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Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2019

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following table presents the Company’s financial instruments measured at fair value on a recurring basis as of December 31, 2019 and 2018, respectively, on the Company’s consolidated balance sheets (dollar amounts in thousands):

	Measured at Fair Value on a Recurring Basis at
	December 31, 2019																December 31, 2018
	Level 1				Level 2				Level 3				Total				Level 1				Level 2				Level 3				Total
Assets carried at fair value
Investment securities available for sale, at fair value:
Agency RMBS	$	—			$	922,877			$	—			$	922,877			$	—			$	1,037,730			$	—			$	1,037,730
Agency CMBS	—				50,958				—				50,958				—				—				—				—
Non-Agency RMBS	—				715,314				—				715,314				—				214,037				—				214,037
CMBS	—				267,777				—				267,777				—				207,785				52,700				260,485
ABS	—				49,214				—				49,214				—				—				—				—
Multi-family loans held in securitization trusts, at fair value	—				—				17,816,746				17,816,746				—				—				11,679,847				11,679,847
Residential mortgage loans held in securitization trust, at fair value	—				—				1,328,886				1,328,886				—				—				—				—
Distressed and other residential mortgage loans, at fair value	—				—				1,429,754				1,429,754				—				—				737,523				737,523
Derivative Assets:
Interest rate swaps (1)	—				15,878				—				15,878				—				10,263				—				10,263
Investments in unconsolidated entities	—				—				83,882				83,882				—				—				32,994				32,994
	$	—			$	2,022,018			$	20,659,268			$	22,681,286			$	—			$	1,469,815			$	12,503,064			$	13,972,879
Liabilities carried at fair value
Multi-family collateralized debt obligations, at fair value	$	—			$	—			$	16,724,451			$	16,724,451			$	—			$	—			$	11,022,248			$	11,022,248
Residential collateralized debt obligations, at fair value	—				—				1,052,829				1,052,829				—				—				—				—
Total	$	—			$	—			$	17,777,280			$	17,777,280			$	—			$	—			$	11,022,248			$	11,022,248

⁽¹⁾ 

All of the Company’s interest rate swaps outstanding are cleared through a central clearing house. The Company exchanges variation margin for swaps based upon daily changes in fair value. Includes derivative liabilities of $29.0 million netted against a variation margin of $44.8 million at December 31, 2019. Includes derivative assets of $1.8 million and variation margin of $8.5 million at December 31, 2018.

Changes in Level 3 Assets

The following tables detail changes in valuation for the Level 3 assets for the years ended December 31, 2019, 2018, and 2017, respectively (dollar amounts in thousands):

Level 3 Assets:

	Year Ended December 31, 2019
	Multi-family loans held in securitization trusts				Distressed and other residential mortgage loans				Investments in unconsolidated entities				CMBS held in re-securitization trusts				Residential mortgage loans held in securitization trust				Total
Balance at beginning of period	$	11,679,847			$	737,523			$	32,994			$	52,700			$	—			$	12,503,064
Total gains/(losses) (realized/unrealized)
Included in earnings	533,094				55,459				15,100				17,734				(445		)		620,942
Included in other comprehensive income (loss)	—				—				—				(13,665		)		—				(13,665		)
Transfers out (1)	—				(913		)		—				—				—				(913		)
Contributions	—				—				50,000				—				—				50,000
Paydowns/Distributions	(992,912		)		(171,909		)		(14,212		)		—				(3,729		)		(1,182,762		)
Charge-off	(3,257		)		—				—				—				—				(3,257		)
Sales	—				(19,814		)		—				(56,769		)		—				(76,583		)
Purchases (2)	6,599,974				829,408				—				—				1,333,060				8,762,442
Balance at the end of period	$	17,816,746			$	1,429,754			$	83,882			$	—			$	1,328,886			$	20,659,268

⁽¹⁾  Transfers out of Level 3 assets include the transfer of residential mortgage loans to real estate owned during the year ended December 31, 2019.

⁽²⁾  During the year ended December 31, 2019, the Company purchased first loss PO securities, and certain IOs and senior or mezzanine CMBS securities issued from securitizations that it determined to consolidate and include in the Consolidated K-Series. Also during the year ended December 31, 2019, the Company purchased first loss subordinated securities, IOs and senior RMBS securities issued from a securitization that it determined to consolidate as Consolidated SLST. As a result, the Company consolidated assets of the respective securitizations (see Notes 2 and 6).

