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Distressed and Other Residential Mortgage Loans, At Fair Value (Tables)
 6 Months Ended
Jun. 30, 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 June 30, 2019 and December 31, 2018, respectively (dollar amounts in thousands):
 
Principal
 
Premium/(Discount)
 
Unrealized Gains/(Losses)
 
Carrying Value
June 30, 2019
$
1,110,163

 
$
(70,026
)
 
$
21,817

 
$
1,061,954

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 and six months ended June 30, 2019 and 2018, respectively (dollar amounts in thousands):

 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2019
 
2018
 
2019
 
2018
Net realized gain on payoff and sale of loans
$
2,394

 
$
330

 
$
5,519

 
$
369

Net unrealized gains (losses)
9,877

 
(233
)
 
17,762

 
(439
)
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 June 30, 2019 and December 31, 2018, respectively, are as follows:
 
June 30, 2019
 
December 31, 2018
California
23.7
%
 
27.9
%
Florida
9.8
%
 
9.0
%
Texas
5.7
%
 
4.2
%
New York
5.6
%
 
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 June 30, 2019 and December 31, 2018 are as follows:
 
June 30, 2019
 
December 31, 2018
New York
34.7
%
 
33.9
%
Massachusetts
17.6
%
 
20.0
%
New Jersey
15.1
%
 
14.5
%
Florida
11.2
%
 
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, net as of June 30, 2019 and December 31, 2018, respectively, are as follows:
 
June 30, 2019
 
December 31, 2018
North Carolina
10.1
%
 
9.0
%
Florida
9.9
%
 
10.4
%
Georgia
7.0
%
 
7.2
%
South Carolina
5.6
%
 
5.6
%
Virginia
5.6
%
 
5.3
%
Texas
5.5
%
 
4.9
%
New York
5.4
%
 
5.4
%
Ohio
5.2
%
 
5.0
%
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 June 30, 2019 and December 31, 2018, respectively (dollar amounts in thousands):
 
Fair Value
 
Unpaid Principal Balance
June 30, 2019
$
58,628

 
$
73,120

December 31, 2018
60,117

 
75,167