Cover
Cover - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Jan. 31, 2021 | Jun. 30, 2020 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2020 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Transition Report | false | ||
Entity File Number | 001-32216 | ||
Entity Registrant Name | NEW YORK MORTGAGE TRUST, INC. | ||
Entity Incorporation, State or Country Code | MD | ||
Entity Tax Identification Number | 47-0934168 | ||
Entity Address, Address Line One | 90 Park Avenue | ||
Entity Address, City or Town | New York | ||
Entity Address, State or Province | NY | ||
Entity Address, Postal Zip Code | 10016 | ||
City Area Code | 212 | ||
Local Phone Number | 792-0107 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 979,459,234 | ||
Entity Common Stock, Shares Outstanding | 379,460,638 | ||
Documents Incorporated by Reference | Document Where Part III, Items 10-14 1. Portions of the Registrant's Definitive Proxy Statement relating to its 2021 Annual Meeting of Stockholders scheduled for June 2021 to be filed with the Securities and Exchange Commission by no later than April 30, 2021. | ||
Amendment Flag | false | ||
Entity Central Index Key | 0001273685 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Common Stock | |||
Document Information [Line Items] | |||
Title of 12(b) Security | Common Stock, par value $0.01 per share | ||
Trading Symbol | NYMT | ||
Security Exchange Name | NASDAQ | ||
7.75% Series B Cumulative Redeemable Preferred Stock | |||
Document Information [Line Items] | |||
Title of 12(b) Security | 7.75% Series B Cumulative Redeemable Preferred Stock, par value $0.01 per share, $25.00 Liquidation Preference | ||
Trading Symbol | NYMTP | ||
Security Exchange Name | NASDAQ | ||
7.875% Series C Cumulative Redeemable Preferred Stock | |||
Document Information [Line Items] | |||
Title of 12(b) Security | 7.875% Series C Cumulative Redeemable Preferred Stock, par value $0.01 per share, $25.00 Liquidation Preference | ||
Trading Symbol | NYMTO | ||
Security Exchange Name | NASDAQ | ||
8.000% Series D Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock | |||
Document Information [Line Items] | |||
Title of 12(b) Security | 8.000% Series D Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, par value $0.01 per share, $25.00 Liquidation Preference | ||
Trading Symbol | NYMTN | ||
Security Exchange Name | NASDAQ | ||
7.875% Series E Fixed-to-Floating Rate Cumulative Redeemable, Preferred Stock, Par Value $0.01 per share, $25.00 Liquidation Preference | |||
Document Information [Line Items] | |||
Title of 12(b) Security | 7.875% Series E Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, par value $0.01 per share, $25.00 Liquidation Preference | ||
Trading Symbol | NYMTM | ||
Security Exchange Name | NASDAQ |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | |
ASSETS | |||
Residential loans ($3,049,166 at fair value as of December 31, 2020 and $2,758,640 at fair value and $202,756 at amortized cost, net as of December 31, 2019) | $ 3,049,166 | $ 2,961,396 | |
Loans held in securitization trusts, at fair value | 0 | 17,816,746 | |
Investment securities available for sale, at fair value | 724,726 | 2,006,140 | |
Equity investments ($259,095 at fair value as of December 31, 2020 and $83,882 at fair value and $106,083 at amortized cost, net as of December 31, 2019) | 259,095 | 189,965 | |
Derivative assets | 0 | 15,878 | |
Cash and cash equivalents | 293,183 | 118,763 | |
Goodwill | 0 | 25,222 | |
Other assets | 165,824 | 169,214 | |
Total assets | [1] | 4,655,587 | 23,483,369 |
Liabilities: | |||
Repurchase agreements | 2,352,102 | ||
Convertible notes | 135,327 | 132,955 | |
Subordinated debentures | 45,000 | 45,000 | |
Other liabilities | 138,498 | 177,260 | |
Total liabilities | [1] | 2,348,014 | 21,278,340 |
Commitments and Contingencies | |||
Stockholders' Equity: | |||
Preferred stock, par value $0.01 per share, 30,900,000 shares authorized, 20,872,888 shares issued and outstanding ($521,822 aggregate liquidation preference) | 504,765 | 504,765 | |
Common stock, par value $0.01 per share, 800,000,000 shares authorized, 377,744,476 and 291,371,039 shares issued and outstanding as of December 31, 2020 and December 31, 2019, respectively | 3,777 | 2,914 | |
Additional paid-in capital | 2,342,934 | 1,821,785 | |
Accumulated other comprehensive income | 994 | 25,132 | |
Accumulated deficit | (551,268) | (148,863) | |
Company's stockholders' equity | 2,301,202 | 2,205,733 | |
Non-controlling interest in consolidated variable interest entities | 6,371 | (704) | |
Equity | 2,307,573 | 2,205,029 | |
Total Liabilities and Stockholders' Equity | 4,655,587 | 23,483,369 | |
Repurchase agreements | |||
Liabilities: | |||
Repurchase agreements | 405,531 | 3,105,416 | |
Collateralized debt obligations | |||
Liabilities: | |||
Collateralized debt obligations ($1,054,335 at fair value and $569,323 at amortized cost, net as of December 31, 2020 and $17,777,280 at fair value and $40,429 at amortized cost, net as of December 31, 2019) | 1,623,658 | 17,817,709 | |
Residential Loans | |||
ASSETS | |||
Residential loans ($3,049,166 at fair value as of December 31, 2020 and $2,758,640 at fair value and $202,756 at amortized cost, net as of December 31, 2019) | 3,049,166 | 2,961,396 | |
Multi-family loans | |||
ASSETS | |||
Loans held in securitization trusts, at fair value | $ 163,593 | $ 17,996,791 | |
[1] | Our consolidated balance sheets include assets and liabilities of consolidated variable interest entities (“VIEs”) as the Company is the primary beneficiary of these VIEs. As of December 31, 2020 and December 31, 2019, assets of consolidated VIEs totaled $2,150,984 and $19,270,384, respectively, and the liabilities of consolidated VIEs totaled $1,667,306 and $17,878,314, respectively. See Note 7 for further discussion. |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | |
Residential loans, net | $ 3,049,166 | $ 2,961,396 | |
Residential loans, at fair value | 0 | 17,816,746 | |
Preferred equity and mezzanine loan investments | 180,045 | ||
Equity investments | $ 259,095 | $ 189,965 | |
Operating Lease, Liability, Statement of Financial Position [Extensible List] | us-gaap:OtherLiabilities | us-gaap:OtherLiabilities | |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | |
Preferred stock, shares authorized (in shares) | 200,000,000 | 200,000,000 | |
Preferred stock, shares issued (in shares) | 20,872,888 | 20,872,888 | |
Preferred stock, shares outstanding (in shares) | 20,872,888 | 20,872,888 | |
Liquidation Preference | $ 521,822 | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | |
Common stock, shares authorized (in shares) | 800,000,000 | 800,000,000 | |
Common stock, shares issued (in shares) | 377,744,476 | 377,744,476 | |
Common stock, shares outstanding (in shares) | 291,371,039 | 291,371,039 | |
Total assets | [1] | $ 4,655,587 | $ 23,483,369 |
Total liabilities | [1] | 2,348,014 | 21,278,340 |
VIE, Primary Beneficiary | |||
Total assets | 2,150,984 | 19,270,384 | |
Total liabilities | 1,667,306 | 17,878,314 | |
Equity Method Investment Portfolio | |||
Equity investments, estimated fair value | 259,095 | 83,882 | |
Equity investments | $ 259,095 | 83,882 | |
Equity investments | $ 106,083 | ||
Preferred Stock | |||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | |
Preferred stock, shares authorized (in shares) | 30,900,000 | 30,900,000 | |
Preferred stock, shares outstanding (in shares) | 20,872,888 | 20,872,888 | |
Liquidation Preference | $ 521,822 | $ 521,822 | |
Residential collateralized debt obligations, at fair value | |||
Collateralized debt obligations | 1,054,335 | 17,777,280 | |
Residential collateralized debt obligations, at fair value | VIE, Primary Beneficiary | |||
Collateralized debt obligations | 1,054,335 | 17,777,280 | |
Residential Collateralized Debt Obligations | |||
Collateralized debt obligations | 569,323 | 40,429 | |
Residential Collateralized Debt Obligations | VIE, Primary Beneficiary | |||
Collateralized debt obligations | 569,323 | 40,429 | |
Residential loans, at fair value | |||
Residential loans, net | 3,049,166 | 2,758,640 | |
Residential Mortgage Loans | |||
Residential loans, net | 0 | 202,756 | |
Multi-family loans at fair value | |||
Residential loans, at fair value | $ 163,593 | $ 17,816,746 | |
[1] | Our consolidated balance sheets include assets and liabilities of consolidated variable interest entities (“VIEs”) as the Company is the primary beneficiary of these VIEs. As of December 31, 2020 and December 31, 2019, assets of consolidated VIEs totaled $2,150,984 and $19,270,384, respectively, and the liabilities of consolidated VIEs totaled $1,667,306 and $17,878,314, respectively. See Note 7 for further discussion. |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
NET INTEREST INCOME: | |||
Interest and Dividend Income, Operating | $ 350,161 | $ 694,614 | $ 455,799 |
Interest expense | 223,068 | 566,750 | 377,071 |
Total net interest income | 127,093 | 127,864 | 78,728 |
NON-INTEREST (LOSS) INCOME: | |||
Unrealized (losses) gains, net | (148,058) | 32,642 | (7,775) |
Realized loss on de-consolidation of Consolidated K-Series | (54,118) | 0 | 0 |
Unrealized (losses) gains, net | (160,161) | 35,837 | 52,781 |
Income from equity investments | 26,670 | 23,626 | 10,585 |
Impairment of goodwill | (25,222) | 0 | 0 |
Loss on extinguishment of collateralized debt obligations | 0 | (2,857) | 0 |
Recovery of (provision for) loan losses | 0 | 2,780 | 1,257 |
(Recovery of) provision for loan losses | (2,780) | (1,257) | |
Other income | 1,097 | 2,420 | 12,146 |
Total non-interest (loss) income | (359,792) | 94,448 | 66,480 |
GENERAL, ADMINISTRATIVE AND OPERATING EXPENSES: | |||
General and administrative expenses | 42,228 | 35,794 | 27,872 |
Operating expenses | 12,335 | 14,041 | 13,598 |
Total general, administrative and operating expenses | 54,563 | 49,835 | 41,470 |
(LOSS) INCOME FROM OPERATIONS BEFORE INCOME TAXES | (287,262) | 172,477 | 103,738 |
Income tax (benefit) expense | 981 | (419) | (1,057) |
NET (LOSS) INCOME | (288,243) | 172,896 | 104,795 |
Net (income) loss attributable to non-controlling interest in consolidated variable interest entities | (267) | 840 | (1,909) |
NET (LOSS) INCOME ATTRIBUTABLE TO COMPANY | (288,510) | 173,736 | 102,886 |
Preferred stock dividends | (41,186) | (28,901) | (23,700) |
NET (LOSS) INCOME ATTRIBUTABLE TO COMPANY'S COMMON STOCKHOLDERS | $ (329,696) | $ 144,835 | $ 79,186 |
Basic earnings per common share (in USD per share) | $ (0.89) | $ 0.65 | $ 0.62 |
Diluted earnings per common share (in USD per share) | $ (0.89) | $ 0.64 | $ 0.61 |
Weighted average shares outstanding-basic (in shares) | 371,004 | 221,380 | 127,243 |
Weighted average shares outstanding-diluted (in shares) | 371,004 | 242,596 | 147,450 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Statement [Abstract] | |||
NET (LOSS) INCOME ATTRIBUTABLE TO COMPANY'S COMMON STOCKHOLDERS | $ (329,696) | $ 144,835 | $ 79,186 |
OTHER COMPREHENSIVE (LOSS) INCOME | |||
(Decrease) increase in fair value of available for sale securities | (31,654) | 65,376 | (27,688) |
Reclassification adjustment for net loss (gain) included in net (loss) income | 7,516 | (18,109) | 0 |
TOTAL OTHER COMPREHENSIVE (LOSS) INCOME | (24,138) | 47,267 | (27,688) |
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO COMPANY'S COMMON STOCKHOLDERS | $ (353,834) | $ 192,102 | $ 51,498 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY - USD ($) $ in Thousands | Total | Cumulative Effect, Period of Adoption, Adjustment | Total Company Stockholders' Equity | Total Company Stockholders' EquityCumulative Effect, Period of Adoption, Adjustment | Common Stock | Preferred Stock | Additional Paid-In Capital | Retained Earnings (Accumulated Deficit) | Retained Earnings (Accumulated Deficit)Cumulative Effect, Period of Adoption, Adjustment | Accumulated Other Comprehensive Income (Loss) | Non-Controlling Interest in Consolidated VIE | Preferred Stock | Preferred StockTotal Company Stockholders' Equity | Preferred StockPreferred Stock |
Beginning balance at Dec. 31, 2017 | $ 976,001 | $ 971,865 | $ 1,119 | $ 289,755 | $ 751,155 | $ (75,717) | $ 5,553 | $ 4,136 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Net income (loss) | 104,795 | 102,886 | 102,886 | 1,909 | ||||||||||
Stock issuance, net | 260,091 | 260,091 | 434 | 259,657 | ||||||||||
Stock based compensation expense, net | 2,582 | 2,582 | 3 | 2,579 | ||||||||||
Dividends declared on common stock | (106,647) | (106,647) | (106,647) | |||||||||||
Dividends declared on preferred stock | (23,700) | (23,700) | (23,700) | |||||||||||
Reclassification adjustment for net gain included in net income | 0 | |||||||||||||
Decrease in fair value of available for sale securities | (27,688) | (27,688) | (27,688) | |||||||||||
Decrease in non-controlling interest related to distributions from and de-consolidation of variable interest entities | (5,141) | (5,141) | ||||||||||||
Ending balance at Dec. 31, 2018 | 1,180,293 | 1,179,389 | 1,556 | 289,755 | 1,013,391 | (103,178) | (22,135) | 904 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Net income (loss) | 172,896 | 173,736 | 173,736 | (840) | ||||||||||
Stock issuance, net | 804,385 | 804,385 | 1,352 | 803,033 | $ 215,010 | $ 215,010 | $ 215,010 | |||||||
Stock based compensation expense, net | 5,367 | 5,367 | 6 | 5,361 | ||||||||||
Dividends declared on common stock | (190,520) | (190,520) | (190,520) | |||||||||||
Dividends declared on preferred stock | (28,901) | (28,901) | (28,901) | |||||||||||
Reclassification adjustment for net gain included in net income | (18,109) | (18,109) | (18,109) | |||||||||||
Decrease in fair value of available for sale securities | 65,376 | 65,376 | 65,376 | |||||||||||
Decrease in non-controlling interest related to distributions from and de-consolidation of variable interest entities | (768) | (768) | ||||||||||||
Ending balance at Dec. 31, 2019 | 2,205,029 | $ 12,284 | 2,205,733 | $ 12,284 | 2,914 | 504,765 | 1,821,785 | (148,863) | $ 12,284 | 25,132 | (704) | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Net income (loss) | (288,243) | (288,510) | (288,510) | 267 | ||||||||||
Stock issuance, net | 512,090 | 512,090 | 851 | 511,239 | ||||||||||
Stock based compensation expense, net | 9,922 | 9,922 | 12 | 9,910 | ||||||||||
Dividends declared on common stock | (84,993) | (84,993) | (84,993) | |||||||||||
Dividends declared on preferred stock | (41,186) | (41,186) | (41,186) | |||||||||||
Reclassification adjustment for net gain included in net income | 7,516 | 7,516 | 7,516 | |||||||||||
Decrease in fair value of available for sale securities | (31,654) | (31,654) | (31,654) | |||||||||||
Increase in non-controlling interest related to initial consolidation of variable interest entities | 6,808 | 6,808 | ||||||||||||
Ending balance at Dec. 31, 2020 | $ 2,307,573 | $ 2,301,202 | $ 3,777 | $ 504,765 | $ 2,342,934 | $ (551,268) | $ 994 | $ 6,371 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash Flows from Operating Activities: | |||
Net (loss) income | $ (288,243) | $ 172,896 | $ 104,795 |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | |||
Net amortization (accretion) | 14,744 | (55,629) | (29,338) |
Realized losses (gains), net | 148,058 | (32,642) | 7,775 |
Realized loss on de-consolidation of Consolidated K-Series | 54,118 | 0 | 0 |
Unrealized losses (gains), net | 160,161 | (35,837) | (52,781) |
Impairment of goodwill | 25,222 | 0 | 0 |
Gain on sale of real estate held for sale in Consolidated VIEs | 0 | (1,580) | (2,328) |
Impairment of real estate under development in Consolidated VIEs | 1,754 | 1,872 | 2,764 |
Loss on extinguishment of collateralized debt obligations | 0 | 2,857 | 0 |
(Recovery of) provision for loan losses | 0 | 2,780 | 1,257 |
(Recovery of) provision for loan losses | 2,780 | 1,257 | |
Income from preferred equity, mezzanine loan and equity investments | (48,667) | (47,840) | (37,922) |
Distributions of income from preferred equity, mezzanine loan and equity investments | 24,430 | 24,848 | 29,358 |
Stock based compensation expense, net | 9,922 | 5,367 | 2,582 |
Changes in operating assets and liabilities: | |||
Other assets | 66,076 | (41,525) | (12,471) |
Other liabilities | (56,820) | 45,094 | 10,486 |
Net cash provided by operating activities | 110,755 | 35,101 | 24,177 |
Cash Flows from Investing Activities: | |||
Proceeds from sales of investment securities | 1,820,194 | 97,951 | 26,899 |
Principal paydowns received on investment securities | 189,732 | 227,397 | 234,438 |
Purchases of investment securities | (586,640) | (753,734) | (393,663) |
Principal repayments received on preferred equity and mezzanine loan investments | 28,179 | 42,249 | 56,718 |
Return of capital from equity investments | 17,432 | 13,617 | 14,973 |
Funding of preferred equity, mezzanine loan and equity investments | (80,500) | (163,883) | (112,452) |
Net payments (made on) received from derivative instruments settled during the period | (28,233) | (36,337) | 747 |
Proceeds from sale of real estate owned | 5,751 | 4,873 | 5,120 |
Cash received from initial consolidation of VIEs | 327 | 0 | 0 |
Net proceeds from sale of real estate held for sale in Consolidated VIEs | 0 | 3,587 | 33,192 |
Capital expenditures on operating real estate and real estate held for sale in Consolidated VIEs | (206) | (128) | (457) |
Purchases of other assets | (477) | (991) | (183) |
Net cash provided by (used in) investing activities | 2,117,883 | (769,065) | (642,474) |
Cash Flows from Financing Activities: | |||
Net (payments made on) proceeds received from repurchase agreements | (2,701,812) | 972,207 | 704,763 |
Proceeds from issuance of collateralized debt obligations, net | 649,357 | 0 | 0 |
Common stock issuance, net | 511,924 | 804,398 | 260,091 |
Preferred stock issuance, net | 0 | 215,073 | 0 |
Dividends paid on common stock | (105,492) | (163,364) | (97,911) |
Dividends paid on preferred stock | (41,065) | (24,651) | (23,760) |
Payments made on and extinguishment of collateralized debt obligations | (121,812) | (58,217) | (58,220) |
Payments made on Consolidated K-Series CDOs | (147,376) | (992,075) | (137,803) |
Payments made on Consolidated SLST CDOs | (89,484) | (2,918) | 0 |
Payments made on mortgages and notes payable in Consolidated VIEs | 0 | (4,022) | (27,067) |
Proceeds received from mortgages and notes payable in Consolidated VIEs | 0 | 0 | 1,154 |
Net cash (used in) provided by financing activities | (2,045,760) | 746,431 | 621,247 |
Net Increase in Cash, Cash Equivalents and Restricted Cash | 182,878 | 12,467 | 2,950 |
Cash, Cash Equivalents and Restricted Cash - Beginning of Period | 121,612 | 109,145 | 106,195 |
Cash, Cash Equivalents and Restricted Cash - End of Period | 304,490 | 121,612 | 109,145 |
Supplemental Disclosure: | |||
Cash paid for interest | 292,059 | 622,720 | 430,121 |
Cash paid for income taxes | 1,521 | 21 | 1,711 |
Non-Cash Investment Activities: | |||
Transfer from residential loans to real estate owned | 8,509 | 6,105 | 7,998 |
Non-Cash Financing Activities: | |||
Mortgages and notes payable assumed by purchaser of real estate held for sale in Consolidated VIEs | 0 | 27,260 | 0 |
Cash, Cash Equivalents and Restricted Cash Reconciliation: | |||
Total cash, cash equivalents, and restricted cash | 121,612 | 109,145 | 109,145 |
Multi-Family Loans Held in Securitization Trust | |||
Non-Cash Investment Activities: | |||
De-consolidation of multi-family loans held and CDOs, Consolidated K-Series | 17,381,483 | 0 | 0 |
Consolidation of multi-family loans held in Consolidated K-Series | 0 | 6,599,974 | 2,294,544 |
Multi Family Collateralized Debt Obligations | |||
Non-Cash Investment Activities: | |||
De-consolidation of multi-family loans held and CDOs, Consolidated K-Series | 16,612,093 | 0 | 0 |
Consolidation of Consolidated K-Series CDOs | 0 | 6,253,739 | 2,182,330 |
Residential Mortgage Loans Held in Securitization | |||
Non-Cash Investment Activities: | |||
Consolidation of multi-family loans held in Consolidated K-Series | 0 | 1,333,060 | 0 |
Residential Collateralized Debt Obligations | |||
Non-Cash Investment Activities: | |||
Consolidation of Consolidated K-Series CDOs | 0 | 1,055,720 | 0 |
Consolidated SLST | |||
Cash Flows from Investing Activities: | |||
Purchases of residential loans | 0 | (277,339) | 0 |
Residential Mortgage Loans | |||
Cash Flows from Investing Activities: | |||
Purchases of residential loans | (569,157) | (829,519) | (688,750) |
Principal repayments received on loans | 429,575 | 184,546 | 63,933 |
Proceeds from sales of residential loans | 96,892 | 71,969 | 91,405 |
Multi-Family Loans Held in Securitization Trust | |||
Cash Flows from Investing Activities: | |||
Principal repayments received on loans | 239,796 | 992,912 | 137,820 |
Consolidated K-Series | |||
Cash Flows from Investing Activities: | |||
Net proceeds from sale of real estate held for sale in Consolidated VIEs | 555,218 | 0 | 0 |
Investments Held in Multi-family Securitized Trusts | |||
Cash Flows from Investing Activities: | |||
Purchases of residential loans | $ 0 | $ (346,235) | $ (112,214) |
Organization
Organization | 12 Months Ended |
Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | Organization New York Mortgage Trust, Inc., together with its consolidated subsidiaries (“NYMT,” “we,” “our,” or the “Company”), is a real estate investment trust, or REIT, in the business of acquiring, investing in, financing and managing primarily mortgage-related single-family and multi-family residential assets. Our objective is to deliver long-term stable distributions to our stockholders over changing economic conditions through a combination of net interest margin and capital gains from a diversified investment portfolio. Our investment portfolio includes credit sensitive single-family and multi-family assets. The Company conducts its business through the parent company, New York Mortgage Trust, Inc., and several subsidiaries, including taxable REIT subsidiaries (“TRSs”), qualified REIT subsidiaries (“QRSs”) and special purpose subsidiaries established for securitization purposes. The Company consolidates all of its subsidiaries under generally accepted accounting principles in the United States of America (“GAAP”). The Company is organized and conducts its operations to qualify as a REIT for U.S. federal income tax purposes. As such, the Company will generally not be subject to federal income taxes on that portion of its income that is distributed to stockholders if it distributes at least 90% of its REIT taxable income to its stockholders by the due date of its federal income tax return and complies with various other requirements. COVID-19 Impact The novel coronavirus (“COVID-19”) pandemic materially adversely impacted our business beginning in mid-march 2020, has contributed to significant volatility in global financial and credit markets and continues to adversely impact the U.S. and world economies. The major disruptions caused by COVID-19 significantly slowed many commercial activities in the U.S., resulting in a rapid rise in unemployment claims, reduced business revenues and sharp reductions in liquidity and the fair value of many assets, including those in which the Company invests. Although market conditions for our business have improved in quarters subsequent to March 2020, the pandemic continues to negatively weigh on markets and world economies. The ultimate duration and impact of the COVID-19 pandemic and response thereto remains uncertain. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Definitions – The following defines certain of the commonly used terms in these financial statements: “RMBS” refers to residential mortgage-backed securities backed by adjustable-rate, hybrid adjustable-rate, or fixed-rate residential loans; “Agency RMBS” refers to RMBS representing interests in or obligations backed by pools of residential loans guaranteed by a government sponsored enterprise (“GSE”), such as the Federal National Mortgage Association (“Fannie Mae”) or the Federal Home Loan Mortgage Corporation (“Freddie Mac”), or an agency of the U.S. government, such as the Government National Mortgage Association (“Ginnie Mae”); “non-Agency RMBS” refers to RMBS that are not guaranteed by any agency of the U.S. Government or GSE; “IOs” refers collectively to interest only and inverse interest only mortgage-backed securities that represent the right to the interest component of the cash flow from a pool of mortgage loans; “POs” refers to mortgage-backed securities that represent the right to the principal component of the cash flow from a pool of mortgage loans; “ARMs” refers to adjustable-rate residential loans; “Agency ARMs” refers to Agency RMBS comprised of adjustable-rate and hybrid adjustable-rate RMBS; “Agency fixed-rate RMBS” refers to Agency RMBS comprised of fixed-rate RMBS; “ABS” refers to debt and/or equity tranches of securitizations backed by various asset classes including, but not limited to, automobiles, aircraft, credit cards, equipment, franchises, recreational vehicles and student loans; “CMBS” refers to commercial mortgage-backed securities comprised of commercial mortgage pass-through securities issued by a GSE, as well as PO, IO or mezzanine securities that represent the right to a specific component of the cash flow from a pool of commercial mortgage loans; “Agency CMBS” refers to CMBS representing interests or obligations backed by pools of mortgage loans guaranteed by a GSE, such as Fannie Mae or Freddie Mac; “multi-family CMBS” refers to CMBS backed by commercial mortgage loans on multi-family properties; “CDO” refers to collateralized debt obligation and includes debt that permanently finances the residential loans held in Consolidated SLST, multi-family loans held in the Consolidated K-Series and the Company's residential loans held in securitization trusts and non-Agency RMBS re-securitization that we consolidate in our financial statements in accordance with GAAP; “second mortgages” refers to liens on residential properties that are subordinate to more senior mortgages or loans; “business purpose loans” refers to short-term loans collateralized by residential properties made to investors who intend to rehabilitate and sell the residential property for a profit; and “Consolidated SLST” refers to a Freddie Mac-sponsored residential loan securitization, comprised of seasoned re-performing and non-performing residential loans, of which we own or owned the first loss subordinated securities and certain IOs and senior securities that we consolidate in our financial statements in accordance with GAAP. Basis of Presentation – The accompanying consolidated financial statements have been prepared on the accrual basis of accounting in accordance with GAAP. