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Residential Loans, Net (Tables)
 9 Months Ended
Sep. 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 nine months ended September 30, 2019 (dollar amounts in thousands):
 September 30, 2019
Balance at beginning of period$195,560 
Additions1,813 
Disposals(48,383)
Accretion(4,672)
Balance at end of period (1)
$144,318 

(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 nine month period ended September 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 September 30, 2020 and December 31, 2019, respectively, are as follows:

September 30, 2020December 31, 2019
Residential loansConsolidated SLSTResidential loans held in securitization trustsResidential loansConsolidated SLST
California23.4 %10.9 %15.8 %23.9 %11.0 %
Florida11.7 %10.5 %6.4 %9.4 %10.6 %
New York8.0 %9.2 %11.0 %8.0 %9.1 %
Texas5.6 %4.0 %4.4 %5.4 %4.0 %
New Jersey5.2 %7.0 %6.0 %5.1 %6.9 %
Maryland3.6 %3.8 %8.1 %4.6 %3.8 %
Massachusetts2.5 %2.8 %5.5 %2.8 %2.9 %
Illinois2.7 %6.7 %3.2 %2.8 %6.6 %
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 Carolina10.5 %
Florida10.1 %
Georgia7.0 %
South Carolina5.8 %
Texas5.6 %
New York5.5 %
Ohio5.2 %
Virginia5.2 %
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 York36.1 %
Massachusetts17.2 %
New Jersey12.8 %
Florida12.1 %
Maryland5.5 %
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
California15.9 %
Texas12.4 %
Florida6.2 %
Maryland5.8 %
The geographic concentrations of credit risk exceeding 5% of the total preferred equity and mezzanine loan investment amounts as of September 30, 2020 and December 31, 2019, respectively, are as follows:
September 30, 2020December 31, 2019
Tennessee12.2 %12.3 %
Florida11.9 %12.0 %
Georgia11.7 %11.8 %
Texas9.9 %10.6 %
South Carolina9.1 %6.3 %
Alabama8.3 %10.0 %
New Jersey5.0 %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 – net301 
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 nine months ended September 30, 2019 (dollar amounts in thousands):
September 30, 2019
Balance at beginning of period$3,759 
Provision for loan losses25 
Transfer to real estate owned(167)
Charge-offs(109)
Balance at the end of period$3,508 
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 - 602$211 0.44 %
90 +16$10,010 21.05 %
Real estate owned through foreclosure1$360 0.76 %