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Residential Loans, Net (Tables)
 6 Months Ended
Jun. 30, 2020
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]  
Schedule of Activity in Accretable Yield for Distressed Residential Mortgage Loans
The following table details activity in accretable yield for the distressed residential loans, net for the six months ended June 30, 2019 (dollar amounts in thousands):
 
June 30, 2019
Balance at beginning of period
$
195,560

Additions
2,369

Disposals
(45,004
)
Accretion
(2,370
)
Balance at end of period (1)
$
150,555


(1) 
Accretable yield is the excess of the distressed residential loans’ cash flows expected to be collected over the purchase price. The cash flows expected to be collected represented the Company’s estimate of the amount and timing of undiscounted principal and interest cash flows. Additions included reclassification to accretable yield from nonaccretable yield. Disposals included distressed residential loan dispositions, which included refinancing, sale and foreclosure of the underlying collateral and resulting removal of the distressed residential loans from the accretable yield, and reclassifications from accretable to nonaccretable yield. The reclassifications between accretable and nonaccretable yield and the accretion of interest income were based on various estimates regarding loan performance and the value of the underlying real estate securing the loans. As the Company continued to update its estimates regarding the loans and the underlying collateral, the accretable yield was subject to change. Therefore, the amount of accretable income recorded in the six month period ended June 30, 2019 was not necessarily indicative of future results.
Schedule of Geographic Concentration of Credit Risk Exceeding 5% of Balances
The geographic concentrations of credit risk exceeding 5% of the unpaid principal balance of residential loans, at fair value as of June 30, 2020 and December 31, 2019, respectively, are as follows:
 
June 30, 2020
 
December 31, 2019
 
Residential loans
 
Consolidated SLST
 
Residential loans held in securitization trusts
 
Residential loans
 
Consolidated SLST
California
21.3
%
 
10.9
%
 
1.6
%
 
23.9
%
 
11.0
%
Florida
10.3
%
 
10.6
%
 
12.6
%
 
9.4
%
 
10.6
%
New York
7.5
%
 
9.1
%
 
37.0
%
 
8.0
%
 
9.1
%
Texas
5.6
%
 
4.0
%
 
—

 
5.4
%
 
4.0
%
New Jersey
4.9
%
 
7.0
%
 
12.5
%
 
5.1
%
 
6.9
%
Maryland
4.7
%
 
3.8
%
 
5.2
%
 
4.6
%
 
3.8
%
Massachusetts
2.7
%
 
2.9
%
 
16.8
%
 
2.8
%
 
2.9
%
Illinois
2.6
%
 
6.7
%
 
—

 
2.8
%
 
6.6
%

The geographic concentrations of credit risk exceeding 5% of the total loan balances in our residential loans held in securitization trusts, net as of December 31, 2019 were as follows:
 
December 31, 2019
New York
36.1
%
Massachusetts
17.2
%
New Jersey
12.8
%
Florida
12.1
%
Maryland
5.5
%


The geographic concentrations of credit risk exceeding 5% of the unpaid principal balance of our distressed residential loans, net as of December 31, 2019 was as follows:
 
December 31, 2019
North Carolina
10.5
%
Florida
10.1
%
Georgia
7.0
%
South Carolina
5.8
%
Texas
5.6
%
New York
5.5
%
Ohio
5.2
%
Virginia
5.2
%

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 were as follows:
 
December 31, 2019
California
15.9
%
Texas
12.4
%
Florida
6.2
%
Maryland
5.8
%

The geographic concentrations of credit risk exceeding 5% of the total preferred equity and mezzanine loan investment amounts as of June 30, 2020 and December 31, 2019, respectively, are as follows:
 
June 30, 2020
 
December 31, 2019
Tennessee
12.3
%
 
12.3
%
Florida
12.0
%
 
12.0
%
Georgia
11.8
%
 
11.8
%
Texas
10.4
%
 
10.6
%
Alabama
10.0
%
 
10.0
%
South Carolina
6.3
%
 
6.3
%
New Jersey
5.0
%
 
5.0
%
Schedule of Residential Mortgage Loans Held in Securitization Trusts, Net Residential loans held in securitization trusts, net consisted of the following as of December 31, 2019 (dollar amounts in thousands):
 
December 31, 2019
Unpaid principal balance
$
47,237

Deferred origination costs – net
301

Allowance for loan losses
(3,508
)
Total
$
44,030
Schedule of Allowance for Loan Losses on Residential Mortgage Loans Held in Securitization Trusts The following table presents the activity in the Company's allowance for loan losses on residential loans held in securitization trusts, net for the six months ended June 30, 2019 (dollar amounts in thousands):
 
June 30, 2019
Balance at beginning of period
$
3,759

Provision for loan losses
38

Transfer to real estate owned
(167
)
Charge-offs
(109
)
Balance at the end of period
$
3,521
Schedule of Delinquencies in Portfolio of Residential Mortgage Loans Held in Securitization Trusts The table below shows delinquencies in our portfolio of residential loans held in securitization trusts, net, including real estate owned (REO) through foreclosure, as of December 31, 2019 (dollar amounts in thousands):


December 31, 2019
Days Late
Number of
Delinquent
Loans 
 
Total
Unpaid
Principal 
 
% of Loan
Portfolio 
30 - 60
2
 
$
211

 
0.44
%
90 +
16
 
$
10,010

 
21.05
%
Real estate owned through foreclosure
1
 
$
360

 
0.76
%