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Management has made significant estimates in several areas, including fair valuation of its residential loans, multi-family loans, certain equity investments and Consolidated SLST CDOs. Although the Company’s estimates contemplate current conditions and how it expects those conditions to change in the future, it is reasonably possible that actual conditions could be different than anticipated in those estimates, which could materially impact the Company’s results of operations and its financial condition. The COVID-19 pandemic and resulting emergency measures have led (and may continue to lead) to significant disruptions in the global supply chain, global capital markets, the economy of the U.S. and the economies of other countries impacted by COVID-19. The rapid development and fluidity of this situation precludes any prediction as to the ultimate adverse impact of COVID-19 on economic and market conditions. The Company believes the estimates and assumptions underlying our consolidated financial statements are reasonable and supportable based on the information available as of December 31, 2020; however, uncertainty over the ultimate impact COVID-19 will have on the global economy generally, and our business in particular, makes any estimates and assumptions as of December 31, 2020 inherently less certain than they would be absent the current and potential impacts of COVID-19. Accordingly, it is reasonably possible that actual conditions could be different than anticipated in those estimates, which could materially impact the Company’s results of operations and its financial condition. Reclassifications – Certain prior period amounts have been reclassified on the accompanying consolidated financial statements to conform to current period presentation. Principles of Consolidation and Variable Interest Entities – The accompanying consolidated financial statements of the Company include the accounts of all its subsidiaries which are majority-owned, controlled by the Company or a variable interest entity (“VIE”) where the Company is the primary beneficiary. All significant intercompany accounts and transactions have been eliminated in consolidation. A VIE is an entity that lacks one or more of the characteristics of a voting interest entity. A VIE is defined as an entity in which equity investors do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. The Company consolidates a VIE when it is the primary beneficiary of such VIE, herein referred to as a “Consolidated VIE”. As primary beneficiary, the Company has both the power to direct the activities that most significantly impact the economic performance of the VIE and a right to receive benefits or absorb losses of the entity that could be potentially significant to the VIE. The Company is required to reconsider its evaluation of whether to consolidate a VIE each reporting period, based upon changes in the facts and circumstances pertaining to the VIE. On November 12, 2020, the Company determined that it became the primary beneficiary of CL Gainesville Associates, LLC ("Campus Lodge"), a VIE that owns a multi-family apartment community and in which the Company holds a preferred equity investment. Accordingly, on this date, the Company consolidated Campus Lodge into its consolidated financial statements in accordance with ASC 810, Consolidation ("ASC 810") ( see Note 7 ). As of December 31, 2019, the Company, or one of its “special purpose entities” (“SPEs”), owned the first loss POs, certain IOs, and certain senior and mezzanine securities issued by certain Freddie Mac-sponsored multi-family loan K-Series securitizations that we consolidated in our financial statements in accordance with GAAP (the “Consolidated K-Series”). Based on a number of factors, management determined that the Company was the primary beneficiary of each VIE within the Consolidated K-Series and met the criteria for consolidation and, accordingly, consolidated these securitizations, including their assets, liabilities, income and expenses in the Company's financial statements. In response to market conditions associated with the COVID-19 pandemic and the Company's intention to improve its liquidity, in March 2020, the Company sold its entire portfolio of first loss POs issued by the Consolidated K-Series which resulted in the de-consolidation of each Consolidated K-Series as of the sale date of each first loss PO ( see Note 4 ). Goodwill – Goodwill represents the excess of the fair value of consideration transferred in a business combination over the fair values of identifiable assets acquired, liabilities assumed and non-controlling interests, if any, in an acquired entity, net of fair value of any previously held interest in the acquired entity. In May 2016, the Company acquired the outstanding membership interests in RiverBanc LLC (“RiverBanc”), RB Multifamily Investors LLC and RB Development Holding Company, LLC (“RBDHC”) that were not previously owned by the Company. These transactions were accounted for by applying the acquisition method for business acquisitions under ASC 805, Business Combinations ("ASC 805"). Goodwill in the amount of $25.2 million as of December 31, 2019 related to these transactions and the inclusion of these entities in the Company’s multifamily investment reporting unit. Goodwill is not amortized but is evaluated for impairment on an annual basis, or more frequently if the Company believes indicators of impairment exist, by initially performing a qualitative screen and, if necessary, then comparing fair value of the reporting unit to its carrying value, including goodwill. If the fair value of the reporting unit is less than the carrying value, an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value (in an amount not to exceed the total amount of goodwill allocated to the reporting unit) is recognized. The Company’s annual evaluation of goodwill as of October 1, 2019 indicated no impairment. However, financial, credit and mortgage-related asset markets experienced significant volatility as a result of the spread of COVID-19, which in turn put significant pressure on the mortgage REIT industry, including financing operations, mortgage asset pricing and liquidity demands. In response to these conditions and the Company's intention to improve its liquidity, in March 2020, the Company sold, among other things, its entire portfolio of first loss POs issued by the Consolidated K-Series, certain senior and mezzanine securities issued by the Consolidated K-Series, Agency CMBS and CMBS that were held by its multi-family investment reporting unit. As a result of the sales, the Company re-evaluated its goodwill balance associated with the multi-family investment reporting unit for impairment. The Company considered qualitative indicators such as macroeconomic conditions, disruptions in equity and credit markets, REIT-specific market considerations, and changes in the net assets in the multi-family investment reporting unit to determine that a quantitative assessment of the fair value of the reporting unit was necessary. The Company performed its quantitative analysis by updating its discounted cash flow projection for the multi-family investment reporting unit for the reduced investment portfolio. This analysis yielded an impairment of the entire goodwill balance reported as a $25.2 million impairment of goodwill on the accompanying consolidated statements of operations for the year ended December 31, 2020. Residential Loans – The Company’s acquired residential loans, including performing, re-performing and non-performing first-lien residential loans, second mortgages and business purpose loans are presented at fair value as of December 31, 2020 on the accompanying consolidated balance sheets. Changes in fair value are recorded in current period earnings in unrealized gains (losses), net on the accompanying consolidated statements of operations. The Company has elected the fair value option for residential loans either at the time of acquisition pursuant to ASC 825, Financial Instruments (“ASC 825”) or following the adoption of Accounting Standards Update ("ASU") 2019-05, Financial Instruments—Credit Losses (Topic 326): Targeted Transition Relief (“ASU 2019-05”), effective January 1, 2020. As of December 31, 2020, residential loans on the accompanying consolidated balance sheets includes those residential loans previously accounted for under ASC 310-30, Loans and Debt Securities Acquired with Deteriorated Credit Quality ("ASC 310-30"), and the Company's residential loans held in securitization trusts, both previously carried at amortized cost, net. As of December 31, 2020 and 2019, residential loans included seasoned re-performing and non-performing residential loans held in a Freddie Mac-sponsored residential loan securitization, of which we own or have owned the first loss subordinated securities and certain IOs and senior securities issued by this securitization, and that we consolidate in our financial statements in accordance with GAAP (“Consolidated SLST”). Based on a number of factors, management determined that the Company was the primary beneficiary of Consolidated SLST and met the criteria for consolidation and, accordingly, has consolidated the securitization, including its assets, liabilities, income and expenses in our financial statements. The Company has elected the fair value option on each of the assets and liabilities held within Consolidated SLST, which requires that changes in valuations be reflected on the accompanying consolidated statements of operations. In accordance with ASC 810, the Company measures both the financial assets and financial liabilities of a qualifying consolidated collateralized financing entity (“CFE”) using the fair value of either the CFE’s financial assets or financial liabilities, whichever is more observable. As the related securitization trust is considered a qualifying CFE, the Company determines the fair value of the residential loans held in Consolidated SLST based on the fair value of its residential collateralized debt obligations and the Company's investment in the securitization (eliminated in consolidation in accordance with GAAP), as the fair value of these instruments is more observable. Interest income is accrued and recognized as revenue when earned according to the terms of the residential loans and when, in the opinion of management, it is collectible. Residential loans are considered past due when they are 30 days past their contractual due date, and are placed on nonaccrual status when delinquent for more than 90 days or when, in management's opinion, the interest is not collectible in the normal course of business. Interest accrued but not yet collected at the time loans are placed on nonaccrual status is reversed and subsequently recognized only to the extent it is received in cash or until it qualifies for return to accrual status. Loans are restored to accrual status only when contractually current or the collection of future payments is reasonably assured. Premiums and discounts associated with the purchase of residential loans are amortized or accreted into interest income over the life of the related loan using the effective interest method. Any premium amortization or discount accretion is reflected as a component of interest income on the accompanying consolidated statements of operations. Prior to January 1, 2020, certain of the residential loans acquired by the Company at a discount, with evidence of credit deterioration since their origination and where it was probable that the Company would not collect all contractually required principal payments, were accounted for under ASC 310-30. Management evaluated whether there was evidence of credit quality deterioration as of the acquisition date using indicators such as past due or modified status, risk ratings, recent borrower credit scores and recent loan-to-value percentages. Loans considered credit impaired were recorded at fair value at the date of acquisition, with no allowance for loan losses. Subsequent to acquisition, the recorded amount for these loans reflected the original investment, plus accretion income, less principal and interest cash flows received. As of December 31, 2019, these residential loans are presented on the accompanying consolidated balance sheets at carrying value, which reflects the recorded amount reduced by any allowance for loan losses established subsequent to acquisition. Under ASC 310-30, the acquired credit impaired loans may be accounted for individually or aggregated and accounted for as a pool of loans if the loans being aggregated have common risk characteristics. A pool is accounted for as a single asset with a single composite interest rate and an expectation of aggregate cash flows. Once a pool is assembled, it is treated as if it was one loan for purposes of applying the accounting guidance. For each pool established, or on an individual loan basis for loans not aggregated into pools, the Company estimates at the time of acquisition and periodically, the principal and interest expected to be collected. The difference between the cash flows expected to be collected and the carrying amount of the loans is referred to as the “accretable yield.” This amount is accreted as interest income over the life of the loans using a level yield methodology. Interest income recorded each period relates to the accretable yield recognized at the pool level or on an individual loan basis, and not to contractual interest payments received at the loan level. The difference between contractually required principal and interest payments and the cash flows expected to be collected, referred to as the “nonaccretable difference,” includes estimates of both the impact of prepayments and expected credit losses over the life of the individual loan, or the pool (for loans grouped into a pool). Under ASC 310-30, management monitors actual cash collections against its expectations, and revised cash flow expectations are prepared as necessary. A decrease in expected cash flows in subsequent periods may indicate that the loan pool or individual loan, as applicable, is impaired, thus requiring the establishment of an allowance for loan losses by a charge to the provision for loan losses. An increase in expected cash flows in subsequent periods initially reduces any previously established allowance for loan losses by the increase in the present value of cash flows expected to be collected, and results in a recalculation of the amount of accretable yield for the loan pool. The adjustment of accretable yield due to an increase in expected cash flows is accounted for prospectively as a change in estimate. The additional cash flows expected to be collected are reclassified from the nonaccretable difference to the accretable yield, and the amount of periodic accretion is adjusted accordingly over the remaining life of the loans in the pool or individual loan, as applicable. The impacts of (i) prepayments, (ii) changes in variable interest rates, and (iii) any other changes in the timing of expected cash flows are recognized prospectively as adjustments to interest income. Disposal of a residential loan accounted for under ASC 310-30, which may include a loan sale, receipt of payment in full from the borrower or foreclosure, results in removal of the loan from the loan pool at its allocated carrying amount. In the event of a sale of the loan and receipt of payment (in full or partial) from the borrower, a gain or loss on sale is recognized and reported based on the difference between the sales proceeds or payment from the borrower and the allocated carrying amount of the acquired residential loan. In the case of a foreclosure, an individual loan is removed from the pool and a loss on sale is recognized if the carrying value exceeds the fair value of the collateral less costs to sell. A gain is not recognized if the fair value of collateral less costs to sell exceeds the carrying value. The Company uses the specific allocation method for the removal of loans as the estimated cash flows and related carrying amount for each individual loan are known. In these cases, the remaining accretable yield is unaffected and any material change in remaining effective yield caused by the removal of the loan from the pool is addressed by the re-assessment of the estimate of cash flows for the pool prospectively. Residential loans accounted for under ASC 310-30 subject to modification are not removed from the pool even if those loans would otherwise be considered troubled debt restructurings because the pool, and not the individual loan, represents the unit of account. For individual loans not accounted for in pools that are sold or satisfied by payment in full, a gain or loss on sale is recognized and reported based on the difference between the sales proceeds and the carrying amount of the acquired residential loan. In the case of a foreclosure, a loss is recognized if the carrying value exceeds the fair value of the underlying collateral less costs to sell. A gain is not recognized if the fair value of underlying collateral less costs to sell exceeds the carrying value. Prior to January 1, 2020, the Company also accounted for certain residential loans held in securitization trusts at amortized cost, net. These loans are comprised of certain ARMs transferred to Consolidated VIEs that have been securitized into sequentially rated classes of beneficial interests and are included in residential loans on the accompanying consolidated balance sheets. The Company accounted for these securitization trusts as financings which are consolidated into the Company’s financial statements. As of December 31, 2019, these loans were carried at their unpaid principal balances, net of unamortized premium or discount, unamortized loan origination costs and allowance for loan losses. The Company established an allowance for loan losses based on management’s judgment and estimate of expected credit losses inherent in our portfolio of residential loans held in securitization trusts, net. Estimation involved the consideration of various credit-related factors, including but not limited to, macro-economic conditions, current housing market conditions, loan-to-value ratios, delinquency status, historical credit loss severity rates, purchased mortgage insurance, the borrower’s current economic condition and other factors deemed to warrant consideration. Additionally, management looked at the balance of any delinquent loan and compared that to the current value of the collateralizing property. Management utilized various home valuation methodologies including appraisals, broker pricing opinions, internet-based property data services to review comparable properties in the same area or consult with a broker in the property’s area. Multi-Family Loans – As of December 31, 2020 and 2019, multi-family loans included preferred equity investments in, and mezzanine loans to, entities that have multi-family real estate assets. As of December 31, 2019, multi-family loans also included those multi-family loans held in the Consolidated K-Series, of which we, or one of our SPEs, owned the first loss POs and certain IOs and certain senior or mezzanine securities issued by those securitizations, and that we consolidated in our financial statements in accordance with GAAP. A preferred equity investment is an equity investment in the entity that owns the underlying property. Preferred equity is not secured by the underlying property, but holders have priority relative to common equity holders on cash flow distributions and proceeds from capital events. In addition, preferred equity holders may be able to enhance their position and protect their equity position with covenants that limit the entity’s activities and grant the holder the exclusive right to control the property after an event of default. Mezzanine loans are secured by a pledge of the borrower’s equity ownership in the property. Unlike a mortgage, this loan does not represent a lien on the property. Therefore, it is always junior and subordinate to any first lien as well as second liens, if applicable, on the property. These loans are senior to any preferred equity or common equity interests in the entity that owns the property. The Company has evaluated its preferred equity and mezzanine loan investments for accounting treatment as loans versus equity investments utilizing the guidance provided by the Acquisition, Development and Construction Arrangements Subsection of ASC 310, Receivables . Effective January 1, 2020, preferred equity and mezzanine loan investments, for which the characteristics, facts and circumstances indicate that loan accounting treatment is appropriate, are stated at fair value. The Company elected the fair value option for its preferred equity investments in and mezzanine loan investments because the Company determined that such presentation represents the underlying economics of the respective investment. Changes in fair value are recorded in current period earnings in unrealized gains (losses), net on the accompanying consolidated statements of operations. Interest income is accrued and recognized as revenue when earned according to the terms of the loans and when, in the opinion of management, it is collectible. The accrual of interest on loans is discontinued when, in management’s opinion, the interest is not collectible in the normal course of business, but in all cases when payment becomes greater than 90 days delinquent. Loans return to accrual status when principal and interest become current and are anticipated to be fully collectible. The Company accretes or amortizes any discounts or premiums and deferred fees and expenses over the life of the related asset utilizing the effective interest method or straight line-method, if the result is not materially different. As of December 31, 2019, preferred equity and mezzanine loan investments, for which the characteristics, facts and circumstances indicate that loan accounting treatment is appropriate, were stated at unpaid principal balance, adjusted for any unamortized premium or discount and deferred fees or expenses, net of valuation allowances. Management evaluated the collectability of both interest and principal of each of these loans, if circumstances warranted, to determine whether they were impaired. A loan is impaired when, based on current information and events, it is probable that we will be unable to collect all amounts due according to the existing contractual terms. When a loan is impaired, the amount of the loss accrual is calculated by comparing the carrying amount of the investment to the estimated fair value of the loan or, as a practical expedient, to the value of the collateral if the loan is collateral dependent. Preferred equity and mezzanine loan investments where the risks and payment characteristics are equivalent to an equity investment are accounted for using the equity method of accounting. See “ Equity Investments. ” As of December 31, 2019, multi-family loans included those loans held in the Consolidated K-Series. The Company has elected the fair value option on each of the assets and liabilities held within the Consolidated K-Series, which requires that changes in valuations be reflected on the accompanying consolidated statements of operations. In accordance with ASC 810, the Company measures both the financial assets and financial liabilities of a qualifying consolidated CFE using the fair value of either the CFE’s financial assets or financial liabilities, whichever is more observable. As the Consolidated K-Series are considered qualifying CFEs, the Company determines the fair value of multi-family loans held in the Consolidated K-Series based on the fair value of the multi-family collateralized debt obligations issued by the Consolidated K-Series and the Company's investments in these securitizations (eliminated in consolidation in accordance with GAAP), as the fair value of these instruments is more observable. Interest income is accrued and recognized as revenue when earned according to the terms of the multi-family loans held in the Consolidated K-Series and when, in the opinion of management, it is collectible. The accrual of interest on these loans is discontinued when, in management’s opinion, the interest is not collectible in the normal course of business. Investment Securities Available for Sale – The Company’s investment securities, where the fair value option has not been elected and which are reported at fair value with unrealized gains and losses reported in Other Comprehensive Income (“OCI”), include non-Agency RMBS and CMBS (collectively, "CECL Securities"). Beginning in the fourth quarter of 2019, the Company made a fair value election at the time of acquisition of newly purchased investment securities pursuant to ASC 825. The fair value option was elected for these investment securities to provide stockholders and others who rely on our financial statements with a more complete and accurate understanding of our economic performance. Changes in fair value of investment securities subject to the fair value election are recorded in current period earnings in unrealized gains (losses), net on the accompanying consolidated statements of operations. The Company generally intends to hold its investment securities until maturity; however, from time to time, it may sell any of its securities as part of the overall management of its business. As a result, our investment securities are classified as available for sale securities. Realized gains and losses recorded on the sale of investment securities available for sale are based on the specific identification method and included in realized gains (losses), net on the accompanying consolidated statements of operations. Interest income on our investment securities available for sale is accrued based on the outstanding principal balance and their contractual terms. Purchase premiums or discounts associated with Agency RMBS and Agency CMBS assessed as high credit quality at the time of purchase are amortized or accreted to interest income over the estimated life of these investment securities using the effective yield method. Adjustments to amortization are made for actual prepayment activity on our Agency RMBS. Interest income on certain of our credit sensitive securities that were purchased at a premium or discount to par value, such as certain of our non-Agency RMBS, CMBS and ABS that are of less than high credit quality, is recognized based on the security’s effective yield. The effective yield on these securities is based on management’s estimate of the projected cash flows from each security, which incorporates assumptions related to fluctuations in interest rates, prepayment speeds and the timing and amount of credit losses. On at least a quarterly basis, management reviews and, if appropriate, adjusts its cash flow projections based on input and analysis received from external sources, internal models, and its judgment about interest rates, prepayment rates, the timing and amount of credit losses, and other factors. Changes in cash flows from those originally projected, or from those estimated at the last evaluation, may result in a prospective change in the yield (or interest income) recognized on these securities. The Company accounts for investment securities that are of high credit quality (generally those rated AA or better by a Nationally Recognized Statistical Rating Organization, or NRSRO) at the date of acquisition in accordance with ASC 320-10, Investments - Debt and Equity Securities (“ASC 320-10”). The Company accounts for investment securities that are not of high credit quality (i.e., those whose risk of loss is more than remote) or securities that can be contractually prepaid such that we would not recover our initial investment at the date of acquisition in accordance with ASC 325-40, Investments - Beneficial Interests in Securitized Financial Assets (“ASC 325-40”). The Company considers credit ratings, the underlying credit risk and other market factors in determining whether the investment securities are of high credit quality; however, securities rated lower than AA or an equivalent rating are not considered of high credit quality and are accounted for in accordance with ASC 325-40. If ratings are inconsistent among NRSROs, the Company uses the lower rating in determining whether the securities are of high credit quality. When the fair value of a CECL security is less than its amortized cost as of the reporting balance sheet date, the security is considered impaired. If the Company intends to sell an impaired security, or it is more likely than not that it will be required to sell the impaired security before |
Residential Loans
Residential Loans | 12 Months Ended |
Dec. 31, 2020 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract] | |
