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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
Mar. 31, 2018
Dec. 31, 2017
Mar. 31, 2017
Financial Assets:      
Cash and cash equivalents $ 65,495 $ 95,191 $ 73,033
Fair Value 1,400,370 1,413,081  
Derivative assets 9,815 846  
Preferred equity and mezzanine loan investments, carrying value 99,032 117,822  
Financial Liabilities      
Financing arrangements 1,287,314 1,276,918  
Subordinated debentures, carrying value 45,000 45,000  
Convertible notes, carrying value 129,242 128,749  
Distressed residential mortgage loans held in securitization trusts, carrying amount 119,201 121,791  
Distressed residential mortgage loans      
Financial Liabilities      
Distressed residential mortgage loans held in securitization trusts, carrying amount 119,200 121,800  
Distressed residential mortgage loans      
Financial Assets:      
Residential mortgage loans held in securitization trusts, net 202,900 209,700  
Financial Liabilities      
Distressed residential mortgage loans held in securitization trusts, carrying amount 322,100 331,500  
Equity Method Investments      
Financial Assets:      
Investment in unconsolidated entities, carrying value 8,417 8,320  
Investments in unconsolidated entities, estimated fair value 43,504 42,823  
Portfolio Investments      
Financial Liabilities      
Financing arrangements 1,287,314 1,276,918  
Residential collateralized debt obligations      
Financial Liabilities      
Secured debt, carrying value 67,154 70,308  
Multi-family collateralized debt obligations      
Financial Liabilities      
Secured debt, carrying value 8,953,467 9,189,459  
Residential mortgage loans, at fair value | Distressed residential mortgage loans      
Financial Assets:      
Residential mortgage loans held in securitization trusts, net 36,400 36,900  
Residential mortgage loans, at fair value | Second Mortgage      
Financial Assets:      
Residential mortgage loans held in securitization trusts, net 63,100 50,200  
Available-for-sale securities      
Financial Liabilities      
Investment securities, available for sale held in securitization trusts 48,857 47,922  
Level 1      
Financial Assets:      
Cash and cash equivalents 65,495 95,191  
Cash and cash equivalents, estimated fair value 65,495 95,191  
Level 3      
Financial Assets:      
Mortgage loans held for sale, net, carrying value 5,473 5,507  
Mortgage loans held for sale, net, estimated fair value 5,599 5,598  
Mortgage loans held for investment, carrying value 1,760 1,760  
Mortgage loans held for investment, estimated fair value 1,900 1,900  
Preferred equity and mezzanine loan investments, carrying value 154,006 138,920  
Preferred equity and mezzanine loan investments, estimated fair value 155,206 140,129  
Investment in unconsolidated entities, carrying value 51,921 51,143  
Investments in unconsolidated entities, estimated fair value 51,990 51,212  
Financial Liabilities      
Secured debt, carrying value 70,215 81,537  
Secured debt, estimated fair value 75,778 87,891  
Subordinated debentures, carrying value 45,000 45,000  
Subordinated debentures, estimated fair value 44,975 45,002  
Level 3 | Residential collateralized debt obligations      
Financial Liabilities      
Secured debt, carrying value 67,154 70,308  
Secured debt, estimated fair value 63,957 66,865  
Level 3 | Multi-family collateralized debt obligations      
Financial Liabilities      
Secured debt, carrying value 8,953,467 9,189,459  
Secured debt, estimated fair value 8,953,467 9,189,459  
Level 3 | Residential mortgage loans held in securitization trusts      
Financial Assets:      
Residential mortgage loans held in securitization trusts, net 70,864 73,820  
Residential mortgage loans held in securitization trusts, net, estimated fair value 70,334 72,131  
Level 3 | Distressed residential mortgage loans      
Financial Assets:      
Residential mortgage loans held in securitization trusts, net 322,072 331,464  
Residential mortgage loans held in securitization trusts, net, estimated fair value 325,597 334,765  
Level 3 | Residential mortgage loans, at fair value      
Financial Assets:      
Residential mortgage loans held in securitization trusts, net 99,480 87,153  
Residential mortgage loans held in securitization trusts, net, estimated fair value 99,480 87,153  
Level 3 | Multi-family loans held in securitization trusts      
Financial Assets:      
Residential mortgage loans held in securitization trusts, net 9,438,309 9,657,421  
Residential mortgage loans held in securitization trusts, net, estimated fair value 9,438,309 9,657,421  
Level 2      
Financial Assets:      
Derivative assets 9,815 846  
Financial Liabilities      
Convertible notes, carrying value 129,242 128,749  
Convertible notes, estimated fair value 138,911 140,060  
Level 2 | Portfolio Investments      
Financial Liabilities      
Financing arrangements 1,287,314 1,276,918  
Level 2 | Distressed residential mortgage loans      
Financial Liabilities      
Financing arrangements $ 149,049 $ 149,063