XML 53 R38.htm IDEA: XBRL DOCUMENT v3.10.0.1
Distressed and Other Residential Mortgage Loans, At Fair Value (Tables)
 12 Months Ended
Dec. 31, 2018
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]  
Residential Mortgage Loans at Fair Value
The Company’s distressed and other residential mortgage loans at fair value consist of the following as of December 31, 2018 and December 31, 2017, respectively (dollar amounts in thousands):
 
 
Principal
 
Premium/(Discount)
 
Unrealized Gains/(Losses)
 
Carrying Value
December 31, 2018
 
$
788,372

 
$
(54,905
)
 
$
4,056

 
$
737,523

December 31, 2017
 
$
92,105

 
$
(4,911
)
 
$
(41
)
 
$
87,153
Components of Net Gain on Residential Mortgage Loans at Fair Value
The following table presents the components of net gain on distressed and other residential mortgage loans at fair value for the years ended December 31, 2018 and 2017, respectively (dollar amounts in thousands):

 
December 31, 2018
 
December 31, 2017
Net realized gain on payoff and sale of loans
$
4,606

 
$
1,719

Net unrealized gains/(losses)
4,096

 
(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, 2018 and December 31, 2017 are as follows:
 
December 31, 2018
 
December 31, 2017
New York
33.9
%
 
31.8
%
Massachusetts
20.0
%
 
20.7
%
New Jersey
14.5
%
 
11.9
%
Florida
9.9
%
 
8.8
%
Maryland
5.3
%
 
5.2
%


The geographic concentrations of credit risk exceeding 5% of the unpaid principal balance of distressed and other residential mortgage loans at fair value as of December 31, 2018 and December 31, 2017, respectively, are as follows:
 
December 31, 2018
 
December 31, 2017
California
27.9
%
 
35.9
%
Florida
9.0
%
 
6.6
%
Maryland
5.2
%
 
1.9
%
New York
5.1
%
 
3.8
%
Difference Between Fair Value and Unpaid Principal
The following table presents the fair value and aggregate unpaid principal balance of the Company's distressed and other residential mortgage loans at fair value greater than 90 days past due and in non-accrual status as of December 31, 2018 and December 31, 2017, respectively (dollar amounts in thousands):

 
Fair Value
Unpaid Principal Balance
December 31, 2018
$
60,117

$
75,167

December 31, 2017
$
1,048

$
1,214