Residential Loans | Residential Loans The Company’s acquired residential loans, including performing, re-performing and non-performing residential loans, and business purpose loans, are presented at fair value on its consolidated balance sheets as of December 31, 2020 as a result of a fair value election made at the time of acquisition or as of January 1, 2020 ( see Note 2) . Subsequent changes in fair value are reported in current period earnings and presented in unrealized gains (losses), net on the Company’s consolidated statements of operations. Certain of the residential loans acquired by the Company prior to January 1, 2020 were accounted for under ASC 310-30 as of December 31, 2019. Additionally, certain of the residential loans held in securitization trusts as of December 31, 2019 were carried at their unpaid principal balances, net of unamortized premium or discount, unamortized loan origination costs and allowance for loan losses as of December 31, 2019. The following table presents the carrying value of the Company's residential loans as of December 31, 2020 and 2019, respectively (dollar amounts in thousands): December 31, 2020 December 31, 2019 Residential loans, at fair value $ 3,049,166 $ 2,758,640 Residential loans, net (1) — 202,756 Total carrying value $ 3,049,166 $ 2,961,396 (1) Includes residential loans accounted for under ASC 310-30 with a carrying value of $158.7 million as of December 31, 2019. Residential Loans, at Fair Value The following table presents the Company’s residential loans, at fair value, which consist of residential loans held by the Company, Consolidated SLST and other securitization trusts, as of December 31, 2020 and 2019, respectively (dollar amounts in thousands): December 31, 2020 December 31, 2019 Residential loans (1) Consolidated SLST (2) Residential loans held in securitization trusts (3) Total Residential loans (1) Consolidated SLST (2) Total Principal $ 1,097,528 $ 1,231,669 $ 696,543 $ 3,025,740 $ 1,464,984 $ 1,322,131 $ 2,787,115 (Discount)/premium (42,259) 1,337 (41,506) (82,428) (81,372) 6,455 (74,917) Unrealized gains 35,661 33,779 36,414 105,854 46,142 300 46,442 Carrying value $ 1,090,930 $ 1,266,785 $ 691,451 $ 3,049,166 $ 1,429,754 $ 1,328,886 $ 2,758,640 (1) Certain of the Company's residential loans, at fair value are pledged as collateral for repurchase agreements as of December 31, 2020 and 2019 (s ee Note 10) . (2) In 2019, the Company invested in first loss subordinated securities and certain IOs and senior securities issued by a Freddie Mac-sponsored residential loan securitization. In accordance with GAAP, the Company has consolidated the underlying seasoned re-performing and non-performing residential loans held in the securitization and the Consolidated SLST CDOs issued to permanently finance these residential loans, representing Consolidated SLST. Consolidated SLST CDOs are included in collateralized debt obligations on the Company's consolidated balance sheets. (3) On January 1, 2020, the Company made a fair value election for certain residential loans held in securitization trusts that were carried at amortized cost, net as of December 31, 2019. During the year ended December 31, 2020, the Company transferred residential loans to two securitization trusts for the purpose of obtaining non-recourse, longer-term financing on these residential loans (s ee Note 7 ). The Company's residential loans held in securitization trusts are pledged as collateral for CDOs issued by the Company. These CDOs are accounted for as financings and included in collateralized debt obligations on the Company's consolidated balance sheets (s ee Note 11) . The following table presents the unrealized gains (losses), net attributable to residential loans, at fair value for the years ended December 31, 2020, 2019 and 2018, respectively (dollar amounts in thousands): For the Years Ended December 31, 2020 2019 2018 Residential loans Consolidated SLST (1) Residential loans held in securitization trusts Residential loans Consolidated SLST (1) Residential loans Unrealized (losses) gains, net $ (4,440) $ 33,479 $ 29,690 $ 42,087 $ 300 $ 4,096 (1) The fair value of residential loans held in Consolidated SLST is determined in accordance with the practical expedient in ASC 810 ( see Note 14). See Consolidated SLST below for unrealized gains (losses), net recognized by the Company on its investment in Consolidated SLST. The Company also recognized $18.1 million of net realized losses on the sale of residential loans, at fair value for the year ended December 31, 2020. The Company recognized $2.9 million and $4.2 million of net realized gains on the sale of residential loans, at fair value during the years ended December 31, 2019 and 2018, respectively. 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 following table presents the fair value and aggregate unpaid principal balance of the Company’s residential loans and residential loans held in securitization trusts in non-accrual status as of December 31, 2020 and 2019, respectively (dollar amounts in thousands): Greater than 90 days past due Less than 90 days past due Fair Value Unpaid Principal Balance Fair Value Unpaid Principal Balance December 31, 2020 $ 149,444 $ 169,553 $ 16,057 $ 17,748 December 31, 2019 106,199 122,918 9,291 10,705 Residential loans held in Consolidated SLST with an aggregate unpaid principal balance of $236.7 million and $50.7 million were 90 days or more delinquent as of December 31, 2020 and 2019, respectively. Consolidated SLST The Company has elected the fair value option on the assets and liabilities held within Consolidated SLST, which requires that changes in valuations in the assets and liabilities of Consolidated SLST be reflected in the Company’s consolidated statements of operations. The Company does not have any claims to the assets or obligations for the liabilities of Consolidated SLST (other than those securities owned by the Company as of December 31, 2020 and 2019, respectively). The net fair value of our investment in Consolidated SLST, which represents the difference between the carrying values of residential loans held in Consolidated SLST less the carrying value of Consolidated SLST CDOs, approximates the fair value of our underlying securities and amounted to $212.1 million and $276.8 million at December 31, 2020 and 2019, respectively ( see Notes 7 and 14 ). During the year ended December 31, 2020, the Company purchased approximately $40.0 million in additional senior securities issued by Consolidated SLST and subsequently sold its entire investment in the senior securities issued by Consolidated SLST for sales proceeds of approximately $62.6 million at a realized loss of approximately $2.4 million, which is included in realized gains (losses), net on the Company's consolidated statements of operations. 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. Residential Loans, Net As of December 31, 2019, the carrying value of the Company’s residential loans, net accounted for under ASC 310-30 amounted to approximately $158.7 million. Certain of the residential loans, net were pledged as collateral for repurchase agreements as of December 31, 2019 (s ee Note 10 ). The following table details activity in accretable yield for the residential loans, net for the year ended December 31, 2019 (dollar amounts in thousands): December 31, 2019 Balance at beginning of period $ 195,560 Additions 1,784 Disposals (53,624) Accretion (7,015) Balance at end of period (1) $ 136,705 (1) Accretable yield is the excess of the 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 residential loan dispositions, which include refinancing, sale and foreclosure of the underlying collateral and resulting removal of the 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 for the year ended December 31, 2019 was not necessarily indicative of future results. 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 % Residential Loans Held in Securitization Trusts, Net Residential loans held in securitization trusts, net were comprised of ARM loans transferred to Consolidated VIEs that issued CDOs. 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 Allowance for Loan Losses - The following table presents the activity in the Company’s allowance for loan losses on residential loans held in securitization trusts, net for the years ended December 31, 2019 and 2018, respectively (dollar amounts in thousands): For the Years Ended December 31, 2019 2018 Balance at beginning of period $ 3,759 $ 4,191 Provisions for loan losses 25 166 Transfer to real estate owned (167) — Charge-offs (109) (598) Balance at the end of period $ 3,508 $ 3,759 Prior to January 1, 2020, the Company evaluated the adequacy of its allowance for loan losses on a recurring basis. The Company’s allowance for loan losses at December 31, 2019 was $3.5 million, representing 743 basis points of the outstanding principal balance of residential loans held in securitization trusts. As part of the Company’s allowance for loan loss adequacy analysis, management assessed an overall level of allowances while also assessing credit losses inherent in each non-performing residential loan held in securitization trusts. These estimates involved the consideration of various credit-related factors, including but not limited to, current housing market conditions, current loan to value ratios, delinquency status, the borrower’s current economic and credit status and other relevant factors. As of December 31, 2019, we had 18 delinquent loans with an aggregate principal amount outstanding of approximately $10.2 million categorized as residential loans held in securitization trusts, net, of which $6.7 million, or 66%, were under some form of temporary modified payment plan. 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 Total % of Loan 30 - 60 2 $ 211 0.44 % 90+ 16 $ 10,010 21.05 % Real estate owned through foreclosure 1 $ 360 0.76 % 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 % |
Multi-family Loans
Multi-family Loans | 12 Months Ended |
Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Multi family Loans | Multi-family Loans The Company's multi-family loans consist of its preferred equity in, and mezzanine loans to, entities that have multi-family real estate assets and multi-family loans held in the Consolidated K-Series. 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 Preferred Equity and Mezzanine Loan Investments As of January 1, 2020, the Company has elected to account for its preferred equity and mezzanine loan investments using the fair value option ( see Note 2 ). Accordingly, balances presented below as of December 31, 2020 are stated at fair value and changes in fair value are presented in unrealized gains (losses), net on the Company’s consolidated statements of operations. P referred 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. For the year ended December 31, 2020, the Company recognized $1.5 million in net unrealized losses on preferred equity and mezzanine loan investments. 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 There were no delinquent preferred equity or mezzanine loan investments as of December 31, 2019. 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 % Consolidated K-Series In March 2020, the Company sold its first loss POs and certain mezzanine securities issued by certain Freddie Mac-sponsored multi-family loan K-Series securitizations that we consolidated in our financial statements in accordance with GAAP and which we refer to as the Consolidated K-Series. These sales, for total proceeds of approximately $555.2 million, resulted in the de-consolidation of each Consolidated K-Series as of the sale date of each first loss PO, a corresponding realized net loss of $54.1 million and reversal of previously recognized net unrealized gains of $168.5 million. The sales also resulted in the de-consolidation of $17.4 billion in multi-family loans held in the Consolidated K-Series and $16.6 billion in Consolidated K-Series CDOs. Also in March 2020, the Company transferred its remaining IOs and mezzanine and senior securities owned in the Consolidated K-Series with a fair value of approximately $237.3 million to investment securities available for sale. The Company elected the fair value option on the assets and liabilities held within the Consolidated K-Series, which required that changes in valuations in the assets and liabilities of the Consolidated K-Series be reflected in the Company's consolidated statements of operations. Our investment in the Consolidated K-Series was limited to the multi-family CMBS that we owned with an aggregate net carrying value of $1.1 billion at December 31, 2019 ( see Note 7 ). 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. The multi-family loans held in the Consolidated K-Series had unpaid aggregate principal balances of approximately $16.8 billion at December 31, 2019. See Note 11 for information related to the collateralized debt obligations issued by the Consolidated K-Series. The Company did not have any claims to the assets or obligations for the liabilities of the Consolidated K-Series (other than those securities represented by the first loss POs, IOs and certain senior and mezzanine securities owned by the Company). We elected the fair value option for the Consolidated K-Series. The net fair value of our investment in the Consolidated K-Series, which represented the difference between the carrying values of multi-family loans held in the Consolidated K-Series less the carrying value of Consolidated K-Series CDOs, approximates the fair value of our underlying securities ( see Note 14 ). 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 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 % |
Investment Securities Available
Investment Securities Available For Sale, at Fair Value | 12 Months Ended |
Dec. 31, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities Available For Sale, at Fair Value | Investment Securities Available For Sale, at Fair Value The Company accounts for certain of its investment securities available for sale using the fair value election pursuant to ASC 825 where changes in fair value are recorded in unrealized gains (losses), net on the Company's consolidated statements of operations. The Company also has investment securities available for sale where the fair value option has not been elected, or CECL Securities. CECL Securities are reported at fair value with unrealized gains and losses recorded in other comprehensive income (loss) on the Company's consolidated statements of comprehensive income. The Company's investment securities available for sale consisted of the following as of December 31, 2020 and 2019, respectively (dollar amounts in thousands): December 31, 2020 December 31, 2019 Amortized Cost Unrealized Fair Value Amortized Cost Unrealized Fair Value Gains Losses Gains Losses Fair Value Option Agency RMBS: Agency Fixed-Rate $ 138,541 $ 854 $ — $ 139,395 $ 21,033 $ — $ (55) $ 20,978 Total Agency RMBS 138,541 854 — 139,395 21,033 — (55) 20,978 Agency CMBS — — — — 31,076 — (395) 30,681 Total Agency 138,541 854 — 139,395 52,109 — (450) 51,659 Non-Agency RMBS (1) 100,465 170 (10,786) 89,849 122,628 2,435 (1,248) 123,815 CMBS (2) 139,019 5,685 (3,731) 140,973 20,096 563 (19) 20,640 ABS 34,139 9,086 — 43,225 49,902 — (688) 49,214 Total investment securities available for sale - fair value option 412,164 15,795 (14,517) 413,442 244,735 2,998 (2,405) 245,328 CECL Securities Agency RMBS: Agency ARMs (3) — — — — 55,740 13 (1,347) 54,406 Agency Fixed-Rate — — — — 846,203 7,397 (6,107) 847,493 Total Agency RMBS — — — — 901,943 7,410 (7,454) 901,899 Agency CMBS — — — — 20,258 19 — 20,277 Total Agency — — — — 922,201 7,429 (7,454) 922,176 Non-Agency RMBS (4) 266,855 4,336 (5,374) 265,817 578,955 12,557 (13) 591,499 CMBS 43,435 2,032 — 45,467 234,524 12,737 (124) 247,137 Total investment securities available for sale - CECL Securities 310,290 6,368 (5,374) 311,284 1,735,680 32,723 (7,591) 1,760,812 Total $ 722,454 $ 22,163 $ (19,891) $ 724,726 $ 1,980,415 $ 35,721 $ (9,996) $ 2,006,140 (1) Includes non-Agency RMBS held in a securitization trust with a total fair value of $37.6 million as of December 31, 2020 ( see Note 7 ). (2) Includes IOs and mezzanine securities transferred from the Consolidated K-Series as a result of de-consolidation during the year ended December 31, 2020 , with a total fair value of $97.6 million as of December 31, 2020. (3) For the Company's Agency ARMs with stated reset period, the weighted average reset period was 26 months as of December 31, 2019. (4) Includes non-Agency RMBS held in a securitization trust with a total fair value of $71.5 million as of December 31, 2020 ( see Note 7 ). Accrued interest receivable for investment securities available for sale in the amount of $2.4 million and $5.9 million as of December 31, 2020 and 2019, respectively, is included in other assets on the Company's consolidated balance sheets. Realized Gain or Loss Activity The following tables summarize our investment securities sold during the years ended December 31, 2020, 2019, and 2018, respectively (dollar amounts in thousands): Year Ended December 31, 2020 Sales Proceeds Realized Gains Realized Losses Net Realized Gains (Losses) Agency RMBS: Agency ARMs $ 49,892 $ 44 $ (4,157) $ (4,113) Agency Fixed-Rate (1) 943,074 5,358 ` (11,697) (6,339) Total Agency RMBS 992,966 5,402 (15,854) (10,452) Agency CMBS (2) 145,411 5,666 (209) 5,457 Total Agency 1,138,377 11,068 (16,063) (4,995) Non-Agency RMBS (3) 433,076 435 (34,856) (34,421) CMBS 248,741 8,176 (30,289) (22,113) Total $ 1,820,194 $ 19,679 $ (81,208) $ (61,529) (1) Includes Agency RMBS securities issued by Consolidated SLST ( see Note 3 ). (2) Includes Agency CMBS securities transferred from the Consolidated K-Series ( see Note 4 ). (3) Includes the sale of non-Agency RMBS held in a securitization trust for total proceeds of $67.6 million and a net realized gain of $0.2 million. Year Ended December 31, 2019 Sales Proceeds Realized Gains Realized Losses Net Realized Gains (Losses) Non-Agency RMBS $ 1,021 $ 33 $ — $ 33 CMBS 96,930 21,938 (156) 21,782 Total $ 97,951 $ 21,971 $ (156) $ 21,815 Year Ended December 31, 2018 Sales Proceeds Realized Gains Realized Losses Net Realized Gains (Losses) Agency IOs $ 26,899 $ 88 $ (12,358) $ (12,270) Total $ 26,899 $ 88 $ (12,358) $ (12,270) Weighted Average Life Actual maturities of our investment securities available for sale are generally shorter than stated contractual maturities (with contractual maturities up to 39 years), as they are affected by periodic payments and prepayments of principal on the underlying mortgages. As of December 31, 2020 and 2019, based on management’s estimates, the weighted average life of the Company’s investment securities available for sale portfolio was approximately 5.6 years and 5.0 years, respectively. The following table sets forth the weighted average lives of our investment securities available for sale as of December 31, 2020 and 2019, respectively (dollar amounts in thousands): Weighted Average Life December 31, 2020 December 31, 2019 0 to 5 years $ 332,934 $ 1,359,894 Over 5 to 10 years 320,361 521,517 10+ years 71,431 124,729 Total $ 724,726 $ 2,006,140 Unrealized Losses in Other Comprehensive Income As of January 1, 2020, the Company adopted ASU 2016-13 to account for its investments in CECL Securities ( see Note 2 ). The Company evaluated its CECL Securities that were in an unrealized loss position as of December 31, 2020 and determined that no allowance for credit losses was necessary. Accordingly, the Company did not recognize credit losses through earnings for the year ended December 31, 2020. The following tables present the Company’s CECL securities in an unrealized loss position with no credit losses reported, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at December 31, 2020 (dollar amounts in thousands): December 31, 2020 Less than 12 Months Greater than 12 months Total Carrying Gross Carrying Gross Carrying Gross Non-Agency RMBS $ 159,841 $ (4,526) $ 8,234 $ (848) $ 168,075 $ (5,374) Total $ 159,841 $ (4,526) $ 8,234 $ (848) $ 168,075 $ (5,374) At December 31, 2020, the Company did not intend to sell any of its investment securities available for sale that were in an unrealized loss position, and it was “more likely than not” that the Company would not be required to sell these securities before recovery of their amortized cost basis, which may be at their maturity. Gross unrealized losses in other comprehensive income on the Company’s non-Agency RMBS were $5.4 million at December 31, 2020. Credit risk associated with non-Agency RMBS and CMBS is regularly assessed as new information regarding the underlying collateral becomes available and based on updated estimates of cash flows generated by the underlying collateral. In performing its assessment, the Company considers past and expected future performance of the underlying collateral, including timing of expected future cash flows, prepayment rates, default rates, loss severities, delinquency rates, current levels of subordination, volatility of the security's fair value, temporary declines in liquidity for the asset class and interest rate changes since purchase. Based upon the most recent evaluation, the Company does not believe that the unrealized losses are credit related but are rather a reflection of current market yields and/or marketplace bid-ask spreads. The following table presents the Company's investment securities available for sale in an unrealized loss position reported through other comprehensive income, aggregated by investment category and length of time that individual securities were in a continuous unrealized loss position as of December 31, 2019 (dollar amounts in thousands): December 31, 2019 Less than 12 months Greater than 12 months Total Carrying Gross Carrying Gross Carrying Gross Agency RMBS $ — $ — $ 222,286 $ (7,454) $ 222,286 $ (7,454) Non-Agency RMBS — — 104 (13) 104 (13) CMBS 25,507 (124) — — 25,507 (124) Total $ 25,507 $ (124) $ 222,390 $ (7,467) $ 247,897 $ (7,591) Other than Temporary Impairment For the years ended December 31, 2019 and 2018, the Company did not recognize other-than-temporary impairment through earnings. |
Equity Investments
Equity Investments | 12 Months Ended |
Dec. 31, 2020 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Investments | Equity Investments The Company's preferred equity ownership interests in entities that invest in multi-family properties where the risks and payment characteristics are equivalent to an equity investment are included in equity investments and accounted for under the equity method. As of January 1, 2020, the Company has elected to account for these investments using the fair value option ( see Note 2 ). Accordingly, balances presented below as of December 31, 2020 are stated at fair value. The Company’s preferred equity ownership interests accounted for under the equity method consist of the following as of December 31, 2020 and 2019, respectively (dollar amounts in thousands): December 31, 2020 December 31, 2019 Investment Name Ownership Interest Fair Value Ownership Interest Carrying Amount BBA-EP320 II, L.L.C., BBA-Ten10 II, L.L.C., and Lexington on the Green Apartments, L.L.C. (collectively) 45% $ 11,441 45% $ 10,108 Somerset Deerfield Investor, LLC 45% 18,792 45% 17,417 RS SWD Owner, LLC, RS SWD Mitchell Owner, LLC, RS SWD IF Owner, LLC, RS SWD Mullis Owner, LLC, RS SWD JH Mullis Owner, LLC and RS SWD Saltzman Owner, LLC (collectively) 43% 5,140 43% 4,878 Audubon Mezzanine Holdings, L.L.C. (Series A) 57% 11,456 57% 10,998 EP 320 Growth Fund, L.L.C. (Series A) and Turnbury Park Apartments - BC, L.L.C. (Series A) (collectively) 46% 7,234 46% 6,847 Walnut Creek Properties Holdings, L.L.C. 36% 8,803 36% 8,288 Towers Property Holdings, LLC 37% 12,119 37% 11,278 Mansions Property Holdings, LLC 34% 11,679 34% 10,867 Sabina Montgomery Holdings, LLC - Series B and Oakley Shoals Apartments, LLC - Series A (collectively) 43% 4,320 43% 4,062 Gen1814, LLC - Series A, Highlands - Mtg. Holdings, LLC - Series A, and Polos at Hudson Investments, LLC - Series A (collectively) 37% 9,966 37% 9,396 Axis Apartments Holdings, LLC, Arbor-Stratford Holdings II, LLC - Series B, Highlands - Mtg. Holdings, LLC - Series B, Oakley Shoals Apartments, LLC - Series C, and Woodland Park Apartments II, LLC (collectively) 53% 12,337 53% 11,944 DCP Gold Creek, LLC 44% 6,357 — — 1122 Chicago DE, LLC 53% 7,222 — — Rigsbee Ave Holdings, LLC 56% 10,222 — — Bighaus, LLC 42% 14,525 — — FF/RMI 20 Midtown, LLC 51% 23,936 — — Lurin-RMI, LLC 38% 7,216 — — Total - Preferred Equity Ownership Interests $ 182,765 $ 106,083 The following table presents income from preferred equity ownership interests accounted for under the equity method using the fair value option for the year ended December 31, 2020 and income from preferred equity ownership interests accounted for under the equity method for the years ended December 31, 2019 and December 31, 2018, respectively (dollar amounts in thousands). Income from these investments, which includes $0.3 million of net unrealized gains during the year ended December 31, 2020 is presented in income from equity investments in the Company's accompanying consolidated statements of operations. For the Years Ended December 31, Investment Name 2020 2019 2018 BBA-EP320 II, L.L.C., BBA-Ten10 II, L.L.C., and Lexington on the Green Apartments, L.L.C. (collectively) $ 1,260 $ 1,167 $ 1,050 Somerset Deerfield Investor, LLC 2,168 1,992 251 RS SWD Owner, LLC, RS SWD Mitchell Owner, LLC, RS SWD IF Owner, LLC, RS SWD Mullis Owner, LLC, RS SWD JH Mullis Owner, LLC and RS SWD Saltzman Owner, LLC (collectively) 551 539 76 Audubon Mezzanine Holdings, L.L.C. (Series A) 1,213 1,224 59 EP 320 Growth Fund, L.L.C. (Series A) and Turnbury Park Apartments - BC, L.L.C. (Series A) (collectively) 782 741 — Walnut Creek Properties Holdings, L.L.C. 928 803 — Towers Property Holdings, LLC 1,243 638 — Mansions Property Holdings, LLC 1,198 615 — Sabina Montgomery Holdings, LLC - Series B and Oakley Shoals Apartments, LLC - Series A (collectively) 454 188 — Gen1814, LLC - Series A, Highlands - Mtg. Holdings, LLC - Series A, and Polos at Hudson Investments, LLC - Series A (collectively) 1,044 367 — Axis Apartments Holdings, LLC, Arbor-Stratford Holdings II, LLC - Series B, Highlands - Mtg. Holdings, LLC - Series B, Oakley Shoals Apartments, LLC - Series C, and Woodland Park Apartments II, LLC (collectively) 1,293 267 — DCP Gold Creek, LLC 701 — — 1122 Chicago DE, LLC 835 — — Rigsbee Ave Holdings, LLC 1,148 — — Bighaus, LLC 1,002 — — FF/RMI 20 Midtown, LLC 686 — — Lurin-RMI, LLC 81 — — Total - Preferred Equity Ownership Interests $ 16,587 $ 8,541 $ 1,436 The Company's equity ownership interests in entities that invest in multi-family properties and residential properties and loans that are included in equity investments and are accounted for under the equity method using the fair value option as of both December 31, 2020 and 2019, respectively, consist of the following (dollar amounts in thousands): December 31, 2020 December 31, 2019 Investment Name Ownership Interest Fair Value Ownership Interest Fair Value Joint venture equity investments in multi-family properties The Preserve at Port Royal Venture, LLC — $ — 77% $ 18,310 Equity investments in entities that invest in residential properties and loans Morrocroft Neighborhood Stabilization Fund II, LP 11% 13,040 11% 11,796 Headlands Asset Management Fund III (Cayman), LP (Headlands Flagship Opportunity Fund Series I) 49% 63,290 49% 53,776 Total - Equity Ownership Interests $ 76,330 $ 83,882 Income from equity ownership interests in entities that invest in multi-family properties and residential properties and loans that are accounted for under the equity method using the fair value option is presented in income from equity investments in the Company's accompanying consolidated statements of operations. The following table presents income from these investments for the years ended December 31, 2020, 2019 and 2018, respectively (dollar amounts in thousands): For the Years Ended December 31, Investment Name 2020 2019 2018 Joint venture equity investments in multi-family properties (1) The Preserve at Port Royal Venture, LLC (2) $ (949) $ 5,374 $ 1,778 Evergreens JV Holdings, LLC (3) — 5,107 4,312 WR Savannah Holdings, LLC (4) — — 1,854 Equity investments in entities that invest in residential properties and loans Morrocroft Neighborhood Stabilization Fund II, LP 1,519 843 1,131 Headlands Asset Management Fund III (Cayman), LP (Headlands Flagship Opportunity Fund Series I) 9,513 3,776 — Total - Equity Ownership Interests $ 10,083 $ 15,100 $ 9,075 (1) Includes net unrealized losses of $9.7 million and a realized gain of $8.8 million for the year ended December 31, 2020, net unrealized gains of $0.3 million and a realized gain of $10.2 million for the year ended December 31, 2019 and net unrealized gains of $4.0 million and a realized gain of $4.0 million for the year ended December 31, 2018. (2) The Company's equity investment was redeemed during the year ended December 31, 2020. (3) The Company's equity investment was redeemed during the year ended December 31, 2019. (4) The Company's equity investment was redeemed during the year ended December 31, 2018. Summary combined financial information for the Company’s equity investments as of December 31, 2020 and 2019, respectively, and for the years ended December 31, 2020, 2019, and 2018, respectively, is shown below (dollar amounts in thousands): December 31, 2020 December 31, 2019 Balance Sheets: Real estate, net $ 917,392 $ 829,935 Residential loans, at fair value 268,693 266,739 Other assets 190,429 126,491 Total assets $ 1,376,514 $ 1,223,165 Notes payable, net $ 649,241 $ 610,636 Collateralized debt obligations 233,765 233,765 Other liabilities 23,734 23,387 Total liabilities 906,740 867,788 Members' equity 469,774 355,377 Total liabilities and members' equity $ 1,376,514 $ 1,223,165 For the Years Ended December 31, 2020 2019 2018 Operating Statements: (1) Rental revenues $ 80,339 $ 63,265 $ 37,921 Real estate sales 54,100 42,350 49,750 Cost of real estate sales (32,779) (25,534) (37,452) Interest income 14,438 9,214 — Realized and unrealized gains, net 27,107 10,452 — Other income 7,566 4,697 1,719 Operating expenses (54,691) (42,383) (20,599) Income before debt service, acquisition costs, and depreciation and amortization 96,080 62,061 31,339 Interest expense (36,601) (28,340) (16,456) Acquisition costs — — (183) Depreciation and amortization (38,112) (45,548) (15,176) Net income (loss) $ 21,367 $ (11,827) $ (476) (1) The Company records income (loss) from equity investments under either the equity method of accounting or the fair value option. Accordingly, the combined net (loss) income shown above is not indicative of the income recognized by the Company from equity investments. |
