6,939,844
Residential mortgage loans, at fair value	—				—				87,153				87,153				—				—				17,769				17,769
Derivative Assets:
TBA securities	—				—				—				—				—				148,139				—				148,139
Interest rate swap futures	—				—				—				—				444				—				—				444
Interest rate swaps	—				846				—				846				—				108				—				108
Swaptions	—				—				—				—				—				431				—				431
Eurodollar futures	—				—				—				—				1,175				—				—				1,175
Investments in unconsolidated entities	—				—				42,823				42,823				—				—				60,332				60,332
Total	$	—			$	1,366,005			$	9,835,319			$	11,201,324			$	4,506			$	920,870			$	7,061,842			$	7,987,218
Liabilities carried at fair value
Multi-family collateralized debt obligations	$	—			$	—			$	9,189,459			$	9,189,459			$	—			$	—			$	6,624,896			$	6,624,896
Derivative liabilities:
U.S. Treasury futures	—				—				—				—				107				—				—				107
Interest rate swaps	—				—				—				—				—				391				—				391
Total	$	—			$	—			$	9,189,459			$	9,189,459			$	107			$	391			$	6,624,896			$	6,625,394

The following table details changes in valuation for the Level 3 assets for the years ended December 31, 2017, 2016 and 2015, respectively (amounts in thousands):

Level 3 Assets:

	Years Ended December 31,
	2017				2016				2015
Balance at beginning of period	$	7,061,842			$	7,214,587			$	8,442,604
Total (losses)/gains (realized/unrealized)
Included in earnings (1)	(17,841		)		(19,495		)		(90,662		)
Included in other comprehensive income (loss)	602				224				(360		)
Transfers in (2)	—				52,176				—
Transfers out (3)	—				(56,756		)		—
Contributions	2,500				3,200				26,461
Paydowns/Distributions	(176,037		)		(150,824		)		(88,874		)
Sales (4)	(7,224		)		—				(1,075,529		)
Purchases (5)	2,971,477				18,730				947
Balance at the end of period	$	9,835,319			$	7,061,842			$	7,214,587

⁽¹⁾  Amounts included in interest income from multi-family loans held in securitization trusts, interest income from residential mortgage loans, realized gain on distressed residential mortgage loans, net gain on residential mortgage loans at fair value, unrealized gain on multi-family loans and debt held in securitization trusts, and other income.

⁽²⁾  Transfers into Level 3 include investments in unconsolidated entities held by RiverBanc and RBMI for which the Company accounts under the equity method of accounting with a fair value election. These transfers in are a result of the Company's acquisition of the outstanding membership interests in RiverBanc and RBMI that were not previously owned by the Company on May 16, 2016, which resulted in consolidation of these entities into the Company's financial statements (see Note 23).

⁽³⁾  Transfers out of Level 3 represent the Company's previously held membership interests in RBMI and RBDHC that were accounted for under the equity method of accounting with a fair value election. These transfers out are a result of the Company's acquisition of the outstanding membership interests in RBMI and RBDHC that were not previously owned by the Company on May 16, 2016, which resulted in consolidation of these entities into the Company's financial statements (see Note 23).

⁽⁴⁾  In February 2015, the Company sold a first loss PO security from one of the Company’s Consolidated K-Series securitizations, obtaining total proceeds of approximately $44.3 million and realizing a gain of approximately $1.5 million. The sale resulted in a de-consolidation of $1.1 billion in Multi-Family loans held in a securitization trusts and $1.0 billion in Multi-Family CDOs.

⁽⁵⁾  In 2017, the Company purchased PO securities, certain IOs and mezzanine CMBS securities issued from two Freddie Mac-sponsored multi-family K-Series securitization trusts. The Company determined that the securitization trusts are VIEs and that the Company is the primary beneficiary of each VIE. As a result, the Company consolidated assets of the Consolidated K-Series in the amount of $2.9 billion (see Notes 2 and 7).

