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Consolidated K-Series (Tables) | 9 Months Ended
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Sep. 30, 2019
Fair Value Disclosures [Abstract] |
Schedule of Condensed Consolidated Balance Sheet of the Consolidated K-Series | The condensed consolidated balance sheets of the Consolidated K-Series at September 30, 2019 and December 31, 2018, respectively, are as follows (dollar amounts in thousands):
Balance Sheets | September 30, 2019 |  | December 31, 2018
Assets |  |  |
Multi-family loans held in securitization trusts, at fair value | $ | 15,863,264 |  |  | $ | 11,679,847 |
Receivables | 51,950 |  |  | 41,850 |
Total Assets | $ | 15,915,214 |  |  | $ | 11,721,697 |
Liabilities and Equity |  |  |
Multi-family CDOs, at fair value | $ | 14,978,199 |  |  | $ | 11,022,248 |
Accrued expenses | 50,783 |  |  | 41,102 |
Total Liabilities | 15,028,982 |  |  | 11,063,350 |
Equity | 886,232 |  |  | 658,347 |
Total Liabilities and Equity | $ | 15,915,214 |  |  | $ | 11,721,697 |
Schedule of Condensed Consolidated Statements of Operations of the Consolidated K-Series | The condensed consolidated statements of operations of the Consolidated K-Series for the three and nine months ended September 30, 2019 and 2018, respectively, are as follows (dollar amounts in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
Statements of Operations | 2019 |  | 2018 |  | 2019 |  | 2018
Interest income | $ | 139,818 |  |  | $ | 86,458 |  |  | $ | 384,743 |  |  | $ | 257,179 |
Interest expense | 120,329 |  |  | 75,145 |  |  | 332,041 |  |  | 224,310 |
Net interest income | 19,489 |  |  | 11,313 |  |  | 52,702 |  |  | 32,869 |
Unrealized gains, net | 7,630 |  |  | 12,303 |  |  | 22,247 |  |  | 31,867 |
Net income | $ | 27,119 |  |  | $ | 23,616 |  |  | $ | 74,949 |  |  | $ | 64,736 |
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 September 30, 2019 and December 31, 2018, respectively, are as follows:
| September 30, 2019 |  | December 31, 2018
California | 23.2 | % |  | 27.9 | %
Florida | 9.8 | % |  | 9.0 | %
Texas | 6.0 | % |  | 4.2 | %
New York | 6.0 | % |  | 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 September 30, 2019 and December 31, 2018 are as follows:
| September 30, 2019 |  | December 31, 2018
New York | 36.0 | % |  | 33.9 | %
Massachusetts | 17.5 | % |  | 20.0 | %
New Jersey | 12.6 | % |  | 14.5 | %
Florida | 11.8 | % |  | 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 September 30, 2019 and December 31, 2018, respectively, are as follows:
| September 30, 2019 |  | December 31, 2018
North Carolina | 10.3 | % |  | 9.0 | %
Florida | 10.0 | % |  | 10.4 | %
Georgia | 7.1 | % |  | 7.2 | %
South Carolina | 5.7 | % |  | 5.6 | %
Virginia | 5.6 | % |  | 5.3 | %
Texas | 5.5 | % |  | 4.9 | %
New York | 5.3 | % |  | 5.4 | %
Ohio | 5.2 | % |  | 5.0 | %
The geographic concentrations of credit risk exceeding 5% of the total loan balances related to multi-family loans held in securitization trusts as of September 30, 2019 and our CMBS investments included in investment securities available for sale, held in securitization trusts, and multi-family loans held in securitization trusts as of December 31, 2018 are as follows:
| September 30, 2019 |  | December 31, 2018
California | 15.4 | % |  | 14.8 | %
Texas | 12.0 | % |  | 13.0 | %
Maryland | 6.3 | % |  | 5.0 | %
Florida | 5.4 | % |  | 4.5 | %

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