Use of Special Purpose Entities
Use of Special Purpose Entities (SPE) and Variable Interest Entities (VIE) | 12 Months Ended |
Dec. 31, 2020 | |
Variable Interest Entity, Measure of Activity [Abstract] | |
Use of Special Purpose Entities (SPE) and Variable Interest Entities (VIE) | Use of Special Purpose Entities (SPE) and Variable Interest Entities (VIE) The Company uses SPEs to facilitate transactions that involve securitizing financial assets or re-securitizing previously securitized financial assets. The objective of such transactions may include obtaining non-recourse financing, obtaining liquidity or refinancing the underlying securitized financial assets on improved terms. Securitization involves transferring assets to an SPE to convert all or a portion of those assets into cash before they would have been realized in the normal course of business through the SPE’s issuance of debt or equity instruments. Investors in an SPE usually have recourse only to the assets in the SPE and depending on the overall structure of the transaction, may benefit from various forms of credit enhancement, such as over-collateralization in the form of excess assets in the SPE, priority with respect to receipt of cash flows relative to holders of other debt or equity instruments issued by the SPE, or a line of credit or other form of liquidity agreement that is designed with the objective of ensuring that investors receive principal and/or interest cash flow on the investment in accordance with the terms of their investment agreement. The Company has entered into financing transactions, including residential loan securitizations and re-securitizations, which required the Company to analyze and determine whether the SPEs that were created to facilitate the transactions are VIEs in accordance with ASC 810 and if so, whether the Company is the primary beneficiary requiring consolidation. During the year ended December 31, 2020, the Company completed two securitizations of certain residential loans for which the Company received aggregate net proceeds of approximately $540.4 million after deducting expenses associated with the securitization transactions. The Company engaged in these transactions for the purpose of obtaining non-recourse, longer-term financing on a portion of its residential loan portfolio. The residential loans serving as collateral for the financings are comprised of performing, re-performing and non-performing loans which are included in residential loans, at fair value on the accompanying consolidated balance sheets. Also during the year ended December 31, 2020, the Company completed a re-securitization of certain non-Agency RMBS for which the Company received net cash proceeds of approximately $109.0 million after deducting expenses associated with the re-securitization transaction. The Company engaged in the re-securitization transaction primarily for the purpose of obtaining non-recourse, longer-term financing on a portion of its non-Agency RMBS portfolio and continues to classify the non-Agency RMBS collateral in the re-securitization as available for sale securities as the purpose is not to trade these securities. The Company also completed three residential loan securitizations in 2005 accounted for as permanent financings and included in the Company’s accompanying consolidated financial statements. As of December 31, 2020 and 2019, the Company evaluated its residential loan securitizations and re-securitization of non-agency RMBS and concluded that the entities created to facilitate the financing transactions are VIEs and that the Company is the primary beneficiary of these VIEs (each a "Financing VIE" and collectively, the "Financing VIEs"). Accordingly, the Company consolidated the Financing VIEs as of December 31, 2020 and 2019. The Company invests in subordinated securities that represent the first loss position of the Freddie Mac-sponsored residential loan securitization from which they were issued, and certain IOs and senior securities issued from the securitization. The Company has evaluated its investments in this securitization trust to determine whether it is a VIE and if so, whether the Company is the primary beneficiary requiring consolidation. The Company has determined that the Freddie Mac-sponsored residential loan securitization trust, which we refer to as Consolidated SLST, is a VIE as of December 31, 2020 and 2019, and that the Company is the primary beneficiary of the VIE within Consolidated SLST. Accordingly, the Company has consolidated its assets, liabilities, income and expenses, in the accompanying consolidated financial statements ( see Notes 2 and 3 ). The Company’s investments that are included in Consolidated SLST were not included as collateral to any Financing VIE as of December 31, 2020 and 2019. As of December 31, 2019, the Company invested in multi-family CMBS consisting of POs that represent the first loss position of the Freddie Mac-sponsored multi-family K-series securitizations from which they were issued, and certain IOs and certain senior and mezzanine CMBS securities issued from those securitizations. The Company evaluated these CMBS investments in Freddie Mac-sponsored K-Series securitization trusts to determine whether they were VIEs and if so, whether the Company was the primary beneficiary requiring consolidation. The Company determined that the Freddie Mac-sponsored multi-family K-Series securitization trusts were VIEs as of December 31, 2019, which we refer to as the Consolidated K-Series. The Company also determined that it was the primary beneficiary of each VIE within the Consolidated K-Series and, accordingly, consolidated its assets, liabilities, income and expenses in the accompanying consolidated financial statements ( see Notes 2 and 4 ). In March 2020, the Company sold its first loss POs and certain mezzanine securities issued by the Consolidated K-Series which resulted in the de-consolidation of each Consolidated K-Series as of the sale date of each first loss PO. In analyzing whether the Company is the primary beneficiary of the Financing VIEs, Consolidated SLST and the Consolidated K-Series, the Company considered its involvement in each of the VIEs, including the design and purpose of each VIE, and whether its involvement reflected a controlling financial interest that resulted in the Company being deemed the primary beneficiary of the VIEs. In determining whether the Company would be considered the primary beneficiary, the following factors were assessed: • whether the Company has both the power to direct the activities that most significantly impact the economic performance of the VIE; and • whether the Company has a right to receive benefits or absorb losses of the entity that could be potentially significant to the VIE. On November 12, 2020 (the "Changeover Date"), the Company reconsidered its evaluation of its variable interest in Campus Lodge, a VIE that owns a multi-family apartment community and in which the Company holds a preferred equity investment. The Company determined that it gained the power to direct the activities, and became primary beneficiary, of Campus Lodge on the Changeover Date. Prior to the Changeover Date, the Company accounted for Campus Lodge as a preferred equity investment included in multi-family loans. The Company does not have any claims to the assets or obligations for the liabilities of Campus Lodge. On the Changeover Date, the Company consolidated Campus Lodge into its consolidated financial statements. The estimated Changeover Date fair value of the consideration transferred totaled $8.7 million, which consisted of the estimated fair value of the Company's preferred equity investment in Campus Lodge. The Company determined the estimated fair value of its preferred equity investment in Campus Lodge using assumptions for the underlying contractual cash flows and a discount rate. The following table summarizes the estimated fair values of the assets and liabilities of Campus Lodge at the Changeover Date (dollar amounts in thousands): Cash $ 327 Operating real estate (1) 50,481 Lease intangible (1) 1,619 Other assets 1,395 Total assets 53,822 Mortgage payable, net (2) 36,752 Other liabilities 1,543 Total liabilities 38,295 Non-controlling interest (3) 6,808 Net assets consolidated $ 8,719 (1) Included in other assets in the accompanying consolidated balance sheets. (2) Included in other liabilities in the accompanying consolidated balance sheets. (3) Represents third party ownership of membership interests in Campus Lodge. The fair value of the non-controlling interests in Campus Lodge, a private company, was estimated using the net asset value of the underlying multi-family apartment community. The Company owns 100% of RBDHC. RBDHC owns 50% of KRVI, a limited liability company that owns developed land and residential homes under development in Kiawah Island, SC, for which RiverBanc, a wholly-owned subsidiary of the Company, is the manager. The Company has evaluated KRVI to determine if it is a VIE and if so, whether the Company is the primary beneficiary requiring consolidation. The Company has determined that KRVI is a VIE for which RBDHC is the primary beneficiary as the Company, collectively through its wholly-owned subsidiaries, RiverBanc and RBDHC, has both the power to direct the activities that most significantly impact the economic performance of KRVI and has a right to receive benefits or absorb losses of KRVI that could be potentially significant to KRVI. Accordingly, the Company consolidated KRVI in its consolidated financial statements with a non-controlling interest for the third-party ownership of KRVI membership interests. KRVI sold its remaining real estate under development during the year ended December 31, 2020. Real estate under development in KRVI as of December 31, 2019 of $14.5 million is included in other assets on the Company's consolidated balance sheets. The following table presents a summary of the assets, liabilities and non-controlling interests of the Company’s residential loan securitizations, non-Agency RMBS re-securitization, Consolidated SLST and other Consolidated VIEs of as of December 31, 2020 (dollar amounts in thousands). Intercompany balances have been eliminated for purposes of this presentation: Financing VIEs Other VIEs Residential Loan Securitizations Non-Agency RMBS Re-Securitization Consolidated SLST Other Total Cash and cash equivalents $ — $ — $ — $ 462 $ 462 Residential loans, at fair value 691,451 — 1,266,785 — 1,958,236 Investment securities available for sale, at fair value — 109,140 — — 109,140 Operating real estate, net held in Consolidated VIEs (1) — — — 50,532 50,532 Other assets 24,959 535 4,075 3,045 32,614 Total assets $ 716,410 $ 109,675 $ 1,270,860 $ 54,039 $ 2,150,984 Collateralized debt obligations ($569,323 at amortized cost, net and $1,054,335 at fair value) $ 554,067 $ 15,256 $ 1,054,335 $ — $ 1,623,658 Mortgages payable, net in Consolidated VIEs (2) — — — 36,752 36,752 Other liabilities 2,610 70 2,781 1,435 6,896 Total liabilities $ 556,677 $ 15,326 $ 1,057,116 $ 38,187 $ 1,667,306 Non-controlling interest in Consolidated VIEs (3) $ — $ — $ — $ 6,371 $ 6,371 Net investment (4) $ 159,733 $ 94,349 $ 213,744 $ 9,481 $ 477,307 (1) Included in other assets in the accompanying consolidated balance sheets. (2) Included in other liabilities in the accompanying consolidated balance sheets. (3) Represents third party ownership of membership interests in other Consolidated VIEs. (4) The net investment amount is the maximum amount of the Company's investment that is at risk to loss and represents the difference between total assets and total liabilities held by VIEs, less non-controlling interest, if any. The following table presents a summary of the assets, liabilities and non-controlling interests of the Company's residential loan securitizations, the Consolidated K-Series, Consolidated SLST and KRVI as of December 31, 2019 (dollar amounts in thousands). Intercompany balances have been eliminated for purposes of this presentation: Financing VIE Other VIEs Residential Loan Securitizations Consolidated K-Series Consolidated SLST KRVI Total Cash and cash equivalents $ — $ — $ — $ 107 $ 107 Residential loans ($44,030 at amortized cost, net and $1,328,886 at fair value) 44,030 — 1,328,886 — 1,372,916 Multi-family loans, at fair value — 17,816,746 — — 17,816,746 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 Collateralized debt obligations ($40,429 at amortized cost, net and $17,777,280 at fair value) $ 40,429 $ 16,724,451 $ 1,052,829 $ — $ 17,817,709 Other liabilities 14 57,873 2,643 75 60,605 Total liabilities $ 40,443 $ 16,782,324 $ 1,055,472 $ 75 $ 17,878,314 Non-controlling interest in Consolidated VIEs (1) $ — $ — $ — $ (704) $ (704) Net investment (2) $ 4,915 $ 1,093,839 $ 278,658 $ 15,362 $ 1,392,774 (1) The net investment amount is the maximum amount of the Company's investment that is at risk to loss and represents the difference between total assets and total liabilities held by VIEs, less non-controlling interest, if any. (2) Represents third party ownership of membership interests in KRVI. Unconsolidated VIEs As of December 31, 2020 and 2019, the Company evaluated its investment securities available for sale, preferred equity, mezzanine loan and other equity investments to determine whether they are VIEs and should be consolidated by the Company. Based on a number of factors, the Company determined that, as of December 31, 2020 and 2019, it does not have a controlling financial interest and is not the primary beneficiary of these VIEs. The following tables present the classification and carrying value of unconsolidated VIEs as of December 31, 2020 and 2019, respectively (dollar amounts in thousands): December 31, 2020 Multi-family loans Investment securities available for sale, at fair value Equity investments Total ABS $ — $ 43,225 $ — $ 43,225 Preferred equity investments in multi-family properties 158,501 — 182,765 341,266 Mezzanine loans on multi-family properties 5,092 — — 5,092 Equity investments in entities that invest in residential properties and loans — — 76,330 76,330 Maximum exposure $ 163,593 $ 43,225 $ 259,095 $ 465,913 December 31, 2019 Multi-family loans Investment Equity investments Total ABS $ — $ 49,214 $ — $ 49,214 Preferred equity investments in multi-family properties 173,825 — 106,083 279,908 Mezzanine loans on multi-family properties 6,220 — — 6,220 Equity investments in entities that invest in residential properties and loans — — 65,572 65,572 Maximum exposure $ 180,045 $ 49,214 $ 171,655 $ 400,914 |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 12 Months Ended |
Dec. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities The Company enters into derivative instruments in connection with its risk management activities. These derivative instruments may include interest rate swaps, swaptions, futures and options on futures. The Company may also purchase or sell “To-Be-Announced,” or TBAs, purchase options on U.S. Treasury futures or invest in other types of mortgage derivative securities. The Company's derivative instruments were comprised of interest rate swaps, which were designated as trading instruments and were terminated during the year ended December 31, 2020. Derivatives Not Designated as Hedging Instruments The following table presents the fair value of derivative instruments and their location in our consolidated balance sheets at December 31, 2019, respectively (dollar amounts in thousands): Type of Derivative Instrument Balance Sheet Location December 31, 2019 Interest rate swaps (1) Derivative assets $ 15,878 (1) All of the Company’s interest rate swaps were cleared through a central clearing house. The Company exchanged variation margin for swaps based upon daily changes in fair value. As a result of amendments to rules governing certain central clearing activities, the exchange of variation margin is treated as a legal settlement of the exposure under the swap contract. Previously, such payments were treated as cash collateral pledged against the exposure under the swap contract. Accordingly, the Company accounted for the receipt or payment of variation margin as a direct reduction to or increase of the carrying value of the interest rate swap asset or liability on the Company’s consolidated balance sheets. Includes $29.0 million of derivative liabilities netted against a variation margin of $44.8 million at December 31, 2019. The tables below summarize the activity of derivative instruments not designated as hedges for the years ended December 31, 2020 and 2019, respectively (dollar amounts in thousands): Notional Amount For the Year Ended December 31, 2020 Type of Derivative Instrument December 31, 2019 Additions Terminations December 31, 2020 Interest rate swaps $ 495,500 $ — $ (495,500) $ — Notional Amount For the Year Ended December 31, 2019 Type of Derivative Instrument December 31, 2018 Additions Terminations December 31, 2019 Interest rate swaps $ 495,500 $ — $ — $ 495,500 The following table presents the components of realized gains (losses), net and unrealized gains (losses), net related to our derivative instruments that were not designated as hedging instruments, which are included in non-interest income (loss) in our consolidated statements of operations for the years ended December 31, 2020, 2019 and 2018, respectively (dollar amounts in thousands): For the Years Ended December 31, 2020 2019 2018 Realized Gains (Losses) Unrealized Gains (Losses) Realized Gains (Losses) Unrealized Gains (Losses) Realized Gains (Losses) Unrealized Gains (Losses) Interest rate swaps $ (73,078) $ 28,967 $ — $ (30,722) $ — $ 909 Derivatives Designated as Hedging Instruments As of December 31, 2020 and 2019, there were no derivative instruments designated as hedging instruments. Outstanding Derivatives The Company had no outstanding derivatives as of December 31, 2020. The following table presents information about our interest rate swaps whereby we receive floating rate payments in exchange for fixed rate payments as of December 31, 2019 (dollar amounts in thousands): December 31, 2019 Swap Maturities Notional Weighted Average Weighted Average 2024 $ 98,000 2.18 % 1.98 % 2027 247,500 2.39 % 1.94 % 2028 150,000 3.23 % 1.92 % Total $ 495,500 2.60 % 1.95 % |
Operating Real Estate Held in C
Operating Real Estate Held in Consolidated VIEs, Net | 12 Months Ended |
Dec. 31, 2020 | |
Real Estate [Abstract] | |
Operating Real Estate Held in Consolidated VIEs, Net | Operating Real Estate Held in Consolidated VIE, Net On November 12, 2020, the Company determined that it became the primary beneficiary of Campus Lodge, a variable interest entity that owns a multi-family apartment community and in which the Company holds a preferred equity investment. Accordingly, on this date, the Company consolidated Campus Lodge into its consolidated financial statements ( see Note 7 ). The following is a summary of the real estate investments in Campus Lodge as of December 31, 2020 (dollar amounts in thousands): Land $ 5,400 Building and improvements 43,764 Furniture, fixture and equipment 1,522 Real estate $ 50,686 Accumulated depreciation (1) (154) Real estate, net (2) $ 50,532 (1) Depreciation expense for the year ended December 31, 2020 totaled $0.2 million and is included in operating expenses on the accompanying consolidated statements of operations. (2) Included in other assets on the accompanying consolidated balance sheets. The estimated depreciation expense related to operating real estate held in Consolidated VIE is as follows (dollar amounts in thousands): Year Ending December 31, Depreciation Expense 2021 $ 1,864 2022 $ 1,864 2023 $ 1,864 2024 $ 1,864 2025 $ 1,839 |
Repurchase Agreements
Repurchase Agreements | 12 Months Ended |
Dec. 31, 2020 | |
Brokers and Dealers [Abstract] | |
Repurchase Agreements | Repurchase Agreements The following table presents the carrying value of the Company's repurchase agreements as of December 31, 2020 and 2019, respectively (dollar amounts in thousands): Repurchase Agreements Secured By: December 31, 2020 December 31, 2019 Investment securities $ — $ 2,352,102 Residential loans 405,531 753,314 Total carrying value $ 405,531 $ 3,105,416 Investment Securities The Company has entered into repurchase agreements with financial institutions to finance its investment securities portfolio (including investment securities available for sale and securities owned in Consolidated SLST and the Consolidated K-Series). These repurchase agreements provide short-term financing that bear interest rates typically based on a spread to LIBOR and are secured by the investment securities which they finance and additional collateral pledged, if any. During March 2020, in connection with the significant market disruption caused by the COVID-19 pandemic, the repurchase agreement counterparties for our investment securities increased haircuts, required additional collateral or determined not to roll our financing. As a result, we liquidated our investment securities at a disadvantageous time, which resulted in losses. As of December 31, 2020, we currently have no amounts outstanding under repurchase agreements to finance investment securities. At December 31, 2019, the Company had financing arrangements with fourteen counterparties and had no exposure where the amount at risk was in excess of 5% of the Company's stockholders' equity. The following table presents detailed information about the amounts outstanding under the Company’s repurchase agreements secured by investment securities and associated assets pledged as collateral at December 31, 2019 (dollar amounts in thousands): December 31, 2019 Outstanding Repurchase Agreements Fair Value of Collateral Pledged Amortized Agency RMBS (1) $ 812,742 $ 865,765 $ 864,428 Agency CMBS (2) 133,184 139,317 140,118 Non-Agency RMBS (3) 594,286 797,784 785,952 CMBS (4) 811,890 1,036,513 853,043 Balance at end of the period $ 2,352,102 $ 2,839,379 $ 2,643,541 (1) Collateral pledged includes Agency RMBS securities with a fair value amounting to $26.2 million included in Consolidated SLST as of December 31, 2019. (2) Collateral pledged includes Agency CMBS securities with a fair value amounting to $88.4 million included in the Consolidated K-Series as of December 31, 2019. (3) Collateral pledged includes first loss subordinated RMBS securities with a fair value amounting to $214.8 million included in Consolidated SLST as of December 31, 2019. (4) Collateral pledged includes first loss POs, IOs and mezzanine CMBS securities with a fair value amounting to $848.2 million included in the Consolidated K-Series as of December 31, 2019. As of December 31, 2019, the average days to maturity for repurchase agreements secured by investment securities was 73 days and the weighted average interest rate was 2.72%. The Company’s accrued interest payable on outstanding repurchase agreements secured by investment securities at December 31, 2019 amounted to $8.8 million and is included in other liabilities on the Company’s consolidated balance sheets. The following table presents contractual maturity information about the Company’s outstanding repurchase agreements secured by investment securities at December 31, 2019 (dollar amounts in thousands): Contractual Maturity December 31, 2019 Within 30 days $ 449,474 Over 30 days to 90 days 1,647,683 Over 90 days 254,945 Total $ 2,352,102 As of December 31, 2019, the Company had $118.8 million in cash and cash equivalents and $535.8 million in unencumbered investment securities available to be posted as margin to meet additional haircuts or market valuation requirements related to repurchase agreements. These amounts collectively represented 27.8% of our outstanding repurchase agreements secured by investment securities. The following table presents information about the Company’s unencumbered investment securities at December 31, 2019 (dollar amounts in thousands): Unencumbered Securities December 31, 2019 Agency RMBS $ 83,351 CMBS 235,199 Non-Agency RMBS 168,063 ABS 49,214 Total $ 535,827 Residential Loans The Company has repurchase agreements with three financial institutions to fund the purchase of residential loans. The following table presents detailed information about the Company’s financings under these repurchase agreements and associated residential loans pledged as collateral at December 31, 2020 and 2019, respectively (dollar amounts in thousands): Maximum Aggregate Uncommitted Principal Amount Outstanding Net Deferred Finance Costs (1) Carrying Value of Repurchase Agreements Carrying Value of Loans Pledged (2) Weighted Average Rate Weighted Average Months to Maturity (3) December 31, 2020 $ 1,301,389 $ 407,213 $ (1,682) $ 405,531 $ 575,380 2.92 % 11.92 December 31, 2019 $ 1,200,000 $ 754,132 $ (818) $ 753,314 $ 961,749 3.67 % 11.20 (1) Costs related to the repurchase agreements which include commitment, underwriting, legal, accounting and other fees are reflected as deferred charges. Such costs are presented as a deduction from the corresponding debt liability on the Company’s accompanying consolidated balance sheets and are amortized as an adjustment to interest expense using the effective interest method, or straight line-method, if the result is not materially different. (2) Includes residential loans, at fair value of $575.4 million and $881.2 million at December 31, 2020 and 2019, respectively, and residential loans, net of $80.6 million at December 31, 2019. (3) The Company expects to roll outstanding amounts under these repurchase agreements into new repurchase agreements or other financings, or to repay outstanding amounts, prior to or at maturity. During the terms of the repurchase agreements, proceeds from the residential loans will be applied to pay any price differential and to reduce the aggregate repurchase price of the collateral. The financings under the repurchase agreements with two of the counterparties are subject to margin calls to the extent the market value of the residential loans falls below specified levels and repurchase may be accelerated upon an event of default under the repurchase agreements. |
Collateralized Debt Obligations
