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Distressed and Other Residential Mortgage Loans, At Fair Value (Tables) | 12 Months Ended
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Dec. 31, 2019
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract] |
Schedule of Distressed and Other 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, 2019 and 2018, respectively (dollar amounts in thousands):
| Principal |  | Premium/(Discount) |  | Unrealized Gains/(Losses) |  | Carrying Value
December 31, 2019 | $ | 1,464,984 |  |  | $ | (81,372 | ) |  | $ | 46,142 |  |  | $ | 1,429,754 |
December 31, 2018 | 788,372 |  |  | (54,905 | ) |  | 4,056 |  |  | 737,523 |
Residential mortgage loans held in securitization trusts, net consist of the following as of December 31, 2019 and 2018, respectively (dollar amounts in thousands):
| December 31, 2019 |  | December 31, 2018
Unpaid principal balance | $ | 47,237 |  |  | $ | 60,171 |
Deferred origination costs – net | 301 |  |  | 383 |
Allowance for loan losses | (3,508 | ) |  | (3,759 | )
Total | $ | 44,030 |  |  | $ | 56,795 |
Components Of Net Realized Gains (Losses) | 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 years ended December 31, 2019, 2018 and 2017 respectively (dollar amounts in thousands):
| Years Ended December 31,
| 2019 |  | 2018 |  | 2017
Net realized gains on payoff and sale of loans | $ | 9,187 |  |  | $ | 4,606 |  |  | $ | 1,719 |
Net unrealized gains (losses) | 42,087 |  |  | 4,096 |  |  | (41 | )
Schedule of Geographic Concentration Risk Exceeding 5% | 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, 2019 and 2018, respectively, are as follows:
| December 31, 2019 |  | December 31, 2018
California | 23.9 | % |  | 27.9 | %
Florida | 9.4 | % |  | 9.0 | %
New York | 8.0 | % |  | 5.1 | %
Texas | 5.4 | % |  | 4.2 | %
New Jersey | 5.1 | % |  | 3.8 | %
The geographic concentrations of credit risk exceeding 5% of the unpaid principal balance of our distressed residential mortgage loans, net as of December 31, 2019 and 2018, respectively, are as follows:
| December 31, 2019 |  | December 31, 2018
North Carolina | 10.5 | % |  | 9.0 | %
Florida | 10.1 | % |  | 10.4 | %
Georgia | 7.0 | % |  | 7.2 | %
South Carolina | 5.8 | % |  | 5.6 | %
Texas | 5.6 | % |  | 4.9 | %
New York | 5.5 | % |  | 5.4 | %
Ohio | 5.2 | % |  | 5.0 | %
Virginia | 5.2 | % |  | 5.3 | %
The geographic concentrations of credit risk exceeding 5% of the total loan balances in our residential mortgage loans held in securitization trusts, net as of December 31, 2019 and 2018, respectively, are as follows:
| December 31, 2019 |  | December 31, 2018
New York | 36.1 | % |  | 33.9 | %
Massachusetts | 17.2 | % |  | 20.0 | %
New Jersey | 12.8 | % |  | 14.5 | %
Florida | 12.1 | % |  | 9.9 | %
Maryland | 5.5 | % |  | 5.3 | %
The geographic concentrations of credit risk exceeding 5% of the total loan balances related to residential mortgage loans held in securitization trust at fair value as of December 31, 2019 are as follows:
| December 31, 2019
California | 11.0 | %
Florida | 10.6 | %
New York | 9.1 | %
New Jersey | 6.9 | %
Illinois | 6.6 | %
The geographic concentrations of credit risk exceeding 5% of the total loan balances related to multi-family loans held in securitization trusts as of December 31, 2019 and multi-family loans held in securitization trusts and first loss POs and certain IOs held in re-securitization trusts as of December 31, 2018 are as follows:
| December 31, 2019 |  | December 31, 2018
California | 15.9 | % |  | 14.8 | %
Texas | 12.4 | % |  | 13.0 | %
Florida | 6.2 | % |  | 4.5 | %
Maryland | 5.8 | % |  | 5.0 | %
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 December 31, 2019 and 2018, respectively (dollar amounts in thousands):
| Fair Value |  | Unpaid Principal Balance
December 31, 2019 | $ | 106,199 |  |  | $ | 122,918 |
December 31, 2018 | 60,117 |  |  | 75,167 |

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