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

The following table presents the Company’s financial instruments measured at fair value on a recurring basis as of December 31, 2017 and 2016, respectively, on the Company’s consolidated balance sheets (dollar amounts in thousands):

	Measured at Fair Value on a Recurring Basis at
	December 31, 2017																December 31, 2016
	Level 1				Level 2				Level 3				Total				Level 1				Level 2				Level 3				Total
Assets carried at fair value
Investment securities available for sale:
Agency RMBS	$	—			$	1,169,536			$	—			$	1,169,536			$	—			$	526,363			$	—			$	526,363
Non-Agency RMBS	—				102,125				—				102,125				—				163,284				—				163,284
U.S. Treasury securities	—				—				—				—				2,887				—				—				2,887
CMBS	—				93,498				47,922				141,420				—				82,545				43,897				126,442
Multi-family loans held in securitization trusts	—				—				9,657,421				9,657,421				—				—				6,939,844				6,939,844
Residential mortgage loans, at fair value	—				—				87,153				87,153				—				—				17,769				17,769
Derivative Assets:
TBA securities	—				—				—				—				—				148,139				—				148,139
Interest rate swap futures	—				—				—				—				444				—				—				444
Interest rate swaps	—				846				—				846				—				108				—				108
Swaptions	—				—				—				—				—				431				—				431
Eurodollar futures	—				—				—				—				1,175				—				—				1,175
Investments in unconsolidated entities	—				—				42,823				42,823				—				—				60,332				60,332
Total	$	—			$	1,366,005			$	9,835,319			$	11,201,324			$	4,506			$	920,870			$	7,061,842			$	7,987,218
Liabilities carried at fair value
Multi-family collateralized debt obligations	$	—			$	—			$	9,189,459			$	9,189,459			$	—			$	—			$	6,624,896			$	6,624,896
Derivative liabilities:
U.S. Treasury futures	—				—				—				—				107				—				—				107
Interest rate swaps	—				—				—				—				—				391				—				391
Total	$	—			$	—			$	9,189,459			$	9,189,459			$	107			$	391			$	6,624,896			$	6,625,394

The following table details changes in valuation for the Level 3 assets for the years ended December 31, 2017, 2016 and 2015, respectively (amounts in thousands):

Level 3 Assets:

	Years Ended December 31,
	2017				2016				2015
Balance at beginning of period	$	7,061,842			$	7,214,587			$	8,442,604
Total (losses)/gains (realized/unrealized)
Included in earnings (1)	(17,841		)		(19,495		)		(90,662		)
Included in other comprehensive income (loss)	602				224				(360		)
Transfers in (2)	—				52,176				—
Transfers out (3)	—				(56,756		)		—
Contributions	2,500				3,200				26,461
Paydowns/Distributions	(176,037		)		(150,824		)		(88,874		)
Sales (4)	(7,224		)		—				(1,075,529		)
Purchases (5)	2,971,477				18,730				947
Balance at the end of period	$	9,835,319			$	7,061,842			$	7,214,587

⁽¹⁾  Amounts included in interest income from multi-family loans held in securitization trusts, interest income from residential mortgage loans, realized gain on distressed residential mortgage loans, net gain on residential mortgage loans at fair value, unrealized gain on multi-family loans and debt held in securitization trusts, and other income.

⁽²⁾  Transfers into Level 3 include investments in unconsolidated entities held by RiverBanc and RBMI for which the Company accounts under the equity method of accounting with a fair value election. These transfers in are a result of the Company's acquisition of the outstanding membership interests in RiverBanc and RBMI that were not previously owned by the Company on May 16, 2016, which resulted in consolidation of these entities into the Company's financial statements (see Note 23).

⁽³⁾  Transfers out of Level 3 represent the Company's previously held membership interests in RBMI and RBDHC that were accounted for under the equity method of accounting with a fair value election. These transfers out are a result of the Company's acquisition of the outstanding membership interests in RBMI and RBDHC that were not previously owned by the Company on May 16, 2016, which resulted in consolidation of these entities into the Company's financial statements (see Note 23).