Collateralized Debt Obligations | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Collateralized Debt Obligations | Collateralized Debt Obligations The Company's collateralized debt obligations, or CDOs, are accounted for as financings and are non-recourse debt to the Company. See Note 7 for further discussion regarding the collateral pledged for the Company's CDOs as well as the Company's net investments in the related securitizations. The following tables present a summary of the Company's CDOs as of December 31, 2020 and 2019, respectively (dollar amounts in thousands): December 31, 2020 Outstanding Face Amount Carrying Value Weighted Average Interest Rate (1) Weighted Average Rate of Notes Issued (2) Stated Maturity (3) Consolidated SLST (4) $ 975,017 $ 1,054,335 2.75 % 3.53 % 2059 Residential loan securitizations 557,497 554,067 3.36 % 4.83 % 2025 - 2060 Non-Agency RMBS re-securitization 15,449 15,256 One-month LIBOR plus 5.25% (5) One-month LIBOR plus 5.25% (5) 2025 Total collateralized debt obligations $ 1,547,963 $ 1,623,658 (1) Weighted average interest rate is calculated using the outstanding face amount and stated interest rate of notes issued by the securitization and not owned by the Company. (2) Weighted average rate of notes issued is calculated using the outstanding face amount and stated interest rate of all notes issued by the securitizations, including those owned by the Company. (3) The actual maturity of the Company's CDOs are primarily determined by the rate of principal prepayments on the assets of the issuing entity. The CDOs are also subject to redemption prior to the stated maturity according to the terms of the respective governing documents. As a result, the actual maturity of the CDOs may occur earlier than the stated maturity. (4) The Company has elected the fair value option for CDOs issued by Consolidated SLST ( see Note 14). (5) Represents the pass-through rate through the payment date in December 2021. Pass-through rate increases to one-month LIBOR plus 7.75% for payment dates in or after January 2022. December 31, 2019 Outstanding Face Amount Carrying Value Weighted Average Interest Rate (1) Weighted Average Rate of Notes Issued (2) Stated Maturity (3) Consolidated K-Series (4) $ 15,204,218 $ 16,724,451 4.12 % 3.85 % 2020 - 2047 Consolidated SLST (4) 1,040,135 1,052,829 2.75 % 3.53 % 2059 Residential loan securitizations 40,621 40,429 2.41 % 2.41 % 2035 - 2036 Total collateralized debt obligations $ 16,284,974 $ 17,817,709 (1) Weighted average interest rate is calculated using the outstanding face amount and stated interest rate of notes issued by the securitization and not owned by the Company. (2) Weighted average rate of notes issued is calculated using the outstanding face amount and stated interest rate of all notes issued by the securitizations, including those owned by the Company. (3) The actual maturity of the Company's CDOs are primarily determined by the rate of principal prepayments on the assets of the issuing entity. The CDOs are also subject to redemption prior to the stated maturity according to the terms of the respective governing documents. As a result, the actual maturity the CDOs may occur earlier than the stated maturity. (4) The Company has elected the fair value option for CDOs issued by the Consolidated K-Series and Consolidated SLST ( see Note 14). The Company's collateralized debt obligations as of December 31, 2020 had stated maturities as follows: Year Ending December 31, Total 2021 $ — 2022 — 2023 — 2024 — 2025 245,668 Thereafter 1,302,295 Total $ 1,547,963 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Debt | Debt Convertible Notes As of December 31, 2020, the Company had $138.0 million aggregate principal amount of its 6.25% Senior Convertible Notes due 2022 outstanding. Costs related to the issuance of the Convertible Notes which include underwriting, legal, accounting and other fees, are reflected as deferred charges. The underwriter’s discount and deferred charges, net of amortization, are presented as a deduction from the corresponding debt liability on the Company’s accompanying consolidated balance sheets in the amount of $2.7 million and $5.0 million as of December 31, 2020 and 2019, respectively. The underwriter’s discount and deferred charges are amortized as an adjustment to interest expense using the effective interest method, resulting in a total cost to the Company of approximately 8.24%. The Convertible Notes were issued at 96% of the principal amount, bear interest at a rate equal to 6.25% per year, payable semi-annually in arrears on January 15 and July 15 of each year, and are expected to mature on January 15, 2022, unless earlier converted or repurchased. The Company does not have the right to redeem the Convertible Notes prior to maturity and no sinking fund is provided for the Convertible Notes. Holders of the Convertible Notes are permitted to convert their Convertible Notes into shares of the Company’s common stock at any time prior to the close of business on the business day immediately preceding January 15, 2022. The conversion rate for the Convertible Notes, which is subject to adjustment upon the occurrence of certain specified events, initially equals 142.7144 shares of the Company’s common stock per $1,000 principal amount of Convertible Notes, which is equivalent to a conversion price of approximately $7.01 per share of the Company’s common stock, based on a $1,000 principal amount of the Convertible Notes. The Convertible Notes are senior unsecured obligations of the Company that rank senior in right of payment to the Company’s subordinated debentures and any of its other indebtedness that is expressly subordinated in right of payment to the Convertible Notes. During the year ended December 31, 2020, none of the Convertible Notes were converted. As of February 26, 2021, the Company has not been notified, and is not aware, of any event of default under the indenture for the Convertible Notes. Subordinated Debentures Subordinated debentures are trust preferred securities that are fully guaranteed by the Company with respect to distributions and amounts payable upon liquidation, redemption or repayment. The following table summarizes the key details of the Company’s subordinated debentures as of December 31, 2020 and 2019 (dollar amounts in thousands): NYM Preferred Trust I NYM Preferred Trust II Principal value of trust preferred securities $ 25,000 $ 20,000 Interest rate Three month LIBOR plus 3.75%, resetting quarterly Three month LIBOR plus 3.95%, resetting quarterly Scheduled maturity March 30, 2035 October 30, 2035 As of February 26, 2021, the Company has not been notified, and is not aware, of any event of default under the indenture for the subordinated debentures. Mortgage Payable in Consolidated VIE On November 12, 2020, the Company determined that it became the primary beneficiary of Campus Lodge, a VIE that owns a multi-family apartment community and in which the Company holds a preferred equity investment. Accordingly, on this date, the Company consolidated Campus Lodge into its consolidated financial statements ( see Note 7 ). Campus Lodge's real estate investment is subject to a mortgage payable which is included in other liabilities on the accompanying consolidated balance sheets and for which the Company has no obligation as of December 31, 2020. The following table presents detailed information for this mortgage payable in consolidated VIE as of December 31, 2020 (dollar amounts in thousands): Origination Date Mortgage Note Amount Net Deferred Finance Cost Mortgage Payable, Net Maturity Date Interest Rate Mortgage payable in Consolidated VIE February 14, 2018 $ 37,030 $ (278) $ 36,752 March 1, 2028 2.54 % Debt Maturities As of December 31, 2020, maturities for debt on the Company's consolidated balance sheet are as follows (dollar amounts in thousands): Year Ending December 31, Total 2021 $ — 2022 138,000 2023 — 2024 — 2025 — Thereafter 82,030 Total $ 220,030 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Impact of COVID-19 As further discussed in Notes 1 and 2, the full extent of the impact of the COVID-19 pandemic on the global economy generally, and the Company's business in particular, is uncertain. As of December 31, 2020, no contingencies have been recorded on our consolidated balance sheets as a result of the COVID-19 pandemic; however, as the global pandemic and its economic implications continue, it may have long-term impacts on the Company's operations, financial condition, liquidity or cash flows. Outstanding Litigation The Company is at times subject to various legal proceedings arising in the ordinary course of business. As of December 31, 2020, the Company does not believe that any of its current legal proceedings, individually or in the aggregate, will have a material adverse effect on the Company’s operations, financial condition or cash flows. Leases As of December 31, 2020, the Company has entered into multi-year lease agreements for office space accounted for as non-cancelable operating leases. Total property lease expense on these leases for the years ended December 31, 2020, 2019, and 2018 amounted to $1.6 million, $1.2 million, and $0.4 million, respectively. The leases are secured by cash deposits in the amount of $0.7 million. As of December 31, 2020, obligations under non-cancelable operating leases are as follows (dollar amounts in thousands): Year Ending December 31, Total 2021 $ 1,710 2022 1,721 2023 1,732 2024 1,548 2025 1,604 Thereafter 5,095 Total $ 13,410 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The Company has established and documented processes for determining fair values. Fair value is based upon quoted market prices, where available. If listed prices or quotes are not available, then fair value is based upon internally developed models that primarily use inputs that are market-based or independently-sourced market parameters, including interest rate yield curves. A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The three levels of valuation hierarchy are defined as follows: Level 1 - inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2 - inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. Level 3 - inputs to the valuation methodology are unobservable and significant to the fair value measurement. The following describes the valuation methodologies used for the Company’s financial instruments measured at fair value, as well as the general classification of such instruments pursuant to the valuation hierarchy. a. Residential Loans Held in Consolidated SLST and Multi - Family Loans Held in the Consolidated K-Series –Residential loans held in Consolidated SLST and multi-family loans held in the Consolidated K-Series are carried at fair value and classified as Level 3 fair values. In accordance with the practical expedient in ASC 810, the Company determines the fair value of residential loans held in Consolidated SLST and multi-family loans held in the Consolidated K-Series based on the fair value of the CDOs issued by these securitizations and its investment in these securitizations (eliminated in consolidation in accordance with GAAP), as the fair value of these instruments is more observable. The investment securities that we own in these securitizations are generally illiquid and trade infrequently, as such they are classified as Level 3 in the fair value hierarchy. The fair valuation of these investment securities is determined based on an internal valuation model that considers expected cash flows from the underlying loans and yields required by market participants. The significant unobservable inputs used in the measurement of these investments are projected losses within the pool of loans and a discount rate. The discount rate used in determining fair value incorporates default rate, loss severity, prepayment rate and current market interest rates. Significant increases or decreases in these inputs would result in a significantly lower or higher fair value measurement. b. Residential Loans and Residential Loans Held in Securitization Trusts – The Company’s acquired residential loans are recorded at fair value and classified as Level 3 in the fair value hierarchy. The fair value for residential loans is determined using valuations obtained from a third party that specializes in providing valuations of residential loans. The valuation approach depends on whether the residential loan is considered performing, re-performing or non-performing at the date the valuation is performed. For performing and re-performing loans, estimates of fair value are derived using a discounted cash flow model, where estimates of cash flows are determined from scheduled payments for each loan, adjusted using forecast prepayment rates, default rates and rates for loss upon default. For non-performing loans, asset liquidation cash flows are derived based on the estimated time to liquidate the loan, expected liquidation costs and home price appreciation. Estimated cash flows for both performing and non-performing loans are discounted at yields considered appropriate to arrive at a reasonable exit price for the asset. Indications of loan value such as actual trades, bids, offers and generic market color may be used in determining the appropriate discount yield. c. Preferred Equity and Mezzanine Loan Investments – Fair value for preferred equity and mezzanine loan investments is determined by both market comparable pricing and discounted cash flows. The discounted cash flows are based on the underlying contractual cash flows and estimated changes in market yields. The fair value also reflects consideration of changes in credit risk since the origination or time of initial investment. This fair value measurement is generally based on unobservable inputs and, as such, is classified as Level 3 in the fair value hierarchy. d. Investment Securities Available for Sale – The Company determines the fair value of the investment securities available for sale in our portfolio by considering several observable market data points, including prices obtained from third-party pricing services or dealers who make markets in similar financial instruments, as well as dialogue with market participants. Third-party pricing services typically incorporate commonly used market pricing methods, trading activity observed in the marketplace and other data inputs. The methodology considers the characteristics of the particular security and its underlying collateral, which are observable inputs. These inputs include, but are not limited to, historical performance, coupon, periodic and life caps, collateral type, rate reset period, seasoning, prepayment speeds and credit enhancement levels. The Company’s investment securities available for sale are valued based upon readily observable market parameters and are classified as Level 2 fair values. e. Equity Investments – Fair value for equity investments is determined (i) by the valuation process for preferred equity and mezzanine loan investments as described in c. above or (ii) using the net asset value ("NAV") of the equity investment entity as a practical expedient. These fair value measurements are generally based on unobservable inputs and, as such, are classified as Level 3 in the fair value hierarchy. f. Derivative Instruments – The Company’s derivative instruments as of December 31, 2019 were classified as Level 2 fair values and were measured using valuations reported by the clearing house, CME Clearing, through which these instruments were cleared. The derivatives are presented net of variation margin payments pledged or received. g. Collateralized Debt Obligations – CDOs issued by Consolidated SLST and the Consolidated K-Series are classified as Level 3 fair values for which fair value is determined by considering several market data points, including prices obtained from third-party pricing services or dealers who make markets in similar financial instruments. The third-party pricing service or dealers incorporate common market pricing methods, including a spread measurement to the Treasury curve or interest rate swap curve as well as underlying characteristics of the particular security. They will also consider contractual cash payments and yields expected by market participants. Refer to a . above for a description of the fair valuation of CDOs issued by Consolidated SLST and the Consolidated K-Series that are eliminated in consolidation. Management reviews all prices used in determining fair value to ensure they represent current market conditions. This review includes surveying similar market transactions and comparisons to pricing models as well as offerings of like securities by dealers. Any changes to the valuation methodology are reviewed by management to ensure the changes are appropriate. As markets and products develop and the pricing for certain products becomes more transparent, the Company continues to refine its valuation methodologies. The methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Company believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions, to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date. The Company uses inputs that are current as of each reporting date, which may include periods of market dislocation, during which time price transparency may be reduced. This condition could cause the Company’s financial instruments to be reclassified from Level 2 to Level 3 in future periods. The following table presents the Company’s financial instruments measured at fair value on a recurring basis as of December 31, 2020 and 2019, respectively, on the Company’s consolidated balance sheets (dollar amounts in thousands): Measured at Fair Value on a Recurring Basis at December 31, 2020 December 31, 2019 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets carried at fair value Residential loans: Residential loans $ — $ — $ 1,090,930 $ 1,090,930 $ — $ — $ 1,429,754 $ 1,429,754 Consolidated SLST — — 1,266,785 1,266,785 — — 1,328,886 1,328,886 Residential loans held in securitization trusts — — 691,451 691,451 — — — — Multi-family loans Preferred equity and mezzanine loan investments — — 163,593 163,593 — — — — Consolidated K-Series — — — — — — 17,816,746 17,816,746 Investment securities available for sale: Agency RMBS — 139,395 — 139,395 — 922,877 — 922,877 Agency CMBS — — — — — 50,958 — 50,958 Non-Agency RMBS — 355,666 — 355,666 — 715,314 — 715,314 CMBS — 186,440 — 186,440 — 267,777 — 267,777 ABS — 43,225 — 43,225 — 49,214 — 49,214 Equity investments — — 259,095 259,095 — — 83,882 83,882 Derivative assets: Interest rate swaps (1) — — — — — 15,878 — 15,878 Total $ — $ 724,726 $ 3,471,854 $ 4,196,580 $ — $ 2,022,018 $ 20,659,268 $ 22,681,286 Liabilities carried at fair value Collateralized debt obligations Consolidated K-Series $ — $ — $ — $ — $ — $ — $ 16,724,451 $ 16,724,451 Consolidated SLST — — 1,054,335 1,054,335 — — 1,052,829 1,052,829 Total $ — $ — $ 1,054,335 $ 1,054,335 $ — $ — $ 17,777,280 $ 17,777,280 (1) All of the Company’s interest rate swaps were cleared through a central clearing house. The Company exchanged 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. The following tables detail changes in valuation for the Level 3 assets for the years ended December 31, 2020, 2019, and 2018, respectively (dollar amounts in thousands): Level 3 Assets: Year Ended December 31, 2020 Residential loans Multi-family loans Residential loans Consolidated SLST Residential loans held in securitization trusts Preferred equity and mezzanine loan investments Consolidated K-Series Equity investments Total Balance at beginning of period $ 1,429,754 $ 1,328,886 $ — $ — $ 17,816,746 $ 83,882 $ 20,659,268 Total (losses) gains (realized/unrealized) Included in earnings (9,240) 27,898 31,402 20,454 41,795 26,670 138,979 Transfers in (1) 164,279 — 46,572 182,465 — 107,477 500,793 Transfers out (2) (3) (6,017) — (2,492) (8,719) (237,297) — (254,525) Transfer to securitization trust (4) (651,911) — 651,911 — — — — Contributions — — — 14,164 — 66,336 80,500 Paydowns/Distributions (308,600) (89,999) (35,942) (44,771) (239,796) (25,270) (744,378) Recovery of charge-off — — — — 35 — 35 Sales (3) (96,892) — — — (17,381,483) — (17,478,375) Purchases 569,557 — — — — — 569,557 Balance at the end of period $ 1,090,930 $ 1,266,785 $ 691,451 $ 163,593 $ — $ 259,095 $ 3,471,854 (1) As of January 1, 2020, the Company has elected to account for all residential loans, residential loans held in securitization trusts, equity investments and preferred equity and mezzanine loan investments using the fair value option ( see Note 2 ). (2) Transfers out of Level 3 assets include the transfer of residential loans to real estate owned and the consolidation of Campus Lodge into the Company's consolidated financial statements ( see Note 7 ). (3) During the year ended December 31, 2020, the Company sold first loss PO securities included in the Consolidated K-Series and, as a result, de-consolidated the multi-family loans held in the Consolidated K-Series and transferred its remaining securities owned in the Consolidated K-Series to investment securities available for sale ( see Notes 2 and 4 ). (4) During the year ended December 31, 2020, the Company completed two securitizations of certain performing, re-performing and non-performing residential loans ( see Note 7 ). Year Ended December 31, 2019 Residential loans Residential loans Consolidated SLST Consolidated K-Series CMBS held in re-securitization trusts Equity investments Total Balance at beginning of period $ 737,523 $ — $ 11,679,847 $ 52,700 $ 32,994 $ 12,503,064 Total gains/(losses) (realized/unrealized) Included in earnings 55,459 (445) 533,094 17,734 15,100 620,942 Included in other comprehensive income (loss) — — — (13,665) — (13,665) Transfers out (1) (913) — — — — (913) Contributions — — — — 50,000 50,000 Paydowns/Distributions (171,909) (3,729) (992,912) — (14,212) (1,182,762) Charge-off — — (3,257) — — (3,257) Sales (19,814) — — (56,769) — (76,583) Purchases (2) 829,408 1,333,060 6,599,974 — — 8,762,442 Balance at the end of period $ 1,429,754 $ 1,328,886 $ 17,816,746 $ — $ 83,882 $ 20,659,268 (1) Transfers out of Level 3 assets include the transfer of residential loans to real estate owned. (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 included 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, 3 and 4 ). Year Ended December 31, 2018 Residential loans Consolidated K-Series CMBS held in re-securitization trusts Equity investments Total Balance at beginning of period $ 87,153 $ 9,657,421 $ 47,922 $ 42,823 $ 9,835,319 Total gains/(losses) (realized/unrealized) Included in earnings 3,913 (134,298) 3,980 9,075 (117,330) Included in other comprehensive income (loss) — — 798 — 798 Transfers out (1) (56) — — — (56) Paydowns/Distributions (24,064) (137,820) — (18,904) (180,788) Sales (18,173) — — — (18,173) Purchases (2) 688,750 2,294,544 — — 2,983,294 Balance at the end of period $ 737,523 $ 11,679,847 $ 52,700 $ 32,994 $ 12,503,064 (1) Transfers out of Level 3 assets include the transfer of residential loans to real estate owned. (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 4 ). The following tables detail changes in valuation for the Level 3 liabilities for the years ended December 31, 2020, 2019 and 2018, respectively (dollar amounts in thousands): Level 3 Liabilities: Year Ended December 31, 2020 Collateralized debt obligations Consolidated K-Series Consolidated SLST Total Balance at beginning of period $ 16,724,451 $ 1,052,829 $ 17,777,280 Total losses (realized/unrealized) Included in earnings 35,018 68,764 103,782 Paydowns (147,376) (89,484) (236,860) Sales (1) (16,612,093) 22,226 (16,589,867) Balance at the end of period $ — $ 1,054,335 $ 1,054,335 (1) During the year ended December 31, 2020, the Company sold first loss PO securities included in the Consolidated K-Series, and, as a result, de-consolidated the Consolidated K-Series CDOs ( see Notes 2 and 4 ). Also includes the Company's net sales of senior securities issued by Consolidated SLST for the year ended December 31, 2020 ( see Note 3 ). Year Ended December 31, 2019 Collateralized debt obligations Consolidated K-Series Consolidated SLST 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 included 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, 3 and 4 ). Year Ended December 31, 2018 Consolidated K-Series Balance at beginning of period $ 9,189,459 Total gains (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 included in the Consolidated K-Series. As a result, the Company consolidated liabilities of these securitizations ( see Notes 2 and 4 ). The following table discloses quantitative information regarding the significant unobservable inputs used in the valuation of our Level 3 assets and liabilities measured at fair value (dollar amounts in thousands, except input values): December 31, 2020 Fair Value Valuation Technique Unobservable Input Weighted Average Range Assets Residential loans: Residential loans and residential loans held in securitization trusts (1) $1,639,327 Discounted cash flow Lifetime CPR 8.5% — - 64.6% Lifetime CDR 1.0% — - 23.0% Loss severity 13.7% — - 100.0% Yield 5.3% 2.4% - 27.3% $143,054 Liquidation model Annual home price appreciation — — - 7.3% Liquidation timeline (months) 29 9 - 57 Property value $578,738 $12,430 - $3,650,000 Yield 7.2% 7.0% - 16.3% Consolidated SLST (2) $1,266,785 Liability price N/A Total $3,049,166 Preferred equity and mezzanine loan investments (1) $163,593 Discounted cash flow Discount rate 11.5% 11.0% - 19.5% Months to assumed redemption 44 8 - 185 Loss severity — Equity investments (1) (2) $182,765 Discounted cash flow Discount rate 11.7% 11.0% - 12.5% Months to assumed redemption 40 9 - 59 Loss severity — Liabilities Residential collateralized debt obligations Consolidated SLST (3) (4) $1,054,335 Discounted cash flow Yield 2.1% 1.0% - 11.1% Collateral prepayment rate 5.5% 2.8% - 6.2% Collateral default rate 2.0% — - 7.6% Loss severity 21.1% — - 23.7% (1) Weighted average amounts are calculated based on the weighted average fair value of the assets. (2) Equity investments does not include equity ownership interests in entities that invest in residential properties and loans. The fair value of these investments is determined using the net asset value ("NAV") as a practical expedient. (3) In accordance with the practical expedient in ASC 810, the Company determines the fair value of the residential loans held in Consolidated SLST based on the fair value of the CDOs issued by Consolidated SLST, including securities we own, as the fair value of these instruments is more observable. At December 31, 2020, the fair value of securities we owned in Consolidated SLST was $212.1 million. (4) Weighted average yield calculated based on the weighted average fair value of the liabilities. Weighted average collateral prepayment rate, weighted average collateral default rate, and weighted average loss severity are calculated based on the weighted average unpaid balance of the liabilities. The following table details the changes in unrealized gains (losses) included in earnings for the years ended December 31, 2020, 2019 and 2018, respectively, for our Level 3 assets and liabilities held as of December 31, 2020, 2019 and 2018, respectively (dollar amounts in thousands): For the Years Ended December 31, 2020 2019 2018 Assets Residential loans Residential loans (1) $ 16,449 $ 44,470 $ 4,333 Consolidated SLST (1) 33,479 300 — Residential loans held in securitization trust (1) 17,785 — — Multi-family loans Preferred equity and mezzanine loan investments (1) (682) — — Consolidated K-Series (1) — 586,993 (85,115) Equity investments (2) 256 5,374 6,091 Liabilities Collateralized debt obligations Consolidated K-Series (1) $ — $ (563,031) $ 122,696 Consolidated SLST (1) (65,552) (383) — (1) Presented in unrealized gains (losses), net on the Company’s consolidated statements of operations. (2) Presented in income from equity investments on the Company’s consolidated statements of operations. The following table presents assets measured at fair value on a non-recurring basis as of December 31, 2019 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 Level 1 Level 2 Level 3 Total Residential loans held in securitization trusts – impaired loans, net $ — $ — $ 5,256 $ 5,256 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 and 2018, respectively, on the Company’s consolidated statements of operations (dollar amounts in thousands): For the Years Ended December 31, 2019 2018 Residential loans held in securitization trusts – impaired loans, net $ (24) $ (165) Residential Loans Held in Securitization Trusts – Impaired Loans, Net – Impaired residential loans held in securitization trusts were recorded at amortized cost less specific loan loss reserves. Impaired loan value was based on management’s estimate of the net realizable value taking into consideration local market conditions for the property, updated appraisal values of the property and estimated expenses required to remediate the impaired loan. The following table presents the carrying value and estimated fair value of the Company’s financial instruments at December 31, 2020 and 2019, respectively (dollar amounts in thousands): December 31, 2020 December 31, 2019 Fair Value Carrying Estimated Carrying Estimated Financial Assets: Cash and cash equivalents Level 1 $ 293,183 $ 293,183 $ 118,763 $ 118,763 Residential loans Residential loans, at fair value Level 3 3,049,166 3,049,166 2,758,640 2,758,640 Residential loans at amortized cost, net Level 3 — — 202,756 208,471 Multi-family loans Preferred equity and mezzanine loan investments Level 3 163,593 163,593 180,045 182,465 Consolidated K-Series Level 3 — — 17,816,746 17,816,746 Investment securities available for sale Level 2 724,726 724,726 2,006,140 2,006,140 Equity investments Level 3 259,095 259,095 189,965 191,359 Derivative assets Level 2 — — 15,878 15,878 Loans held for sale, net Level 3 — — 2,406 2,482 Financial Liabilities: Repurchase agreements Level 2 405,531 405,531 3,105,416 3,105,416 Collateralized debt obligations Residential loan securitizations at amortized cost, net Level 3 554,067 561,329 40,429 38,888 Consolidated K-Series Level 3 — — 16,724,451 16,724,451 Consolidated SLST Level 3 1,054,335 1,054,335 1,052,829 1,052,829 Non-Agency RMBS re-securitization Level 2 15,256 15,472 — — Subordinated debentures Level 3 45,000 36,871 45,000 41,592 Convertible notes Level 2 135,327 137,716 132,955 140,865 In addition to the methodology to determine the fair value of the Company’s financial assets and liabilities reported at fair value on a recurring basis and non-recurring basis, as previously described, the following methods and assumptions were used by the Company in arriving at the fair value of the Company’s other financial instruments in the table immediately above: a. Cash and cash equivalents – Estimated fair value approximates the carrying value of such assets. b. Repurchase agreements – The fair value of these repurchase agreements approximates cost as they are short term in nature. c. Residential loan securitizations at amortized cost, net and non-Agency RMBS re-securitization – The fair value of these CDOs is based on discounted cash flows as well as market pricing on comparable obligations. d. Subordinated debentures – The fair value of these subordinated debentures is based on discounted cash flows using management’s estimate for market yields. e. Convertible notes – The fair value is based on quoted prices provided by dealers who make markets in similar financial instruments. |