	Year Ended December 31, 2018
	Multi-family loans held in securitization trusts				Distressed and other residential mortgage loans				Investments in unconsolidated entities				CMBS held in re-securitization trusts				Total
Balance at beginning of period	$	9,657,421			$	87,153			$	42,823			$	47,922			$	9,835,319
Total (losses)/gains (realized/unrealized)
Included in earnings	(134,298		)		3,913				9,075				3,980				(117,330		)
Included in other comprehensive income (loss)	—				—				—				798				798
Transfers out (1)	—				(56		)		—				—				(56		)
Paydowns/Distributions	(137,820		)		(24,064		)		(18,904		)		—				(180,788		)
Sales	—				(18,173		)		—				—				(18,173		)
Purchases (2)	2,294,544				688,750				—				—				2,983,294
Balance at the end of period	$	11,679,847			$	737,523			$	32,994			$	52,700			$	12,503,064

⁽¹⁾  Transfers out of Level 3 assets include the transfer of residential loans to real estate owned during the year ended December 31, 2018.

⁽²⁾  During the year ended December 31, 2018, the Company purchased first loss PO securities and certain IOs and mezzanine CMBS securities issued from securitizations that it determined to consolidate and included in the Consolidated K-Series. As a result, the Company consolidated assets of these securitizations (see Notes 2 and 6).

	Year Ended December 31, 2017
	Multi-family loans held in securitization trusts				Distressed and other residential mortgage loans				Investments in unconsolidated entities				CMBS held in re-securitization trusts				Total
Balance at beginning of period	$	6,939,844			$	17,769			$	60,332			$	43,897			$	7,061,842
Total (losses)/gains (realized/unrealized)
Included in earnings	(31,784		)		135				10,385				3,423				(17,841		)
Included in other comprehensive income (loss)	—				—				—				602				602
Contributions	—				—				2,500				—				2,500
Paydowns/Distributions	(137,164		)		(8,479		)		(30,394		)		—				(176,037		)
Sales	—				(7,224		)		—				—				(7,224		)
Purchases (1)	2,886,525				84,952				—				—				2,971,477
Balance at the end of period	$	9,657,421			$	87,153			$	42,823			$	47,922			$	9,835,319

⁽¹⁾ 

During the year ended December 31, 2017, the Company purchased first loss PO securities and certain IOs and mezzanine CMBS securities issued from securitizations that it determined to consolidate and included in the Consolidated K-Series. As a result, the Company consolidated assets of these securitizations (see Notes 2 and 6).

Changes in Level 3 Liabilities

The following tables detail changes in valuation for the Level 3 liabilities for the years ended December 31, 2019, 2018 and 2017, respectively (dollar amounts in thousands):

Level 3 Liabilities:

	Year Ended December 31, 2019
	Multi-Family CDOs				SLST CDOs				Total
Balance at beginning of period	$	11,022,248			$	—			$	11,022,248
Total losses (realized/unrealized)
Included in earnings	443,796				27				443,823
Purchases (1)	6,253,739				1,055,720				7,309,459
Paydowns	(992,075		)		(2,918		)		(994,993		)
Charge-off	(3,257		)		—				(3,257		)
Balance at the end of period	$	16,724,451			$	1,052,829			$	17,777,280

⁽¹⁾  During the year ended December 31, 2019, the Company purchased first loss PO securities and certain IOs and senior or mezzanine CMBS securities issued from securitizations that it determined to consolidate and include in the Consolidated K-Series. Also during the year ended December 31, 2019, the Company purchased first loss subordinated securities, IOs and senior RMBS securities issued from a securitization that it determined to consolidate as Consolidated SLST. As a result, the Company consolidated liabilities of the respective securitizations (see Notes 2 and 6).

	Year Ended December 31, 2018
	Multi-Family CDOs
Balance at beginning of period	$	9,189,459
Total losses (realized/unrealized)
Included in earnings	(211,738		)
Purchases (1)	2,182,330
Paydowns	(137,803		)
Balance at the end of period	$	11,022,248

⁽¹⁾  During the year ended December 31, 2018, the Company purchased first loss PO securities and certain IOs and mezzanine CMBS securities issued from securitizations that it determined to consolidate and include in the Consolidated K-Series. As a result, the Company consolidated liabilities of these securitizations (see Notes 2 and 6).

	Year Ended December 31, 2017
	Multi-Family CDOs
Balance at beginning of period	$	6,624,896
Total losses (realized/unrealized)
Included in earnings	(82,650		)
Purchases (1)	2,784,377
Paydowns	(137,164		)
Balance at the end of period	$	9,189,459

⁽¹⁾ 

During the year ended December 31, 2017, the Company purchased first loss PO securities and certain IOs and mezzanine CMBS securities issued from securitizations that it determined to consolidate and include in the Consolidated K-Series. As a result, the Company consolidated liabilities of these securitizations (see Notes 2 and 6).

Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings

The following table details the changes in unrealized gains (losses) included in earnings for the years ended December 31, 2019, 2018 and 2017, respectively, for our Level 3 assets and liabilities held as of December 31, 2019, 2018 and 2017, respectively (dollar amounts in thousands):

	Years Ended December 31,
	2019				2018				2017
Assets
Multi-family loans held in securitization trusts, at fair value (1)	$	586,993			$	(85,115	)		$	10,021
Residential mortgage loans held in securitization trust, at fair value (1)	300				—				—
Distressed and other residential mortgage loans, at fair value (1)	44,470				4,333				—
Investments in unconsolidated entities (2)	5,374				6,091				3,686
Liabilities
Multi-family collateralized debt obligations, at fair value (1)	$	(563,031	)		$	122,696			$	8,851
Residential collateralized debt obligations, at fair value (1)	(383		)		—				—

⁽¹⁾  Presented in unrealized gains (losses), net on the Company’s consolidated statements of operations.

⁽²⁾ 

Presented in other income on the Company’s consolidated statements of operations.

Fair Value Measurements, Nonrecurring

The following table presents assets measured at fair value on a non-recurring basis as of December 31, 2019 and 2018, respectively, on the Company’s consolidated balance sheets (dollar amounts in thousands):

	Assets Measured at Fair Value on a Non-Recurring Basis at
	December 31, 2019																December 31, 2018
	Level 1				Level 2				Level 3				Total				Level 1				Level 2				Level 3				Total
Residential mortgage loans held in securitization trusts – impaired loans, net	$	—			$	—			$	5,256			$	5,256			$	—			$	—			$	5,921			$	5,921

Fair Value, Losses for Assets Measured on Nonrecurring Basis

The following table presents gains (losses) incurred for assets measured at fair value on a non-recurring basis for the years ended December 31, 2019, 2018 and 2017, respectively, on the Company’s consolidated statements of operations (dollar amounts in thousands):

	Years Ended December 31,
	2019				2018				2017
Residential mortgage loans held in securitization trusts – impaired loans, net	$	(24	)		$	(165	)		$	(472	)
Real estate owned held in residential securitization trusts	—				—				(6		)

Fair Value, by Balance Sheet Grouping

The following table presents a summary of the assets and liabilities of the Company’s residential mortgage loan securitizations, the Consolidated K-Series, Consolidated SLST, and KRVI of as of December 31, 2019 (dollar amounts in thousands). Intercompany balances have been eliminated for purposes of this presentation.

	Financing VIE				Other VIEs
	Residential Mortgage Loan Securitizations				Consolidated K-Series				Consolidated SLST				Other				Total
Cash and cash equivalents	$	—			$	—			$	—			$	107			$	107
Residential mortgage loans held in securitization trusts, net	44,030				—				—				—				44,030
Residential mortgage loans held in securitization trust, at fair value	—				—				1,328,886				—				1,328,886
Multi-family loans held in securitization trusts, at fair value	—				17,816,746				—				—				17,816,746
Receivables and other assets	1,328				59,417				5,244				14,626				80,615
Total assets	$	45,358			$	17,876,163			$	1,334,130			$	14,733			$	19,270,384
Residential collateralized debt obligations	$	40,429			$	—			$	—			$	—			$	40,429
Residential collateralized debt obligations, at fair value	—				—				1,052,829				—				1,052,829
Multi-family collateralized debt obligations, at fair value	—				16,724,451				—				—				16,724,451
Accrued expenses and other liabilities	14				57,873				2,643				75				60,605
Total liabilities	$	40,443			$	16,782,324			$	1,055,472			$	75			$	17,878,314

The following table presents a summary of the assets and liabilities of the Financing VIEs, the Consolidated K-Series, KRVI, and The Clusters as of December 31, 2018 (dollar amounts in thousands):

