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Fair Value of Financial Instruments - Carrying Value and Estimated Fair Value of the Company's Financial Assets (Details) - USD ($)
$ in Thousands
Sep. 30, 2020
Dec. 31, 2019
Sep. 30, 2019
Financial Assets:      
Cash and cash equivalents $ 649,822 $ 118,763 $ 65,906
Investment securities available for sale 323,399 1,760,812  
Investment in unconsolidated entities, carrying value 218,706 189,965  
Preferred equity and mezzanine loan investments, carrying value 142,945 169,214  
Derivative assets 0 15,878  
Financial Liabilities      
Outstanding repurchase agreements   2,352,102  
Subordinated debentures, carrying value 45,000 45,000  
Convertible notes, carrying value 134,720 132,955  
Residential collateralized debt obligations      
Financial Liabilities      
Secured debt, carrying value 268,820 40,429  
Residential collateralized debt obligations, at fair value      
Financial Liabilities      
Secured debt, carrying value 1,077,980 1,052,829  
VIE, Primary Beneficiary | Consolidated SLST      
Financial Liabilities      
Secured debt, carrying value 1,077,980 1,052,829  
Level 1      
Financial Assets:      
Cash and cash equivalents 649,822 118,763  
Cash and cash equivalents, estimated fair value 649,822 118,763  
Level 2      
Financial Assets:      
Investment securities available for sale 603,697 2,006,140  
Derivative assets 0 15,878  
Financial Liabilities      
Secured debt, carrying value 88,791 0  
Secured debt, estimated fair value 90,096 0  
Convertible notes, carrying value 134,720 132,955  
Convertible notes, estimated fair value 135,457 140,865  
Level 2 | Portfolio Investments      
Financial Liabilities      
Outstanding repurchase agreements 672,519 3,105,416  
Level 3      
Financial Assets:      
Residential mortgage loans, at fair value 2,822,789    
Investment in unconsolidated entities, carrying value 218,706 189,965  
Investments in unconsolidated entities, estimated fair value 218,706 191,359  
Preferred equity and mezzanine loan investments, carrying value 183,154 180,045  
Preferred equity and mezzanine loan investments, estimated fair value 183,154 182,465  
Loans held for sale, net, carrying value 0 2,406  
Loans held for sale, net, estimated fair value 0 2,482  
Financial Liabilities      
Subordinated debentures, carrying value 45,000 45,000  
Subordinated debentures, estimated fair value 32,548 41,592  
Level 3 | Residential collateralized debt obligations      
Financial Liabilities      
Secured debt, carrying value 268,820 40,429  
Secured debt, estimated fair value 269,749 38,888  
Level 3 | Multi-family collateralized debt obligations, at fair value      
Financial Liabilities      
Secured debt, carrying value 0 16,724,451  
Secured debt, estimated fair value 0 16,724,451  
Level 3 | Residential collateralized debt obligations, at fair value      
Financial Liabilities      
Secured debt, carrying value 1,077,980 1,052,829  
Secured debt, estimated fair value 1,077,980 1,052,829  
Level 3 | Residential loans      
Financial Assets:      
Residential mortgage loans, at fair value 1,177,298 1,429,754  
Level 3 | Residential loans held in securitization trusts      
Financial Assets:      
Residential mortgage loans, at fair value 355,486 0  
Level 3 | Residential loans, net      
Financial Assets:      
Residential mortgage loans 0 202,756  
Residential mortgage loans, estimated fair value 0 208,471  
Level 3 | Multi-family loans held in securitization trusts, at fair value      
Financial Assets:      
Residential mortgage loans 0 17,816,746  
Residential mortgage loans, estimated fair value 0 17,816,746  
Level 3 | VIE, Primary Beneficiary | Residential collateralized debt obligations, at fair value      
Financial Liabilities      
Secured debt, carrying value 1,077,980    
Level 3 | VIE, Primary Beneficiary | Consolidated SLST      
Financial Assets:      
Residential mortgage loans, at fair value $ 1,290,005 $ 1,328,886