Stockholders_ Equity
Stockholders’ Equity | 12 Months Ended |
Dec. 31, 2020 | |
Stockholders' Equity Note [Abstract] | |
Stockholders’ Equity | Stockholders’ Equity (a) Preferred Stock The Company had 200,000,000 authorized shares of preferred stock, par value $0.01 per share, with 20,872,888 shares issued and outstanding as of December 31, 2020 and 2019. As of December 31, 2020, the Company has issued four series of cumulative redeemable preferred stock (the “Preferred Stock”): 7.75% Series B Cumulative Redeemable Preferred Stock (“Series B Preferred Stock”), 7.875% Series C Cumulative Redeemable Preferred Stock (“Series C Preferred Stock”), 8.00% Series D Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock (“Series D Preferred Stock”) and 7.875% Series E Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock (“Series E Preferred Stock”). Each series of the Preferred Stock is senior to the Company’s common stock with respect to dividends and distributions upon liquidation, dissolution or winding up. In October 2019, the Company issued 6,900,000 shares of Series E Preferred Stock, with a par value of $0.01 per share and a liquidation preference of $25 per share, in an underwritten public offering for net proceeds of approximately $166.7 million, after deducting underwriting discounts and offering expenses. On November 27, 2019, the Company classified and designated an additional 3,000,000 shares of the Company’s authorized but unissued preferred stock as Series E Preferred Stock. On March 28, 2019, the Company classified and designated an additional 2,460,000 shares and 2,650,000 shares of the Company’s authorized but unissued preferred stock as Series C Preferred Stock and Series D Preferred Stock, respectively. The following table summarizes the Company’s Preferred Stock issued and outstanding as of December 31, 2020 and 2019 (dollar amounts in thousands): Class of Preferred Stock Shares Authorized Shares Issued and Outstanding Carrying Value Liquidation Preference Contractual Rate (1) Optional Redemption Date (2) Fixed-to-Floating Rate Conversion Date (1)(3) Floating Annual Rate (4) Fixed Rate Series B 6,000,000 3,156,087 $ 76,180 $ 78,902 7.750 % June 4, 2018 Series C 6,600,000 4,181,807 101,102 104,545 7.875 % April 22, 2020 Fixed-to-Floating Rate Series D 8,400,000 6,123,495 148,134 153,087 8.000 % October 15, 2027 October 15, 2027 3M LIBOR + 5.695% Series E 9,900,000 7,411,499 179,349 185,288 7.875 % January 15, 2025 January 15, 2025 3M LIBOR + 6.429% Total 30,900,000 20,872,888 $ 504,765 $ 521,822 (1) Each series of fixed rate preferred stock is entitled to receive a dividend at the contractual rate shown, respectively, per year on its $25 liquidation preference. Each series of fixed-to-floating rate preferred stock is entitled to receive a dividend at the contractual rate shown, respectively, per year on its $25 liquidation preference up to, but excluding, the fixed-to-floating rate conversion date. (2) Each series of Preferred Stock is not redeemable by the Company prior to the respective optional redemption date disclosed except under circumstances intended to preserve the Company’s qualification as a REIT and except upon occurrence of a Change in Control (as defined in the Articles Supplementary designating the Series B Preferred Stock, Series C Preferred Stock, Series D Preferred Stock and Series E Preferred Stock, respectively). (3) Beginning on the respective fixed-to-floating rate conversion date, each of the Series D Preferred Stock and Series E Preferred Stock is entitled to receive a dividend on a floating rate basis according to the terms disclosed in footnote (4) below. (4) On and after the fixed-to-floating rate conversion date, each of the Series D Preferred Stock and Series E Preferred Stock is entitled to receive a dividend at a floating rate equal to three-month LIBOR plus the respective spread disclosed above per year on its $25 liquidation preference. For each series of Preferred Stock, on or after the respective redemption date disclosed, the Company may, at its option, redeem the respective series of Preferred Stock in whole or in part, at any time or from time to time, for cash at a redemption price equal to $25.00 per share, plus any accumulated and unpaid dividends. In addition, upon the occurrence of a Change of Control, the Company may, at its option, redeem the Preferred Stock in whole or in part, within 120 days after the first date on which such Change of Control occurred, for cash at a redemption price of $25.00 per share, plus any accumulated and unpaid dividends. The Preferred Stock generally do not have any voting rights, subject to an exception in the event the Company fails to pay dividends on such stock for six or more quarterly periods (whether or not consecutive). Under such circumstances, holders of the Preferred Stock voting together as a single class with the holders of all other classes or series of our preferred stock upon which like voting rights have been conferred and are exercisable and which are entitled to vote as a class with the Preferred Stock will be entitled to vote to elect two additional directors to the Company’s Board of Directors (the “Board”) until all unpaid dividends have been paid or declared and set apart for payment. In addition, certain material and adverse changes to the terms of any series of the Preferred Stock cannot be made without the affirmative vote of holders of at least two-thirds of the outstanding shares of the series of Preferred Stock whose terms are being changed. The Preferred Stock has no stated maturity, is not subject to any sinking fund or mandatory redemption and will remain outstanding indefinitely unless repurchased or redeemed by the Company or converted into the Company’s common stock in connection with a Change of Control. Upon the occurrence of a Change of Control, each holder of Preferred Stock will have the right (unless the Company has exercised its right to redeem the Preferred Stock) to convert some or all of the Preferred Stock held by such holder into a number of shares of our common stock per share of the applicable series of Preferred Stock determined by a formula, in each case, on the terms and subject to the conditions described in the applicable Articles Supplementary for such series. (b) Dividends on Preferred Stock From the time of original issuance of the Preferred Stock through December 31, 2019, the Company declared and paid all required quarterly dividends on such series of stock. On March 23, 2020, the Company announced that it had suspended quarterly dividends on its Preferred Stock that would have been payable in April 2020 to focus on conserving capital during the difficult market conditions resulting from the COVID-19 pandemic. On June 15, 2020, the Company reinstated the payment of dividends on its Preferred Stock and declared dividends in arrears for the quarterly period that began on January 15, 2020 and ended on April 14, 2020. The following table presents the relevant information with respect to quarterly cash dividends declared on the Series B Preferred Stock, Series C Preferred Stock and Series D Preferred Stock commencing January 1, 2018 through December 31, 2020 and on the Series E Preferred Stock from its time of original issuance through December 31, 2020: Cash Dividend Per Share Declaration Date Record Date Payment Date Series B Preferred Stock Series C Preferred Stock Series D Preferred Stock Series E Preferred Stock December 7, 2020 January 1, 2021 January 15, 2021 $ 0.484375 $ 0.4921875 $ 0.50 $ 0.4921875 September 14, 2020 October 1, 2020 October 15, 2020 0.484375 0.4921875 0.50 0.4921875 June 15, 2020 July 1, 2020 July 15, 2020 0.968750 (1) 0.9843750 (1) 1.00 (1) 0.9843750 (1) December 10, 2019 January 1, 2020 January 15, 2020 0.484375 0.4921875 0.50 0.4757800 (2) September 9, 2019 October 1, 2019 October 15, 2019 0.484375 0.4921875 0.50 — June 14, 2019 July 1, 2019 July 15, 2019 0.484375 0.4921875 0.50 — March 19, 2019 April 1, 2019 April 15, 2019 0.484375 0.4921875 0.50 — December 4, 2018 January 1, 2019 January 15, 2019 0.484375 0.4921875 0.50 — September 17, 2018 October 1, 2018 October 15, 2018 0.484375 0.4921875 0.50 — June 18, 2018 July 1, 2018 July 15, 2018 0.484375 0.4921875 0.50 — March 19, 2018 April 1, 2018 April 15, 2018 0.484375 0.4921875 0.50 — (1) Preferred Stock dividends declared on June 15, 2020 included cash dividends in arrears for the quarterly period that began on January 15, 2020 and ended on April 14, 2020 and cash dividends for the quarterly period that began on April 15, 2020 and ended on July 14, 2020. (2) Cash dividend for the partial quarterly period that began on October 18, 2019 and ended on January 14, 2020. (c) Dividends on Common Stock On March 23, 2020, the Company announced that it had suspended its quarterly dividend on common stock for the first quarter of 2020 to focus on conserving capital during the difficult market conditions resulting from the COVID-19 pandemic. As a result, the Company did not declare a cash dividend on its common stock during the three months ended March 31, 2020. The Company declared a regular quarterly cash dividend on common stock for the second, third and fourth quarters of 2020. The following table presents cash dividends declared by the Company on its common stock with respect to the quarterly periods commencing January 1, 2018 and ended December 31, 2020: Period Declaration Date Record Date Payment Date Cash Fourth Quarter 2020 December 7, 2020 December 17, 2020 January 25, 2021 $ 0.100 Third Quarter 2020 September 14, 2020 September 24, 2020 October 26, 2020 0.075 Second Quarter 2020 June 15, 2020 July 1, 2020 July 27, 2020 0.050 Fourth Quarter 2019 December 10, 2019 December 20, 2019 January 27, 2020 0.200 Third Quarter 2019 September 9, 2019 September 19, 2019 October 25, 2019 0.200 Second Quarter 2019 June 14, 2019 June 24, 2019 July 25, 2019 0.200 First Quarter 2019 March 19, 2019 March 29, 2019 April 25, 2019 0.200 Fourth Quarter 2018 December 4, 2018 December 14, 2018 January 25, 2019 0.200 Third Quarter 2018 September 17, 2018 September 27, 2018 October 26, 2018 0.200 Second Quarter 2018 June 18, 2018 June 28, 2018 July 26, 2018 0.200 First Quarter 2018 March 19, 2018 March 29, 2018 April 26, 2018 0.200 During 2020, aggregate dividends for our common stock were $0.225 per share. For tax reporting purposes, the 2020 dividends were classified as ordinary income and return of capital in the amounts of $0.180 and $0.045, respectively, per share. During 2019, aggregate dividends for our common stock were $0.80 per share. For tax reporting purposes, the 2019 dividends were classified as ordinary income, capital gain distribution and return of capital in the amounts of $0.42, $0.13 and $0.25, respectively, per share. During 2018, aggregate dividends for our common stock were $0.80 per share. For tax reporting purposes, the 2018 dividends were classified as ordinary income, capital gain distribution and return of capital in the amounts of $0.37, $0.12 and $0.31, respectively, per share. (d) Public Offering of Common Stock The following table details the Company's public offerings of common stock during the three years ended December 31, 2020 (dollar amounts in thousands): Share Issue Month Shares Issued Net Proceeds (1) February 2020 50,600,000 $ 305,274 January 2020 34,500,000 206,650 November 2019 28,750,000 172,150 September 2019 28,750,000 173,093 July 2019 23,000,000 137,500 May 2019 20,700,000 123,102 March 2019 17,250,000 101,160 January 2019 14,490,000 83,772 November 2018 14,375,000 85,261 August 2018 14,375,000 85,980 (1) Proceeds are net of underwriting discounts and commissions and offering expenses (e) Equity Distribution Agreements On August 10, 2017, the Company entered into an equity distribution agreement (the “Common Equity Distribution Agreement”) with Credit Suisse Securities (USA) LLC (“Credit Suisse”), as sales agent, pursuant to which the Company may offer and sell shares of its common stock, par value $0.01 per share, having a maximum aggregate sales price of up to $100.0 million, from time to time through Credit Suisse. On September 10, 2018, the Company entered into an amendment to the Common Equity Distribution Agreement that increased the maximum aggregate sales price to $177.1 million. The Company has no obligation to sell any of the shares of common stock issuable under the Common Equity Distribution Agreement and may at any time suspend solicitations and offers under the Common Equity Distribution Agreement. There were no shares of the Company's common stock issued under the Common Equity Distribution Agreement during the year ended December 31, 2020. During the year ended December 31, 2019, the Company issued 2,260,200 shares of its common stock under the Common Equity Distribution Agreement, at an average price of $6.12 per share, resulting in total net proceeds to the Company of $13.6 million. During the year ended December 31, 2018, the Company issued 14,588,631 shares of its common stock under the Common Equity Distribution Agreement, at an average price of $6.19 per share, resulting in total net proceeds to the Company of $89.0 million. As of December 31, 2020, approximately $72.5 million of common stock remains available for issuance under the Common Equity Distribution Agreement. On March 29, 2019, the Company entered into an equity distribution agreement (the “Preferred Equity Distribution Agreement”) with JonesTrading Institutional Services LLC, as sales agent, pursuant to which the Company may offer and sell shares of the Company's Series B Preferred Stock, Series C Preferred Stock and Series D Preferred Stock, having a maximum aggregate gross sales price of up to $50.0 million, from time to time through the sales agent. On November 27, 2019, the Company entered into an amendment to the Preferred Equity Distribution Agreement that increased the maximum aggregate sales price to $131.5 million. The amendment also provided for the inclusion of sales of the Company’s Series E Preferred Stock. The Company has no obligation to sell any of the shares of Preferred Stock issuable under the Preferred Equity Distribution Agreement and may at any time suspend solicitations and offers under the Preferred Equity Distribution Agreement. |
Earnings (Loss) Per Common Shar
Earnings (Loss) Per Common Share | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Earnings (Loss) Per Common Share | Earnings (Loss) Per Common Share The Company calculates basic earnings (loss) per common share by dividing net income (loss) attributable to the Company’s common stockholders for the period by weighted-average shares of common stock outstanding for that period. Diluted earnings (loss) per common share takes into account the effect of dilutive instruments, such as convertible notes, performance share units and restricted stock units, and the number of incremental shares that are to be added to the weighted-average number of shares outstanding. During the year ended December 31, 2020, the Company's Convertible Notes were determined to be anti-dilutive and were not included in the calculation of diluted loss per common share. During the years ended December 31, 2019 and 2018, the Company’s Convertible Notes were determined to be dilutive and were included in the calculation of diluted earnings per common share under the “if-converted” method. Under this method, the periodic interest expense (net of applicable taxes) for dilutive notes is added back to the numerator and the number of shares that the notes are entitled to (if converted, regardless of whether they are in or out of the money) are included in the denominator. During the year ended December 31, 2020, the RSUs awarded under the 2017 Plan were determined to be anti-dilutive and were not included in the calculation of diluted loss per common share. There were no RSUs outstanding during the years ended December 31, 2019 and 2018. During the year ended December 31, 2020, the PSUs awarded under the 2017 Plan were determined to be anti-dilutive and were not included in the calculation of diluted loss per common share. During the years ended December 31, 2019 and 2018, PSUs awarded under the 2017 Plan were determined to be dilutive and were included in the calculation of diluted earnings per common share under the treasury stock method. Under this method, common equivalent shares are calculated assuming that target PSUs vest according to the PSU Agreements and unrecognized compensation cost is used to repurchase shares of the Company’s outstanding common stock at the average market price during the reported period. The following table presents the computation of basic and diluted (loss) earnings per common share for the periods indicated (dollar and share amounts in thousands, except per share amounts): For the Years Ended December 31, 2020 2019 2018 Basic (Loss) Earnings per Common Share Net (loss) income attributable to Company $ (288,510) $ 173,736 $ 102,886 Less: Preferred Stock dividends (41,186) (28,901) (23,700) Net (loss) income attributable to Company’s common stockholders $ (329,696) $ 144,835 $ 79,186 Basic weighted average common shares outstanding 371,004 221,380 127,243 Basic (Loss) Earnings per Common Share $ (0.89) $ 0.65 $ 0.62 Diluted (Loss) Earnings per Common Share: Net (loss) income attributable to Company $ (288,510) $ 173,736 $ 102,886 Less: Preferred Stock dividends (41,186) (28,901) (23,700) Add back: Interest expense on Convertible Notes for the period, net of tax — 10,662 10,475 Net (loss) income attributable to Company’s common stockholders $ (329,696) $ 155,497 $ 89,661 Weighted average common shares outstanding 371,004 221,380 127,243 Net effect of assumed Convertible Notes conversion to common shares — 19,695 19,695 Net effect of assumed PSUs vested — 1,521 512 Diluted weighted average common shares outstanding 371,004 242,596 147,450 Diluted (Loss) Earnings per Common Share $ (0.89) $ 0.64 $ 0.61 |
Stock Based Compensation
Stock Based Compensation | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Stock Based Compensation | Stock Based Compensation In May 2017, the Company’s stockholders approved the 2017 Plan, with such stockholder action resulting in the termination of the Company’s 2010 Stock Incentive Plan (the “2010 Plan”). In June 2019, the Company’s stockholders approved an amendment to the 2017 Plan to increase the shares reserved under the 2017 Plan by 7,600,000 shares of common stock. The terms of the 2017 Plan are substantially the same as the 2010 Plan. At December 31, 2020, there were no common shares of non-vested restricted stock outstanding under the 2010 Plan. Pursuant to the 2017 Plan, eligible employees, officers and directors of the Company are offered the opportunity to acquire the Company’s common stock through the award of restricted stock and other equity awards under the 2017 Plan. The maximum number of shares that may be issued under the 2017 Plan is 13,170,000. Of the common stock authorized at December 31, 2020, 5,540,536 shares remain available for issuance under the 2017 Plan. The Company’s non-employee directors have been issued 507,821 shares under the 2017 Plan as of December 31, 2020. The Company’s employees have been issued 1,881,380 shares of restricted stock under the 2017 Plan as of December 31, 2020. At December 31, 2020, there were 1,603,766 shares of non-vested restricted stock outstanding, 4,798,517 common shares reserved for issuance in connection with PSUs under the 2017 Plan and 441,746 common shares reserved for issuance in connection with RSUs under the 2017 Plan. Of the common stock authorized at December 31, 2019, 9,053,166 shares were reserved for issuance under the 2017 Plan. The Company’s non-employee directors had been issued 228,750 shares under the 2017 Plan as of December 31, 2019. The Company’s employees had been issued 827,126 shares of restricted stock under the 2017 Plan as of December 31, 2019. At December 31, 2019, there were 755,286 shares of non-vested restricted stock outstanding and 3,060,958 common shares reserved for issuance in connection with outstanding PSUs under the 2017 Plan. (a) Restricted Common Stock Awards During the years ended December 31, 2020, 2019 and 2018, the Company recognized non-cash compensation expense on its restricted common stock awards of $3.8 million, $2.2 million and $1.3 million, respectively. Dividends are paid on all restricted stock issued, whether those shares have vested or not. Non-vested restricted stock is forfeited upon the recipient’s termination of employment, subject to certain exceptions. There were no forfeitures of shares for the year ended December 31, 2020. There were forfeitures of 1,575 shares for the year ended December 31, 2019 and forfeitures of 5,120 shares for the year ended December 31, 2018. A summary of the activity of the Company’s non-vested restricted stock collectively under the 2010 Plan and 2017 Plan for the years ended December 31, 2020, 2019 and 2018, respectively, is presented below: 2020 2019 2018 Number of Weighted Average Per Share Grant Date Fair Value (1) Number of Weighted Average Per Share Grant Date Fair Value (1) Number of Weighted Average Per Share Grant Date Fair Value (1) Non-vested shares at January 1 837,123 $ 6.18 507,536 $ 5.91 422,928 $ 6.36 Granted 1,054,254 6.33 536,242 6.30 289,792 5.63 Vested (287,611) 6.22 (205,080) 5.85 (200,064) 6.55 Forfeited — — (1,575) 6.35 (5,120) 6.25 Non-vested shares as of December 31 1,603,766 $ 6.27 837,123 $ 6.18 507,536 $ 5.91 Restricted stock granted during the period 1,054,254 $ 6.33 536,242 $ 6.30 289,792 $ 5.63 (1) The grant date fair value of restricted stock awards is based on the closing market price of the Company’s common stock at the grant date. At December 31, 2020 and 2019, the Company had unrecognized compensation expense of $5.9 million and $3.1 million, respectively, related to the non-vested shares of restricted common stock under the 2017 Plan and 2010 Plan, collectively. The unrecognized compensation expense at December 31, 2020 is expected to be recognized over a weighted average period of 1.8 years. The total fair value of restricted shares vested during the years ended December 31, 2020, 2019 and 2018 was $1.8 million, $1.3 million and $1.1 million, respectively. The requisite service period for restricted stock awards at issuance is three years and the restricted common stock either vests ratably over the requisite service period or at the end of the requisite service period. (b) Performance Share Units During the years ended December 31, 2020, 2019 and 2018, the Company granted PSUs that had been approved by the Compensation Committee and the Board. Each PSU represents an unfunded promise to receive one share of the Company’s common stock once the performance condition has been satisfied. The awards were issued pursuant to and are consistent with the terms and conditions of the 2017 Plan. The PSU awards are subject to performance-based vesting under the 2017 Plan pursuant to the PSU Agreements. Vesting of the PSUs will occur at the end of three years based on the following: • If three th percentile, then 0% of the target PSUs will vest; • If three th percentile, then the Threshold % (as defined in the individual PSU Agreements) of the target PSUs will vest; • If three th percentile, then 100% of the target PSUs will vest; and • If three th percentile, then the Maximum % (as defined in the individual PSU Agreements) of the target PSUs will vest. The percentage of target PSUs that vest for performance between the 30 th , 50 th , and 80 th percentiles will be calculated using linear interpolation. TSR for the Company and each member of the peer group will be determined by dividing (i) the sum of the cumulative amount of such entity’s dividends per share for the performance period and the arithmetic average per share volume weighted average price (the “VWAP”) of such entity’s common stock for the last thirty (30) consecutive trading days of the performance period minus the arithmetic average per share VWAP of such entity’s common stock for the last thirty (30) consecutive trading days immediately prior to the performance period by (ii) the arithmetic average per share VWAP of such entity’s common stock for the last thirty (30) consecutive trading days immediately prior to the performance period. The grant date fair value of the PSUs was determined through a Monte-Carlo simulation of the Company’s common stock total shareholder return and the common stock total shareholder return of its identified performance peer companies to determine the Relative TSR of the Company’s common stock over a future period of three years. For the PSUs granted in 2020, 2019 and 2018, the inputs used by the model to determine the fair value are (i) historical stock price volatilities of the Company and its identified performance peer companies over the most recent three The PSUs granted during the year ended December 31, 2020 include DERs which shall remain outstanding from the grant date until the earlier of the settlement or forfeiture of the PSU to which the DER corresponds. Each vested DER entitles the holder to receive payments in an amount equal to any dividends paid by the Company in respect of the share of the Company’s common stock underlying the PSU to which such DER relates. Upon vesting of the PSUs, the DER will also vest. DERs will be forfeited upon forfeiture of the corresponding PSUs. The DERs may be settled in cash or stock at the discretion of the Compensation Committee. A summary of the activity of the target PSU Awards under the 2017 Plan for the years ended December 31, 2020, 2019 and 2018, respectively, is presented below: 2020 2019 2018 Number of Weighted Average Per Share Grant Date Fair Value (1) Number of Weighted Average Per Share Grant Date Fair Value (1) Number of Weighted Average Per Share Grant Date Fair Value (1) Non-vested target PSUs at January 1 2,018,518 $ 4.09 842,792 $ 4.20 — $ — Granted 883,496 7.03 1,175,726 4.01 842,792 4.20 Vested — — — — — — Non-vested target PSUs as of December 31 2,902,014 $ 4.98 2,018,518 $ 4.09 842,792 $ 4.20 (1) The grant date fair value of the PSUs was determined through a Monte-Carlo simulation of the Company’s common stock total shareholder return and the common stock total shareholder return of its identified performance peer companies to determine the Relative TSR of the Company’s common stock over a future period of three years. As of December 31, 2020, 2019 and 2018, there was $5.7 million, $4.5 million and $2.6 million of unrecognized compensation cost related to the non-vested portion of the PSUs, respectively. The unrecognized compensation cost related to the non-vested portion of the PSUs at December 31, 2020 is expected to be recognized over a weighted average period of 1.7 years. Compensation expense related to the PSUs was $5.0 million, $2.9 million and $0.9 million for the years ended December 31, 2020, 2019 and 2018, respectively. Restricted Stock Units During the year ended December 31, 2020, the Company granted RSUs that had been approved by the Compensation Committee and the Board. Each RSU represents an unfunded promise to receive one share of the Company's common stock upon satisfaction of the vesting provisions. The awards were issued pursuant to and are consistent with the terms and conditions of the 2017 Plan. The requisite service period for RSUs at issuance is three years and the RSUs vest ratably over the requisite service period. The RSUs granted during the year ended December 31, 2020 include DERs which shall remain outstanding from the grant date until the earlier of the settlement or forfeiture of the RSU to which the DER corresponds. Each vested DER entitles the holder to receive payments in an amount equal to any dividends paid by the Company in respect of the share of the Company’s common stock underlying the RSU to which such DER relates. Upon vesting of the RSUs, the DER will also vest. DERs will be forfeited upon forfeiture of the corresponding RSUs. The DERs may be settled in cash or stock at the discretion of the Compensation Committee. A summary of the activity of the RSU awards under the 2017 Plan for the year ended December 31, 2020 is presented below: 2020 Number of Weighted Average Per Share Grant Date Fair Value (1) Non-vested RSUs at January 1 — $ — Granted 441,746 6.23 Vested — — Non-vested RSUs as of December 31 441,746 $ 6.23 (1) The grant date fair value of RSUs is based on the closing market price of the Company’s common stock at the grant date. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes For the years ended December 31, 2020, 2019 and 2018, the Company qualified to be taxed as a REIT under the Internal Revenue Code for U.S. federal income tax purposes. As long as the Company qualifies as a REIT, the Company generally will not be subject to U.S. federal income taxes on its taxable income to the extent it annually distributes at least 100% of its taxable income to stockholders and does not engage in prohibited transactions. Certain activities the Company performs may produce income that will not be qualifying income for REIT purposes. The Company has designated its TRSs to engage in these activities. The tables below reflect the taxes accrued at the TRS level and the tax attributes included in the consolidated financial statements. The income tax provision (benefit) for the years ended December 31, 2020, 2019 and 2018, respectively, is comprised of the following components (dollar amounts in thousands): For the Years Ended December 31, 2020 2019 2018 Current income tax provision (benefit) Federal $ 1,225 $ (65) $ (273) State 151 43 (7) Total current income tax provision (benefit) 1,376 (22) (280) Deferred income tax benefit Federal (244) (245) (480) State (151) (152) (297) Total deferred income tax benefit (395) (397) (777) Total income tax provision (benefit) $ 981 $ (419) $ (1,057) The Company’s estimated taxable income differs from the statutory U.S. federal rate as a result of state and local taxes, non-taxable REIT income, valuation allowance and other differences. A reconciliation of the statutory income tax (benefit) provision to the effective income tax provision (benefit) for the years ended December 31, 2020, 2019 and 2018, respectively, are as follows (dollar amounts in thousands). For the Years Ended December 31, 2020 2019 2018 (Benefit) provision at statutory rate $ (60,381) 21.0 % $ 36,397 21.0 % $ 21,384 21.0 % Non-taxable REIT income 58,783 (20.4) (37,199) (21.5) (23,720) (23.3) State and local tax provision (benefit) 150 (0.1) 43 — (7) — Other (45) — (620) (0.4) (2,601) (2.6) Valuation allowance 2,474 (0.9) 960 0.6 3,887 3.8 Total provision (benefit) $ 981 (0.4) % $ (419) (0.3) % $ (1,057) (1.1) % Deferred Tax Assets and Liabilities The major sources of temporary differences included in the deferred tax assets and their deferred tax effect as of December 31, 2020 and 2019, respectively, are as follows (dollar amounts in thousands): December 31, 2020 December 31, 2019 Deferred tax assets Net operating loss carryforward $ 6,024 $ 3,975 Capital loss carryover 4,442 739 GAAP/Tax basis differences 814 3,699 Total deferred tax assets (1) 11,280 8,413 Deferred tax liabilities Deferred tax liabilities 2 5 Total deferred tax liabilities (2) 2 5 Valuation allowance (1) (9,503) (7,029) Total net deferred tax asset $ 1,775 $ 1,379 (1) Included in other assets in the accompanying consolidated balance sheets. (2) Included in other liabilities in the accompanying consolidated balance sheets. As of December 31, 2020, the Company, through wholly owned TRSs, had incurred net operating losses in the aggregate amount of approximately $16.1 million. The Company’s carryforward net operating losses of approximately $15.2 million can be carried forward indefinitely until they are offset by future taxable income. The remaining $0.9 million of net operating losses will expire between 2036 and 2037 if they are not offset by future taxable income. Additionally, as of December 31, 2020, the Company, through one of its wholly-owned TRSs, had also incurred approximately $13.0 million in capital losses. The Company’s carryforward capital losses will expire between 2023 and 2025 if they are not offset by future capital gains. As of December 31, 2020, the Company has recorded a valuation allowance against certain deferred tax assets as management does not believe that it is more likely than not that these deferred tax assets will be realized. The change in the valuation for the current year is approximately $2.5 million. We will continue to monitor positive and negative evidence related to the utilization of the remaining deferred tax assets for which a valuation allowance continues to be provided. The Company files income tax returns with the U.S. federal government and various state and local jurisdictions. The Company’s federal, state and city income tax returns are subject to examination by the Internal Revenue Service and related tax authorities generally for three years after they were filed. The Company has assessed its tax positions for all open years and concluded that there are no material uncertainties to be recognized. Based on the Company’s evaluation, the Company has concluded that there are no significant uncertain tax positions requiring recognition in the Company’s financial statements. To the extent that the Company incurs interest and accrued penalties in connection with its tax obligations, including expenses related to the Company’s evaluation of unrecognized tax positions, such amounts will be included in income tax expense. On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act was enacted in the U.S. This legislation was intended to support the economy during the COVID-19 pandemic with temporary changes to income and non-income based tax laws. For the year ended December 31, 2020, the changes did not have a material impact to our financial statements. We will continue to monitor as additional guidance is issued by the U.S. Treasury Department, the Internal Revenue Service and others. |
Net Interest Income
Net Interest Income | 12 Months Ended |
Dec. 31, 2020 | |
Banking and Thrift, Interest [Abstract] | |
Net Interest Income | Net Interest Income The following table details the components of the Company's interest income and interest expense for the years ended December 31, 2020, 2019 and 2018, respectively (dollar amounts in thousands): For the Years Ended December 31, 2020 2019 2018 Interest income Residential loans Residential loans $ 69,170 $ 63,031 $ 19,659 Consolidated SLST 45,194 4,764 — Residential loans held in securitization trusts 12,612 3,222 8,910 Total residential loans 126,976 71,017 28,569 Multi-family loans Preferred equity and mezzanine loan investments 20,899 20,899 21,036 Consolidated K-Series 151,841 535,226 358,712 Total multi-family loans 172,740 556,125 379,748 Investment securities available for sale 49,925 65,486 47,147 Other 520 1,986 335 Total interest income 350,161 694,614 455,799 Interest expense Repurchase agreements 37,334 90,110 43,219 Collateralized debt obligations Consolidated SLST 31,663 2,945 — Consolidated K-Series 129,762 457,130 313,102 Residential loan securitizations 6,967 1,682 3,623 Non-Agency RMBS and CMBS re-securitizations 3,290 494 2,910 Total collateralized debt obligations 171,682 462,251 319,635 Convertible debt 10,997 10,813 10,643 Subordinated debentures 2,187 2,865 2,743 Derivatives 868 711 831 Total interest expense 223,068 566,750 377,071 Net interest income $ 127,093 $ 127,864 $ 78,728 |
Quarterly Financial Data (unaud
Quarterly Financial Data (unaudited) | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data (unaudited) | Quarterly Financial Data (unaudited) The following table is a comparative breakdown of our unaudited quarterly results for the immediately preceding eight quarters (amounts in thousands, except per share data): Three Months Ended Mar 31, 2020 Jun 30, 2020 Sep 30, 2020 Dec 31, 2020 Interest income $ 210,613 $ 47,970 $ 45,358 $ 46,220 Interest expense 163,531 19,444 19,829 20,264 Net interest income 47,082 28,526 25,529 25,956 Non-interest (loss) income: Realized (losses) gains, net (147,918) (934) (1,067) 1,861 Realized loss on de-consolidation of Consolidated K-Series (54,118) — — — Unrealized (losses) gains, net (396,780) 102,872 81,198 52,549 Income from equity investments 494 4,112 9,966 12,098 Impairment of goodwill (25,222) — — — Other income (loss) 1,541 (1,638) 431 763 Total non-interest (loss) income (622,003) 104,412 90,528 67,271 General and administrative expenses 10,652 11,761 10,159 9,656 Operating expenses 3,233 2,313 3,265 3,524 Total general, administrative and operating expenses 13,885 14,074 13,424 13,180 (Loss) income from operations before income taxes (588,806) 118,864 102,633 80,047 Income tax (benefit) expense (239) 1,927 (772) 65 Net (loss) income (588,567) 116,937 103,405 79,982 Net loss (income) attributable to non-controlling interest in consolidated variable interest entities 184 876 (1,764) 437 Net (loss) income attributable to Company (588,383) 117,813 101,641 80,419 Preferred stock dividends (10,297) (10,296) (10,297) (10,296) Net (loss) income attributable to Company’s common stockholders $ (598,680) $ 107,517 $ 91,344 $ 70,123 Basic (loss) earnings per common share $ (1.71) $ 0.28 $ 0.24 $ 0.19 Diluted (loss) earnings per common share $ (1.71) $ 0.28 $ 0.23 $ 0.18 Dividends declared per common share $ — $ 0.05 $ 0.075 $ 0.10 Weighted average shares outstanding-basic 350,912 377,465 377,744 377,744 Weighted average shares outstanding-diluted 350,912 399,982 399,709 399,009 Three Months Ended Mar 31, 2019 Jun 30, 2019 Sep 30, 2019 Dec 31, 2019 Interest income $ 147,982 $ 167,258 $ 179,602 $ 199,772 Interest expense 121,779 141,567 147,631 155,773 Net interest income 26,203 25,691 31,971 43,999 Non-interest income: Realized gains, net 22,006 4,448 6,102 86 Unrealized gains, net 2,708 77 11,112 21,940 Income from equity investments 5,325 3,517 3,874 10,910 Loss on extinguishment of collateralized debt obligations (2,857) — — — Recovery of loan losses 1,065 1,296 244 175 Other income (loss) 2,618 (777) 64 515 Total non-interest income 30,865 8,561 21,396 33,626 General and administrative expenses 8,711 9,716 8,238 9,129 Operating expenses 3,933 2,678 4,050 3,380 Total general, administrative and operating expenses 12,644 12,394 12,288 12,509 Income from operations before income taxes 44,424 21,858 41,079 65,116 Income tax expense (benefit) 74 (134) (187) (172) Net income 44,350 21,992 41,266 65,288 Net (income) loss attributable to non-controlling interest in consolidated variable interest entities (211) 743 113 195 Net income attributable to Company 44,139 22,735 41,379 65,483 Preferred stock dividends (5,925) (6,257) (6,544) (10,175) Net income attributable to Company’s common stockholders $ 38,214 $ 16,478 $ 34,835 $ 55,308 Basic earnings per common share $ 0.22 $ 0.08 $ 0.15 $ 0.20 Diluted earnings per common share $ 0.21 $ 0.08 $ 0.15 $ 0.20 Dividends declared per common share $ 0.20 $ 0.20 $ 0.20 $ 0.20 Weighted average shares outstanding-basic 174,421 200,691 234,043 275,121 Weighted average shares outstanding-diluted 194,970 202,398 255,537 296,347 |
Schedule IV - Mortgage Loans on
Schedule IV - Mortgage Loans on Real Estate | 12 Months Ended |
Dec. 31, 2020 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract] | |
Schedule IV - Mortgage Loans on Real Estate | Schedule IV - Mortgage Loans on Real Estate (dollar amounts in thousands) December 31, 2020 Asset Type Number of Loans Interest Rate Maturity Date Carrying Value Principal Amount of Loans Subject to Delinquent Principal or Interest Residential loans First lien loans Original loan amount $0 - $99,999 1,335 1.38% - 14.99% 04/01/2012 - 09/01/2060 $ 66,968 $ 6,285 Original loan amount $100,000 - $199,999 1,323 2.00% - 11.84% 07/01/2018 - 11/01/2060 163,575 13,176 Original loan amount $200,000 - $299,999 616 0.00% - 11.38% 08/01/2022 - 10/01/2060 134,048 12,380 Original loan amount over $299,999 753 1.88% - 9.63% 08/01/2025 - 10/01/2060 326,591 25,432 Second lien loans Original loan amount $0 - $99,999 421 5.75% - 9.00% 12/01/2030 - 05/01/2050 18,222 579 Original loan amount $100,000 - $199,999 50 6.25% - 9.13% 11/01/2032 - 04/01/2050 6,212 — Original loan amount $200,000 - $299,999 18 6.25% - 8.63% 03/01/2046 - 01/01/2050 3,953 — Business purpose loans Original loan amount $0 - $99,999 176 7.75% - 15.00% 01/07/2020 - 10/01/2022 20,610 160 Original loan amount $100,000 - $199,999 290 7.85% - 14.50% 01/09/2020 - 07/01/2023 53,684 1,218 Original loan amount $200,000 - $299,999 175 7.85% - 12.50% 03/01/2020 - 01/01/2023 46,937 2,187 Original loan amount over $299,999 339 7.00% - 12.99% 03/01/2020 - 01/01/2023 250,130 4,615 Residential loans held in securitization trusts First lien loans Original loan amount $0 - $99,999 1,204 1.63% - 13.33% 01/08/2015 - 10/01/2060 64,247 8,744 Original loan amount $100,000 - $199,999 1,591 1.88% - 12.80% 03/01/2021 - 10/01/2060 181,487 21,816 Original loan amount $200,000 - $299,999 782 1.75% - 11.44% 11/01/2023 - 08/01/2060 150,240 20,409 Original loan amount over $299,999 832 1.38% - 9.79% 04/01/2023 - 10/01/2060 295,477 52,553 Consolidated SLST First lien loans 7,645 1.38% - 10.50% 03/01/2021 - 10/01/2059 1,266,785 236,739 $ 3,049,166 $ 406,293 Reconciliation of Balance Sheet Reported Amounts of Mortgage Loans on Real Estate For the year ended December 31, (in thousands) 2020 2019 2018 Beginning balance $ 20,780,548 $ 12,707,625 $ 10,157,126 Cumulative-effect adjustment for implementation of fair value option (1) 5,812 — — Additions during period: Purchases 569,557 8,762,553 2,983,295 Accretion of purchase discount 5,265 11,234 19,940 Consolidation of mezzanine loans due to business combination — — — Change in realized and unrealized gains 101,957 638,557 4,096 Deductions during period: Repayments of principal (674,337) (1,052,812) (182,163) Collection of interest — (11,429) (21,754) Transfer to investment securities available for sale (2) (237,297) — — Transfer to REO (8,509) (6,105) (7,998) Cost of loans sold (2) (17,478,478) (213,871) (109,000) Provision for loan loss — 2,780 (1,235) Change in realized and unrealized losses — — (85,115) Amortization of premium (15,352) (57,984) (49,567) Balance at end of period $ 3,049,166 $ 20,780,548 $ 12,707,625 (1) As of January 1, 2020, the Company has elected to account for all residential loans using the fair value option ( see Note 2 ). (2) During the year ended December 31, 2020, the Company sold first loss PO securities included in the Consolidated K-Series and, as a result, de-consolidated the multi-family loans held in the Consolidated K-Series and transferred its remaining securities owned in the Consolidated K-Series to investment securities available for sale (see Notes 2 and 4 ). |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation – The accompanying consolidated financial statements have been prepared on the accrual basis of accounting in accordance with GAAP. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Management has made significant estimates in several areas, including fair valuation of its residential loans, multi-family loans, certain equity investments and Consolidated SLST CDOs. Although the Company’s estimates contemplate current conditions and how it expects those conditions to change in the future, it is reasonably possible that actual conditions could be different than anticipated in those estimates, which could materially impact the Company’s results of operations and its financial condition. The COVID-19 pandemic and resulting emergency measures have led (and may continue to lead) to significant disruptions in the global supply chain, global capital markets, the economy of the U.S. and the economies of other countries impacted by COVID-19. The rapid development and fluidity of this situation precludes any prediction as to the ultimate adverse impact of COVID-19 on economic and market conditions. The Company believes the estimates and assumptions underlying our consolidated financial statements are reasonable and supportable based on the information available as of December 31, 2020; however, uncertainty over the ultimate impact COVID-19 will have on the global economy generally, and our business in particular, makes any estimates and assumptions as of December 31, 2020 inherently less certain than they would be absent the current and potential impacts of COVID-19. Accordingly, it is reasonably possible that actual conditions could be different than anticipated in those estimates, which could materially impact the Company’s results of operations and its financial condition. |
Reclassifications | Reclassifications – Certain prior period amounts have been reclassified on the accompanying consolidated financial statements to conform to current period presentation. |
Principles of Consolidation and Variable Interest Entities | Principles of Consolidation and Variable Interest Entities – The accompanying consolidated financial statements of the Company include the accounts of all its subsidiaries which are majority-owned, controlled by the Company or a variable interest entity (“VIE”) where the Company is the primary beneficiary. All significant intercompany accounts and transactions have been eliminated in consolidation. A VIE is an entity that lacks one or more of the characteristics of a voting interest entity. A VIE is defined as an entity in which equity investors do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. The Company consolidates a VIE when it is the primary beneficiary of such VIE, herein referred to as a “Consolidated VIE”. As primary beneficiary, the Company has both the power to direct the activities that most significantly impact the economic performance of the VIE and a right to receive benefits or absorb losses of the entity that could be potentially significant to the VIE. The Company is required to reconsider its evaluation of whether to consolidate a VIE each reporting period, based upon changes in the facts and circumstances pertaining to the VIE. |
Goodwill | Goodwill – Goodwill represents the excess of the fair value of consideration transferred in a business combination over the fair values of identifiable assets acquired, liabilities assumed and non-controlling interests, if any, in an acquired entity, net of fair value of any previously held interest in the acquired entity. In May 2016, the Company acquired the outstanding membership interests in RiverBanc LLC (“RiverBanc”), RB Multifamily Investors LLC and RB Development Holding Company, LLC (“RBDHC”) that were not previously owned by the Company. These transactions were accounted for by applying the acquisition method for business acquisitions under ASC 805, Business Combinations ("ASC 805"). Goodwill in the amount of $25.2 million as of December 31, 2019 related to these transactions and the inclusion of these entities in the Company’s multifamily investment reporting unit. |
Residential Loans | Residential Loans – The Company’s acquired residential loans, including performing, re-performing and non-performing first-lien residential loans, second mortgages and business purpose loans are presented at fair value as of December 31, 2020 on the accompanying consolidated balance sheets. Changes in fair value are recorded in current period earnings in unrealized gains (losses), net on the accompanying consolidated statements of operations. The Company has elected the fair value option for residential loans either at the time of acquisition pursuant to ASC 825, Financial Instruments (“ASC 825”) or following the adoption of Accounting Standards Update ("ASU") 2019-05, Financial Instruments—Credit Losses (Topic 326): Targeted Transition Relief (“ASU 2019-05”), effective January 1, 2020. As of December 31, 2020, residential loans on the accompanying consolidated balance sheets includes those residential loans previously accounted for under ASC 310-30, Loans and Debt Securities Acquired with Deteriorated Credit Quality ("ASC 310-30"), and the Company's residential loans held in securitization trusts, both previously carried at amortized cost, net. As of December 31, 2020 and 2019, residential loans included seasoned re-performing and non-performing residential loans held in a Freddie Mac-sponsored residential loan securitization, of which we own or have owned the first loss subordinated securities and certain IOs and senior securities issued by this securitization, and that we consolidate in our financial statements in accordance with GAAP (“Consolidated SLST”). Based on a number of factors, management determined that the Company was the primary beneficiary of Consolidated SLST and met the criteria for consolidation and, accordingly, has consolidated the securitization, including its assets, liabilities, income and expenses in our financial statements. The Company has elected the fair value option on each of the assets and liabilities held within Consolidated SLST, which requires that changes in valuations be reflected on the accompanying consolidated statements of operations. In accordance with ASC 810, the Company measures both the financial assets and financial liabilities of a qualifying consolidated collateralized financing entity (“CFE”) using the fair value of either the CFE’s financial assets or financial liabilities, whichever is more observable. As the related securitization trust is considered a qualifying CFE, the Company determines the fair value of the residential loans held in Consolidated SLST based on the fair value of its residential collateralized debt obligations and the Company's investment in the securitization (eliminated in consolidation in accordance with GAAP), as the fair value of these instruments is more observable. Interest income is accrued and recognized as revenue when earned according to the terms of the residential loans and when, in the opinion of management, it is collectible. Residential loans are considered past due when they are 30 days past their contractual due date, and are placed on nonaccrual status when delinquent for more than 90 days or when, in management's opinion, the interest is not collectible in the normal course of business. Interest accrued but not yet collected at the time loans are placed on nonaccrual status is reversed and subsequently recognized only to the extent it is received in cash or until it qualifies for return to accrual status. Loans are restored to accrual status only when contractually current or the collection of future payments is reasonably assured. Premiums and discounts associated with the purchase of residential loans are amortized or accreted into interest income over the life of the related loan using the effective interest method. Any premium amortization or discount accretion is reflected as a component of interest income on the accompanying consolidated statements of operations. Prior to January 1, 2020, certain of the residential loans acquired by the Company at a discount, with evidence of credit deterioration since their origination and where it was probable that the Company would not collect all contractually required principal payments, were accounted for under ASC 310-30. Management evaluated whether there was evidence of credit quality deterioration as of the acquisition date using indicators such as past due or modified status, risk ratings, recent borrower credit scores and recent loan-to-value percentages. Loans considered credit impaired were recorded at fair value at the date of acquisition, with no allowance for loan losses. Subsequent to acquisition, the recorded amount for these loans reflected the original investment, plus accretion income, less principal and interest cash flows received. As of December 31, 2019, these residential loans are presented on the accompanying consolidated balance sheets at carrying value, which reflects the recorded amount reduced by any allowance for loan losses established subsequent to acquisition. Under ASC 310-30, the acquired credit impaired loans may be accounted for individually or aggregated and accounted for as a pool of loans if the loans being aggregated have common risk characteristics. A pool is accounted for as a single asset with a single composite interest rate and an expectation of aggregate cash flows. Once a pool is assembled, it is treated as if it was one loan for purposes of applying the accounting guidance. For each pool established, or on an individual loan basis for loans not aggregated into pools, the Company estimates at the time of acquisition and periodically, the principal and interest expected to be collected. The difference between the cash flows expected to be collected and the carrying amount of the loans is referred to as the “accretable yield.” This amount is accreted as interest income over the life of the loans using a level yield methodology. Interest income recorded each period relates to the accretable yield recognized at the pool level or on an individual loan basis, and not to contractual interest payments received at the loan level. The difference between contractually required principal and