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Distressed and Other Residential Mortgage Loans, At Fair Value (Tables)
 9 Months Ended
Sep. 30, 2019
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]  
Schedule of Residential Mortgage Loans At Fair Value
The Company’s distressed and other residential mortgage loans at fair value consist of the following as of September 30, 2019 and December 31, 2018, respectively (dollar amounts in thousands):
 
Principal
 
Premium/(Discount)
 
Unrealized Gains/(Losses)
 
Carrying Value
September 30, 2019
$
1,150,176

 
$
(72,684
)
 
$
38,636

 
$
1,116,128

December 31, 2018
788,372

 
(54,905
)
 
4,056

 
737,523
Schedule of Components of Net Gain on Residential Mortgage Loans at Fair Value
The following table presents the components of realized gains (losses), net and unrealized gains (losses), net attributable to distressed and other residential mortgage loans at fair value for the three and nine months ended September 30, 2019 and 2018, respectively (dollar amounts in thousands):

 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2019
 
2018
 
2019
 
2018
Net realized gains on payoff and sale of loans
$
1,658

 
$
1,127

 
$
7,177

 
$
1,496

Net unrealized gains (losses)
16,818

 
(484
)
 
34,580

 
(923
)
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
%
Schedule of 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 September 30, 2019 and December 31, 2018, respectively (dollar amounts in thousands):
 
Fair Value
 
Unpaid Principal Balance
September 30, 2019
$
71,251

 
$
87,882

December 31, 2018
60,117

 
75,167