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Consolidated K-Series (Tables)

3 Months Ended

Mar. 31, 2018

Mortgage Loans on Real Estate [Line Items]

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 REO held in residential securitization trusts as of March 31, 2018 and December 31, 2017 are as follows:



	March 31, 2018		December 31, 2017
New York	32.4	%	31.8	%
Massachusetts	20.1	%	20.7	%
New Jersey	12.3	%	11.9	%
Florida	9.1	%	8.8	%
Connecticut	7.5	%	7.3	%
Maryland	5.4	%	5.2	%

The geographic concentrations of credit risk exceeding 5% of the unpaid principal balance of residential mortgage loans at fair value as of March 31, 2018 and December 31, 2017, respectively, are as follows:



	March 31, 2018		December 31, 2017
California	36.4	%	35.9	%
New Jersey	7.9	%	7.7	%
Florida	6.6	%	6.6	%

Consolidated K-Series

Mortgage Loans on Real Estate [Line Items]

Condensed Consolidated Balance Sheet of the Consolidated K-Series

The condensed consolidated balance sheets of the Consolidated K-Series at March 31, 2018 and December 31, 2017, respectively, are as follows (dollar amounts in thousands):



Balance Sheets	March 31, 2018		December 31, 2017
Assets
Multi-family loans held in securitization trusts	$	9,438,309	$	9,657,421
Receivables	33,437		33,562
Total Assets	$	9,471,746	$	9,690,983
Liabilities and Equity
Multi-family CDOs	$	8,953,467	$	9,189,459
Accrued expenses	33,012		33,136
Total Liabilities	8,986,479		9,222,595
Equity	485,267		468,388
Total Liabilities and Equity	$	9,471,746	$	9,690,983

Condensed Consolidated Statements of Operations of the Consolidated K-Series

The condensed consolidated statements of operations of the Consolidated K-Series for the three months ended March 31, 2018 and 2017, respectively, are as follows (dollar amounts in thousands):



	Three Months Ended March 31,
Statements of Operations	2018		2017
Interest income	$	85,092	$	61,304
Interest expense	74,478		53,932
Net interest income	10,614		7,372
Unrealized gain on multi-family loans and debt held in securitization trusts, net	7,545		1,384
Net income	$	18,159	$	8,756

Multi-family loans held in securitization trusts

Mortgage Loans on Real Estate [Line Items]

Schedule of Geographic Concentration of Credit Risk

The geographic concentrations of credit risk exceeding 5% of the total loan balances related to our CMBS investments included in investment securities available for sale and multi-family loans held in securitization trusts as of March 31, 2018 and December 31, 2017, respectively, are as follows:



	March 31, 2018		December 31, 2017
California	14.7	%	14.7	%
Texas	12.7	%	12.7	%
New York	6.5	%	6.5	%
Maryland	5.5	%	5.5	%