⁽⁴⁾  In February 2015, the Company sold a first loss PO security from one of the Company’s Consolidated K-Series securitizations, obtaining total proceeds of approximately $44.3 million and realizing a gain of approximately $1.5 million. The sale resulted in a de-consolidation of $1.1 billion in Multi-Family loans held in a securitization trusts and $1.0 billion in Multi-Family CDOs.

⁽⁵⁾  In 2017, the Company purchased PO securities, certain IOs and mezzanine CMBS securities issued from two Freddie Mac-sponsored multi-family K-Series securitization trusts. The Company determined that the securitization trusts are VIEs and that the Company is the primary beneficiary of each VIE. As a result, the Company consolidated assets of the Consolidated K-Series in the amount of $2.9 billion (see Notes 2 and 7).

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

The following table details changes in valuation for the Level 3 liabilities for the years ended December 31, 2017, 2016 and 2015, respectively (amounts in thousands):

Level 3 Liabilities:

	Years Ended December 31,
	2017				2016				2015
Balance at beginning of period	$	6,624,896			$	6,818,901			$	8,048,053
Total losses (realized/unrealized)
Included in earnings (1)	(82,650		)		(57,687		)		(133,245		)
Purchases/(Sales) (2)(3)	2,784,377				—				(1,009,942		)
Paydowns	(137,164		)		(136,318		)		(85,965		)
Balance at the end of period	$	9,189,459			$	6,624,896			$	6,818,901

⁽¹⁾  Amounts included in interest expense on Multi-Family CDOs and unrealized gain on multi-family loans and debt held in securitization trusts.

⁽²⁾  In 2017, the Company purchased PO securities, certain IOs and mezzanine CMBS securities issued from two Freddie Mac-sponsored multi-family K-Series securitization trusts. The Company determined that the securitization trusts are VIEs and that the Company is the primary beneficiary of each VIE. As a result, the Company consolidated liabilities of the Consolidated K-Series in the amount of $2.8 billion (see Notes 2 and 7).

⁽³⁾  In February 2015, the Company sold a first loss PO security from one of the Company’s Consolidated K-Series securitizations, obtaining total proceeds of approximately $44.3 million and realizing a gain of approximately $1.5 million. The sale resulted in a de-consolidation of $1.1 billion in Multi-Family loans held in a securitization trusts and $1.0 billion in Multi-Family CDOs.

Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings

he following table details the changes in unrealized gains (losses) included in earnings for our Level 3 assets and liabilities for the years ended December 31, 2017, 2016 and 2015, respectively (dollar amounts in thousands):

	Years Ended December 31,
	2017				2016				2015
Change in unrealized gains (losses) – assets	$	10,021			$	10,794			$	(61,957	)
Change in unrealized gains (losses) – liabilities	8,851				(7,762		)		74,325
Net change in unrealized gains included in earnings for assets and liabilities	$	18,872			$	3,032			$	12,368

Fair Value Measurements, Nonrecurring

he following table presents assets measured at fair value on a non-recurring basis as of December 31, 2017 and 2016, respectively, on the Company's consolidated balance sheets (dollar amounts in thousands):

	Assets Measured at Fair Value on a Non-Recurring Basis at
	December 31, 2017																December 31, 2016
	Level 1				Level 2				Level 3				Total				Level 1				Level 2				Level 3				Total
Residential mortgage loans held in securitization trusts – impaired loans, net	$	—			$	—			$	10,317			$	10,317			$	—			$	—			$	9,050			$	9,050
Real estate owned held in residential securitization trusts	—				—				111				111				—				—				150				150