	Financing VIEs												Other VIEs
	Multi-family CMBS re-securitization(1)				Distressed Residential Mortgage Loan Securitization(2)				Residential Mortgage Loan Securitizations				Consolidated K-Series(3)				Other				Total
Cash and cash equivalents	$	—			$	—			$	—			$	—			$	708			$	708
Investment securities available for sale, at fair value held in securitization trusts	52,700				—				—				—				—				52,700
Residential mortgage loans held in securitization trusts, net	—				—				56,795				—				—				56,795
Distressed residential mortgage loans held in securitization trusts, net	—				88,096				—				—				—				88,096
Multi-family loans held in securitization trusts, at fair value	1,107,071				—				—				10,572,776				—				11,679,847
Real estate held for sale in consolidated variable interest entities	—				—				—				—				29,704				29,704
Receivables and other assets	4,243				10,287				1,061				37,679				23,254				76,524
Total assets	$	1,164,014			$	98,383			$	57,856			$	10,610,455			$	53,666			$	11,984,374
Residential collateralized debt obligations	$	—			$	—			$	53,040			$	—			$	—			$	53,040
Multi-family collateralized debt obligations, at fair value	1,036,604				—				—				9,985,644				—				11,022,248
Securitized debt	30,121				12,214				—				—				—				42,335
Mortgages and notes payable in consolidated variable interest entities	—				—				—				—				31,227				31,227
Accrued expenses and other liabilities	4,228				444				26				37,022				1,166				42,886
Total liabilities	$	1,070,953			$	12,658			$	53,066			$	10,022,666			$	32,393			$	11,191,736

⁽¹⁾  The Company classified the multi-family CMBS issued by two securitizations and held by this Financing VIE as available for sale securities. The Financing VIE consolidated one securitization trust included in the Consolidated K-Series that issued certain of the multi-family CMBS owned by the Company, including its assets, liabilities, income and expenses, in its financial statements, as based on a number of factors, the Company determined that it was the primary beneficiary and has a controlling financial interest in this particular K-Series securitization (see Note 6).

⁽²⁾  The Company engaged in this transaction for the purpose of financing certain distressed residential mortgage loans acquired by the Company. The distressed residential mortgage loans serving as collateral for the financing are comprised of re-performing and, to a lesser extent, non-performing and other delinquent mortgage loans secured by first liens on one- to four- family properties. Balances as of December 31, 2018 are related to a securitization transaction that closed in April 2016 that involved the issuance of $177.5 million of Class A Notes representing the beneficial ownership in a pool of re-performing seasoned mortgage loans. The Company held 5% of the Class A Notes issued as part of the securitization transaction, which were eliminated in consolidation.

⁽³⁾ 

Eight of the securitizations included in the Consolidated K-Series were not held in a Financing VIE as of December 31, 2018.

The following table presents the carrying value and estimated fair value of the Company’s financial instruments at December 31, 2019 and 2018, respectively (dollar amounts in thousands):

			December 31, 2019								December 31, 2018
	Fair Value Hierarchy Level		Carrying Value				Estimated Fair Value				Carrying Value				Estimated Fair Value
Financial Assets:
Cash and cash equivalents	Level 1		$	118,763			$	118,763			$	103,724			$	103,724
Investment securities, available for sale	Level 2 or 3		2,006,140				2,006,140				1,512,252				1,512,252
Distressed and other residential mortgage loans, at fair value	Level 3		1,429,754				1,429,754				737,523				737,523
Distressed and other residential mortgage loans, net	Level 3		202,756				208,471				285,261				289,376
Investments in unconsolidated entities	Level 3		189,965				191,359				73,466				73,833
Preferred equity and mezzanine loan investments	Level 3		180,045				182,465				165,555				167,739
Multi-family loans held in securitization trusts, at fair value	Level 3		17,816,746				17,816,746				11,679,847				11,679,847
Residential mortgage loans held in securitization trust, at fair value	Level 3		1,328,886				1,328,886				—				—
Derivative assets	Level 2		15,878				15,878				10,263				10,263
Mortgage loans held for sale, net (1)	Level 3		2,406				2,482				3,414				3,584
Mortgage loans held for investment (1)	Level 3		—				—				1,580				1,580
Financial Liabilities:
Repurchase agreements	Level 2		3,105,416				3,105,416				2,131,505				2,131,505
Residential collateralized debt obligations	Level 3		40,429				38,888				53,040				50,031
Multi-family collateralized debt obligations, at fair value	Level 3		16,724,451				16,724,451				11,022,248				11,022,248
Residential collateralized debt obligations, at fair value	Level 3		1,052,829				1,052,829				—				—
Securitized debt	Level 3		—				—				42,335				45,030
Subordinated debentures	Level 3		45,000				41,592				45,000				44,897
Convertible notes	Level 2		132,955				140,865				130,762				135,689

⁽¹⁾  Included in receivables and other assets in the accompanying consolidated balance sheets.

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- Definition

Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19279-110258

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- Definition

Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

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