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Distressed and Other Residential Mortgage Loans, At Fair Value (Tables)
 3 Months Ended
Mar. 31, 2019
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 March 31, 2019 and December 31, 2018, respectively (dollar amounts in thousands):
 
 
Principal
 
Premium/(Discount)
 
Unrealized Gains/(Losses)
 
Carrying Value
March 31, 2019
 
$
927,196

 
$
(63,569
)
 
$
11,939

 
$
875,566

December 31, 2018
 
788,372

 
(54,905
)
 
4,056

 
737,523
Components of Net Gain on Residential Mortgage Loans at Fair Value
The following table presents the components of net gain (loss) on distressed and other residential mortgage loans at fair value for the three months ended March 31, 2019 and 2018, respectively (dollar amounts in thousands):

 
March 31, 2019
 
March 31, 2018
Net realized gain on payoff and sale of loans
$
3,127

 
$
40

Net unrealized gains (losses)
7,883

 
(206
)
Schedule of Geographic Concentration of Credit Risk
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 March 31, 2019 and December 31, 2018, respectively, are as follows:
 
March 31, 2019
 
December 31, 2018
California
27.8
%
 
27.9
%
Florida
9.8
%
 
9.0
%
Texas
5.1
%
 
4.2
%
New York
5.0
%
 
5.1
%
The geographic concentrations of credit risk exceeding 5% of the total loan balances in our residential mortgage loans held in securitization trusts as of March 31, 2019 and December 31, 2018 are as follows:
 
March 31, 2019
 
December 31, 2018
New York
33.9
%
 
33.9
%
Massachusetts
18.3
%
 
20.0
%
New Jersey
14.9
%
 
14.5
%
Florida
10.5
%
 
9.9
%
Maryland
5.4
%
 
5.3
%
The geographic concentrations of credit risk exceeding 5% of the unpaid principal balance of our distressed residential mortgage loans as of March 31, 2019 and December 31, 2018, respectively, are as follows:
 
March 31, 2019
 
December 31, 2018
Florida
10.6
%
 
10.4
%
North Carolina
9.7
%
 
9.0
%
Georgia
5.9
%
 
7.2
%
New York
5.7
%
 
5.4
%
Virginia
5.6
%
 
5.3
%
South Carolina
5.6
%
 
5.6
%
Ohio
5.3
%
 
5.0
%
Texas
5.2
%
 
4.9
%
California
5.1
%
 
4.8
%
Residential Mortgage Loans, Fair Value Compared to 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 March 31, 2019 and December 31, 2018, respectively (dollar amounts in thousands):
 
Fair Value
 
Unpaid Principal Balance
March 31, 2019
$
49,284

 
$
60,858

December 31, 2018
60,117

 
75,167