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Multi-family Loans - (Tables)

12 Months Ended

Dec. 31, 2020

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Multi-Family Loans, Carrying Value

The following table presents the carrying value of the Company's multi-family loans as of December 31, 2020 and 2019, respectively (dollar amounts in thousands):

			December 31, 2020						December 31, 2019
Preferred equity and mezzanine loan investments			$	163,593					$	180,045
Consolidated K-Series			—						17,816,746
Total			$	163,593					$	17,996,791

Schedule of Mezzanine Loans and Preferred Equity Investments

The condensed consolidated balance sheets of Consolidated SLST at December 31, 2020 and 2019, respectively, are as follows (dollar amounts in thousands):

Balance Sheet			December 31, 2020						December 31, 2019
Assets
Residential loans, at fair value			$	1,266,785					$	1,328,886
Receivables (1)			4,075						5,244
Total Assets			$	1,270,860					$	1,334,130
Liabilities and Equity
Collateralized debt obligations, at fair value			$	1,054,335					$	1,052,829
Other liabilities			2,781						2,643
Total Liabilities			1,057,116						1,055,472
Equity			213,744						278,658
Total Liabilities and Equity			$	1,270,860					$	1,334,130

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

The condensed consolidated statements of operations of Consolidated SLST for the years ended December 31, 2020 and 2019, respectively, are as follows (dollar amounts in thousands):

			For the Years Ended December 31,
Statements of Operations			2020						2019
Interest income			$	45,194					$	4,764
Interest expense			31,663						2,945
Net interest income			13,531						1,819
Unrealized losses, net (1)			(32,073)						(83)
Net (loss) income			$	(18,542)					$	1,736

(1)Presented in unrealized gains (losses), net on the Company’s consolidated statements of operations. Includes $33.5 million and $0.3 million of unrealized gains on residential loans held in Consolidated SLST for the years ended December 31, 2020 and 2019, respectively, and $65.6 million and $0.4 million of unrealized losses on Consolidated SLST CDOs for the years ended December 31, 2020 and 2019, respectively.

Preferred equity and mezzanine loan investments consist of the following as of December 31, 2020 and 2019, respectively (dollar amounts in thousands):

			December 31, 2020						December 31, 2019 (1)
Investment amount			$	163,392					$	181,409
Deferred loan fees, net			(1,169)						(1,364)
Unrealized gains, net			1,370						—
Total			$	163,593					$	180,045

(1)As of December 31, 2019, preferred equity and mezzanine loan investments were reported at amortized cost less impairment, if any.

The geographic concentrations of credit risk exceeding 5% of the total preferred equity and mezzanine loan investment amounts as of December 31, 2020 and 2019, respectively, are as follows:

			December 31, 2020						December 31, 2019
Tennessee			14.3		%				12.3		%
Texas			11.4		%				10.6		%
Georgia			10.1		%				11.8		%
Alabama			9.7		%				10.0		%
Florida			8.5		%				12.0		%
South Carolina			7.2		%				6.3		%
New Jersey			5.8		%				5.0		%
Missouri			5.7		%				4.9		%
Ohio			5.2		%				—
Virginia			5.0		%				8.4		%

Preferred Equity and Mezzanine Loans, Fair Value Compared to Unpaid Principal

The table below presents the fair value and aggregate unpaid principal balance of the Company's preferred equity and mezzanine loan investments in non-accrual status as of December 31, 2020 (dollar amounts in thousands):

Days Late									Fair Value						Unpaid Principal Balance
90 +									$	3,325					$	3,363

Condensed Balance Sheet

The condensed consolidated balance sheets of the Consolidated K-Series at December 31, 2019 is as follows (dollar amounts in thousands):

Balance Sheets												December 31, 2019
Assets
Multi-family loans, at fair value												$	17,816,746
Receivables (1)												59,417
Total Assets												$	17,876,163
Liabilities and Equity
Collateralized debt obligations, at fair value												$	16,724,451
Accrued expenses (2)												57,873
Total Liabilities												16,782,324
Equity												1,093,839
Total Liabilities and Equity												$	17,876,163

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

(2)Included in other liabilities on the accompanying consolidated balance sheets.

Condensed Income Statement

The condensed consolidated statements of operations of the Consolidated K-Series for the years ended December 31, 2020 (prior to the sale of first loss POs and de-consolidation of the Consolidated K-Series), 2019, and 2018, respectively, are as follows (dollar amounts in thousands):

			For the Years Ended December 31,
Statements of Operations			2020						2019						2018
Interest income			$	151,841					$	535,226					$	358,712
Interest expense			129,762						457,130						313,102
Net interest income			22,079						78,096						45,610
Unrealized (losses) gains, net			(10,951)						23,962						37,581
Net income			$	11,128					$	102,058					$	83,191

Schedules of Concentration of Risk, by Risk Factor

The geographic concentrations of credit risk exceeding 5% of the unpaid principal balance of residential loans, at fair value as of December 31, 2020 and 2019, respectively, are as follows:

			December 31, 2020																		December 31, 2019
			Residential loans						Consolidated SLST						Residential loans held in securitization trusts						Residential loans						Consolidated SLST
California			23.6		%				10.9		%				19.8		%				23.9		%				11.0		%
Florida			13.1		%				10.5		%				8.1		%				9.4		%				10.6		%
New York			9.2		%				9.3		%				8.9		%				8.0		%				9.1		%
Texas			5.6		%				4.0		%				4.3		%				5.4		%				4.0		%
New Jersey			5.6		%				7.1		%				5.6		%				5.1		%				6.9		%
Maryland			2.8		%				3.8		%				6.3		%				4.6		%				3.8		%
Illinois			2.5		%				6.8		%				2.7		%				2.8		%				6.6		%

The geographic concentrations of credit risk exceeding 5% of the unpaid principal balance of our residential loans, net as of December 31, 2019 were 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 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 total loan balances related to multi-family loans held in the Consolidated K-Series as of December 31, 2019 were as follows:

									December 31, 2019
California									15.9		%
Texas									12.4		%
Florida									6.2		%
Maryland									5.8		%

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