Fair Value, Losses for Assets Measured on Nonrecurring Basis

he following table presents gains (losses) incurred for assets measured at fair value on a non-recurring basis for the years ended December 31, 2017, 2016 and 2015, respectively, on the Company’s consolidated statements of operations (dollar amounts in thousands):

	Years Ended December 31,
	2017				2016				2015
Residential mortgage loans held in securitization trusts – impaired loans, net	$	(472	)		$	(482	)		$	(1,261	)
Real estate owned held in residential securitization trusts	(6		)		(130		)		100

Fair Value, by Balance Sheet Grouping

he following table presents the carrying value and estimated fair value of the Company’s financial instruments at December 31, 2017 and 2016, respectively (dollar amounts in thousands):

			December 31, 2017								December 31, 2016
	Fair Value Hierarchy Level		Carrying Value				Estimated Fair Value				Carrying Value				Estimated Fair Value
Financial Assets:
Cash and cash equivalents	Level 1		$	95,191			$	95,191			$	83,554			$	83,554
Investment securities available for sale(1)	Level 1, 2 or 3		1,413,081				1,413,081				818,976				818,976
Residential mortgage loans held in securitization trusts, net	Level 3		73,820				72,131				95,144				88,718
Distressed residential mortgage loans, at carrying value, net (2)	Level 3		331,464				334,765				503,094				504,915
Residential mortgage loans, at fair value (3)	Level 3		87,153				87,153				17,769				17,769
Multi-family loans held in securitization trusts	Level 3		9,657,421				9,657,421				6,939,844				6,939,844
Derivative assets	Level 1 or 2		846				846				150,296				150,296
Mortgage loans held for sale, net (4)	Level 3		5,507				5,598				7,847				7,959
Mortgage loans held for investment (4)	Level 3		1,760				1,900				19,529				19,641
Preferred equity and mezzanine loan investments (5)	Level 3		138,920				140,129				100,150				101,408
Investments in unconsolidated entities (6)	Level 3		51,143				51,212				79,259				79,390
Financial Liabilities:
Financing arrangements, portfolio investments	Level 2		1,276,918				1,276,918				773,142				773,142
Financing arrangements, distressed residential mortgage loans	Level 2		149,063				149,063				192,419				192,419
Residential collateralized debt obligations	Level 3		70,308				66,865				91,663				85,568
Multi-family collateralized debt obligations	Level 3		9,189,459				9,189,459				6,624,896				6,624,896
Securitized debt	Level 3		81,537				87,891				158,867				163,884
Derivative liabilities	Level 1 or 2		—				—				498				498
Payable for securities purchased	Level 1		—				—				148,015				148,015
Subordinated debentures	Level 3		45,000				45,002				45,000				43,132
Convertible notes	Level 2		128,749				140,060				—				—

⁽¹⁾  Includes $47.9 million and $43.9 million of investment securities for sale held in securitization trusts as of December 31, 2017 and December 31, 2016, respectively.

⁽²⁾  Includes distressed residential mortgage loans held in securitization trusts with a carrying value amounting to approximately $121.8 million and $195.3 million at December 31, 2017 and December 31, 2016, respectively and distressed residential mortgage loans with a carrying value amounting to approximately $209.7 million and $307.7 million at December 31, 2017 and December 31, 2016, respectively.

⁽³⁾  Includes distressed residential mortgage loans with a carrying value amounting to $36.9 million at December 31, 2017 and second mortgages with a carrying value amounting to $50.2 million and $17.8 million at December 31, 2017 and December 31, 2016, respectively.

⁽⁴⁾  Included in receivables and other assets in the accompanying consolidated balance sheets.

⁽⁵⁾  Includes preferred equity and mezzanine loan investments accounted for as loans (see Note 9).

⁽⁶⁾  Includes investments in unconsolidated entities accounted for under the fair value option with a carrying value of $42.8 million and $60.3 million at December 31, 2017 and December 31, 2016, respectively (see Note 8).

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-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19279-110258

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258

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- Definition

Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19190-110258

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