interest payments and the cash flows expected to be collected, referred to as the “nonaccretable difference,” includes estimates of both the impact of prepayments and expected credit losses over the life of the individual loan, or the pool (for loans grouped into a pool). Under ASC 310-30, management monitors actual cash collections against its expectations, and revised cash flow expectations are prepared as necessary. A decrease in expected cash flows in subsequent periods may indicate that the loan pool or individual loan, as applicable, is impaired, thus requiring the establishment of an allowance for loan losses by a charge to the provision for loan losses. An increase in expected cash flows in subsequent periods initially reduces any previously established allowance for loan losses by the increase in the present value of cash flows expected to be collected, and results in a recalculation of the amount of accretable yield for the loan pool. The adjustment of accretable yield due to an increase in expected cash flows is accounted for prospectively as a change in estimate. The additional cash flows expected to be collected are reclassified from the nonaccretable difference to the accretable yield, and the amount of periodic accretion is adjusted accordingly over the remaining life of the loans in the pool or individual loan, as applicable. The impacts of (i) prepayments, (ii) changes in variable interest rates, and (iii) any other changes in the timing of expected cash flows are recognized prospectively as adjustments to interest income. Disposal of a residential loan accounted for under ASC 310-30, which may include a loan sale, receipt of payment in full from the borrower or foreclosure, results in removal of the loan from the loan pool at its allocated carrying amount. In the event of a sale of the loan and receipt of payment (in full or partial) from the borrower, a gain or loss on sale is recognized and reported based on the difference between the sales proceeds or payment from the borrower and the allocated carrying amount of the acquired residential loan. In the case of a foreclosure, an individual loan is removed from the pool and a loss on sale is recognized if the carrying value exceeds the fair value of the collateral less costs to sell. A gain is not recognized if the fair value of collateral less costs to sell exceeds the carrying value. The Company uses the specific allocation method for the removal of loans as the estimated cash flows and related carrying amount for each individual loan are known. In these cases, the remaining accretable yield is unaffected and any material change in remaining effective yield caused by the removal of the loan from the pool is addressed by the re-assessment of the estimate of cash flows for the pool prospectively. Residential loans accounted for under ASC 310-30 subject to modification are not removed from the pool even if those loans would otherwise be considered troubled debt restructurings because the pool, and not the individual loan, represents the unit of account. For individual loans not accounted for in pools that are sold or satisfied by payment in full, a gain or loss on sale is recognized and reported based on the difference between the sales proceeds and the carrying amount of the acquired residential loan. In the case of a foreclosure, a loss is recognized if the carrying value exceeds the fair value of the underlying collateral less costs to sell. A gain is not recognized if the fair value of underlying collateral less costs to sell exceeds the carrying value. Prior to January 1, 2020, the Company also accounted for certain residential loans held in securitization trusts at amortized cost, net. These loans are comprised of certain ARMs transferred to Consolidated VIEs that have been securitized into sequentially rated classes of beneficial interests and are included in residential loans on the accompanying consolidated balance sheets. The Company accounted for these securitization trusts as financings which are consolidated into the Company’s financial statements. As of December 31, 2019, these loans were carried at their unpaid principal balances, net of unamortized premium or discount, unamortized loan origination costs and allowance for loan losses. |
Multi-Family Loans | Multi-Family Loans – As of December 31, 2020 and 2019, multi-family loans included preferred equity investments in, and mezzanine loans to, entities that have multi-family real estate assets. As of December 31, 2019, multi-family loans also included those multi-family loans held in the Consolidated K-Series, of which we, or one of our SPEs, owned the first loss POs and certain IOs and certain senior or mezzanine securities issued by those securitizations, and that we consolidated in our financial statements in accordance with GAAP. A preferred equity investment is an equity investment in the entity that owns the underlying property. Preferred equity is not secured by the underlying property, but holders have priority relative to common equity holders on cash flow distributions and proceeds from capital events. In addition, preferred equity holders may be able to enhance their position and protect their equity position with covenants that limit the entity’s activities and grant the holder the exclusive right to control the property after an event of default. Mezzanine loans are secured by a pledge of the borrower’s equity ownership in the property. Unlike a mortgage, this loan does not represent a lien on the property. Therefore, it is always junior and subordinate to any first lien as well as second liens, if applicable, on the property. These loans are senior to any preferred equity or common equity interests in the entity that owns the property. The Company has evaluated its preferred equity and mezzanine loan investments for accounting treatment as loans versus equity investments utilizing the guidance provided by the Acquisition, Development and Construction Arrangements Subsection of ASC 310, Receivables . Effective January 1, 2020, preferred equity and mezzanine loan investments, for which the characteristics, facts and circumstances indicate that loan accounting treatment is appropriate, are stated at fair value. The Company elected the fair value option for its preferred equity investments in and mezzanine loan investments because the Company determined that such presentation represents the underlying economics of the respective investment. Changes in fair value are recorded in current period earnings in unrealized gains (losses), net on the accompanying consolidated statements of operations. Interest income is accrued and recognized as revenue when earned according to the terms of the loans and when, in the opinion of management, it is collectible. The accrual of interest on loans is discontinued when, in management’s opinion, the interest is not collectible in the normal course of business, but in all cases when payment becomes greater than 90 days delinquent. Loans return to accrual status when principal and interest become current and are anticipated to be fully collectible. The Company accretes or amortizes any discounts or premiums and deferred fees and expenses over the life of the related asset utilizing the effective interest method or straight line-method, if the result is not materially different. As of December 31, 2019, preferred equity and mezzanine loan investments, for which the characteristics, facts and circumstances indicate that loan accounting treatment is appropriate, were stated at unpaid principal balance, adjusted for any unamortized premium or discount and deferred fees or expenses, net of valuation allowances. Management evaluated the collectability of both interest and principal of each of these loans, if circumstances warranted, to determine whether they were impaired. A loan is impaired when, based on current information and events, it is probable that we will be unable to collect all amounts due according to the existing contractual terms. When a loan is impaired, the amount of the loss accrual is calculated by comparing the carrying amount of the investment to the estimated fair value of the loan or, as a practical expedient, to the value of the collateral if the loan is collateral dependent. Preferred equity and mezzanine loan investments where the risks and payment characteristics are equivalent to an equity investment are accounted for using the equity method of accounting. See “ Equity Investments. ” As of December 31, 2019, multi-family loans included those loans held in the Consolidated K-Series. The Company has elected the fair value option on each of the assets and liabilities held within the Consolidated K-Series, which requires that changes in valuations be reflected on the accompanying consolidated statements of operations. In accordance with ASC 810, the Company measures both the financial assets and financial liabilities of a qualifying consolidated CFE using the fair value of either the CFE’s financial assets or financial liabilities, whichever is more observable. As the Consolidated K-Series are considered qualifying CFEs, the Company determines the fair value of multi-family loans held in the Consolidated K-Series based on the fair value of the multi-family collateralized debt obligations issued by the Consolidated K-Series and the Company's investments in these securitizations (eliminated in consolidation in accordance with GAAP), as the fair value of these instruments is more observable. Interest income is accrued and recognized as revenue when earned according to the terms of the multi-family loans held in the Consolidated K-Series and when, in the opinion of management, it is collectible. The accrual of interest on these loans is discontinued when, in management’s opinion, the interest is not collectible in the normal course of business. |
Investment Securities Available for Sale | Investment Securities Available for Sale – The Company’s investment securities, where the fair value option has not been elected and which are reported at fair value with unrealized gains and losses reported in Other Comprehensive Income (“OCI”), include non-Agency RMBS and CMBS (collectively, "CECL Securities"). Beginning in the fourth quarter of 2019, the Company made a fair value election at the time of acquisition of newly purchased investment securities pursuant to ASC 825. The fair value option was elected for these investment securities to provide stockholders and others who rely on our financial statements with a more complete and accurate understanding of our economic performance. Changes in fair value of investment securities subject to the fair value election are recorded in current period earnings in unrealized gains (losses), net on the accompanying consolidated statements of operations. The Company generally intends to hold its investment securities until maturity; however, from time to time, it may sell any of its securities as part of the overall management of its business. As a result, our investment securities are classified as available for sale securities. Realized gains and losses recorded on the sale of investment securities available for sale are based on the specific identification method and included in realized gains (losses), net on the accompanying consolidated statements of operations. Interest income on our investment securities available for sale is accrued based on the outstanding principal balance and their contractual terms. Purchase premiums or discounts associated with Agency RMBS and Agency CMBS assessed as high credit quality at the time of purchase are amortized or accreted to interest income over the estimated life of these investment securities using the effective yield method. Adjustments to amortization are made for actual prepayment activity on our Agency RMBS. Interest income on certain of our credit sensitive securities that were purchased at a premium or discount to par value, such as certain of our non-Agency RMBS, CMBS and ABS that are of less than high credit quality, is recognized based on the security’s effective yield. The effective yield on these securities is based on management’s estimate of the projected cash flows from each security, which incorporates assumptions related to fluctuations in interest rates, prepayment speeds and the timing and amount of credit losses. On at least a quarterly basis, management reviews and, if appropriate, adjusts its cash flow projections based on input and analysis received from external sources, internal models, and its judgment about interest rates, prepayment rates, the timing and amount of credit losses, and other factors. Changes in cash flows from those originally projected, or from those estimated at the last evaluation, may result in a prospective change in the yield (or interest income) recognized on these securities. The Company accounts for investment securities that are of high credit quality (generally those rated AA or better by a Nationally Recognized Statistical Rating Organization, or NRSRO) at the date of acquisition in accordance with ASC 320-10, Investments - Debt and Equity Securities (“ASC 320-10”). The Company accounts for investment securities that are not of high credit quality (i.e., those whose risk of loss is more than remote) or securities that can be contractually prepaid such that we would not recover our initial investment at the date of acquisition in accordance with ASC 325-40, Investments - Beneficial Interests in Securitized Financial Assets (“ASC 325-40”). The Company considers credit ratings, the underlying credit risk and other market factors in determining whether the investment securities are of high credit quality; however, securities rated lower than AA or an equivalent rating are not considered of high credit quality and are accounted for in accordance with ASC 325-40. If ratings are inconsistent among NRSROs, the Company uses the lower rating in determining whether the securities are of high credit quality. When the fair value of a CECL security is less than its amortized cost as of the reporting balance sheet date, the security is considered impaired. If the Company intends to sell an impaired security, or it is more likely than not that it will be required to sell the impaired security before its anticipated recovery, the Company recognizes a loss through earnings equal to the difference between the investment’s amortized cost and its fair value and reduces the amortized cost basis to the fair value as of the balance sheet date. If the Company does not expect to sell an impaired security, it performs an analysis to determine if a portion of the impairment is a result of credit losses. The portion of the impairment related to credit losses (limited by the difference between the fair value and amortized cost basis) is recognized through earnings and a corresponding allowance for credit losses is established against the amortized cost basis. The remainder of the impairment is recognized as a component of other comprehensive income (loss) on the accompanying consolidated balance sheets and does not impact earnings. Subsequent changes in the allowance for credit losses are recorded through earnings with reversals limited to the previously recorded allowance for credit losses. The determination of whether a credit loss exists, and if so, the amount considered to be a credit loss is subjective, as such determinations are based on both observable and subjective information available at the time of assessment as well as the Company's estimates of the future performance and cash flow projections. As a result, the timing and amount of credit losses constitute material estimates that are susceptible to significant change. In determining if a credit loss evaluation is required for securities that are impaired, the Company compares the present value of the remaining cash flows expected to be collected at the prior reporting date or purchase date, whichever is most recent, against the present value of the cash flows expected to be collected at the current financial reporting date. The Company considers information available about the past and expected future performance of underlying collateral, including timing of expected future cash flows, prepayment rates, default rates, loss severities and delinquency rates. |
Equity Investments | Equity Investments – Non-controlling, unconsolidated ownership interests in an entity may be accounted for using the equity method or the cost method. In circumstances where the Company has a non-controlling interest but either owns a significant interest or is able to exert influence over the affairs of the enterprise, the Company utilizes the equity method of accounting. Under the equity method of accounting, the initial investment is increased each period for additional capital contributions and a proportionate share of the entity’s earnings or preferred return and decreased for cash distributions and a proportionate share of the entity’s losses. Effective January 1, 2020, the Company has elected the fair value option for all equity investments. The Company elected the fair value option for its equity investments in entities that own interests (directly or indirectly) in commercial or residential real estate assets or loans because the Company determined that such presentation represents the underlying economics of the respective investment. The Company records the change in fair value of its investment in income from equity investments on the accompanying consolidated statements of operations (see Note 6 ). Prior to January 1, 2020, management periodically reviewed its investments for impairment based on projected cash flows from the entity over the holding period. When any impairment was identified, the investments were written down to recoverable amounts. |
Operating Real Estate Held in Consolidated Variable Interest Entity, Net | Operating Real Estate Held in Consolidated Variable Interest Entity, Net – The Company records its initial investments in income-producing real estate at fair value at the acquisition date in accordance with ASC 805. The purchase price of acquired properties is apportioned to the tangible and identified intangible assets and liabilities acquired at their respective estimated fair values. In making estimates of fair values for purposes of allocating purchase price, the Company utilizes a number of sources, including independent appraisals that may be obtained in connection with the acquisition or financing of the respective real estate, its own analysis of recently-acquired and existing comparable properties, property financial results, and other market data. The Company also considers information obtained about the real estate as a result of its due diligence, including marketing and leasing activities, in estimating the fair value of the tangible and intangible assets acquired. The Company considers the value of acquired in-place leases and utilizes an amortization period that is the average remaining term of the acquired leases. Real Estate - Depreciation – The Company depreciates on a straight-line basis the building component of its real estate over a 30-year estimated useful life, building and improvements over a 10-year to 30-year estimated useful life, and furniture, fixtures and equipment over a 5-year estimated useful life, all of which are judgmental determinations. Betterments and certain costs directly related to the improvement of real estate are capitalized. Expenditures for ordinary maintenance and repairs are expensed to operations as incurred. Real Estate Sales – The Company accounts for its real estate sales in accordance with ASC 360-20, Property, Plant and Equipment - Real Estate Sales |
Real Estate Under Development | Real Estate Under Development – The Company’s expenditures which directly relate to the acquisition, development, construction and improvement of properties are capitalized at cost. During the development period, which culminates once a property is substantially complete and ready for intended use, operating and carrying costs such as interest expense, real estate taxes, insurance and other direct costs are capitalized. Advertising and general administrative costs that do not relate to the development of a property are expensed as incurred. Real estate under development owned by Kiawah River View Investors ("KRVI"), a Consolidated VIE ( see Note 7 ), as of December 31, 2019 of $14.5 million is included in other assets on the accompanying consolidated balance sheets. KRVI had no real estate under development as of December 31, 2020. Real Estate - Impairment – The Company periodically evaluates its real estate assets for indicators of impairment. The judgments regarding the existence of impairment indicators are based on factors such as operational performance, market conditions and legal and environmental concerns, as well as the Company’s ability and intent to hold each asset. Future events could occur which would cause the Company to conclude that impairment indicators exist and an impairment is warranted. If impairment indicators exist for long-lived assets to be held and used, and the expected future undiscounted cash flows are less than the carrying amount of the asset, then the Company will record an impairment loss for the difference between the fair value of the asset and its carrying amount. If the asset is to be disposed of, then an impairment loss is recognized for the difference between the estimated fair value of the asset, net of selling costs, and its carrying amount. The Company evaluated the home pricing and lot values of the real estate under development that was owned by KRVI, on a quarterly basis. Based on evaluations during the year ended December 31, 2020, the Company determined that the real estate under development in KRVI was not fully recoverable and recognized a $1.8 million impairment loss which is included in other income on the accompanying consolidated statements of operations. For the year ended December 31, 2020, $0.9 million of this impairment loss is included in net income attributable to non-controlling interest in consolidated variable interest entities on the accompanying consolidated statements of operations, resulting in a net loss to the Company of $0.9 million. For the year ended December 31, 2019, the Company recognized a $1.9 million impairment loss which is included in other income on the accompanying consolidated statements of operations. For the year ended December 31, 2019, $1.0 million of this impairment loss is included in net loss attributable to non-controlling interest in consolidated variable interest entities on the accompanying consolidated statements of operations, resulting in a net loss to the Company of $0.9 million. For the year ended December 31, 2018, the Company recognized a $2.8 million impairment loss which is included in other income on the accompanying consolidated statements of operations. For the year ended December 31, 2018, $1.4 million of this impairment loss is included in net income attributable to non-controlling interest in consolidated variable interest entities on the accompanying consolidated statements of operations, resulting in a net loss to the Company of $1.4 million. Fair value was determined based on the sales comparison approach which derives a value indication by comparing the subject property to similar properties that have been recently sold and assumes a purchaser will not pay more for a particular property than a similar substitute property. KRVI sold its remaining real estate under development in the year ended December 31, 2020. |
Cash and Cash Equivalents | Cash and Cash Equivalents – Cash and cash equivalents include cash on hand, amounts due from banks and overnight deposits. The Company maintains its cash and cash equivalents in highly rated financial institutions, and at times these balances exceed insurable amounts. |
Intangible Assets | Intangible Assets – Intangible assets consisting of acquired trade name, acquired technology, employment/non-compete agreements, and acquired in-place leases with useful lives ranging from 6 months to 10 years are included in other assets on the accompanying consolidated balance sheets. Intangible assets with estimable useful lives are amortized on a straight-line basis over their respective estimated useful lives and reviewed for impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable. The useful lives of intangible assets are evaluated on an annual basis to determine whether events and circumstances warrant a revision to the remaining useful life. See " Operating Real Estate Held in Consolidated Variable Interest Entity, Net " for further discussion of acquired in-place lease intangible assets. |
Other Assets | Other Assets – Other assets as of December 31, 2020 and 2019 include restricted cash held by third parties, including cash held by the Company's securitization trusts, of $11.3 million and $2.8 million, respectively. Other assets also include collections receivable from loan servicers, recoverable advances and interest receivable on residential loans totaling $63.6 million and $56.3 million as of December 31, 2020 and 2019, respectively. Also included in other assets are operating lease right of use assets of $10.1 million and $9.3 million as of December 31, 2020 and 2019, respectively (with corresponding operating lease liabilities of $10.6 million and $9.8 million as of December 31, 2020 and 2019, respectively, included in other liabilities in the accompanying consolidated balance sheets). |
Repurchase Agreements | Repurchase Agreements – As of December 31, 2020 and 2019, the Company financed a portion of its residential loans through repurchase agreements that expire within 8 to 23 months ( see Note 10 ). Amounts outstanding under the repurchase agreements generally bear interest rates of a specified margin over one-month LIBOR or an interest rate floor, as applicable per the terms of the agreements. The repurchase agreements are treated as collateralized financing transactions and are carried at their contractual amounts, as specified in the respective agreements. Costs related to the establishment of the repurchase agreements which include underwriting, legal, accounting and other fees are reflected as deferred charges. Such costs are presented as a deduction from the corresponding debt liability on the accompanying consolidated balance sheets and the deferred charges are amortized as an adjustment to interest expense using the effective interest method, or straight line-method, if the result is not materially different. As of December 31, 2019, the Company financed the majority of its investment securities available for sale using repurchase agreements. Under a repurchase agreement, an asset is sold to a counterparty to be repurchased at a future date at a predetermined price, which represents the original sales price plus interest. The repurchase agreements are treated as collateralized financing transactions and are carried at their contractual amounts, as specified in the respective agreements. Amounts outstanding under repurchase agreements generally bear interest rates of a specified margin over LIBOR. |
Collateralized Debt Obligations | Collateralized Debt Obligations – The Company records collateralized debt obligations used to permanently finance the residential loans held in Consolidated SLST, multi-family loans held in the Consolidated K-Series and the Company's residential loans held in securitization trusts and non-Agency RMBS re-securitization as debt on the accompanying consolidated balance sheets. For financial reporting purposes, the loans and investment securities held as collateral for these obligations are recorded as assets of the Company. Convertible Notes – On January 23, 2017, the Company issued its 6.25% Senior Convertible Notes due 2022 (the “Convertible Notes”) to finance the acquisition of targeted assets and for general working capital purposes. The Company evaluated the conversion features of the Convertible Notes for embedded derivatives in accordance with ASC 815, Derivatives and Hedging (“ASC 815”) and determined that the conversion features should not be bifurcated from the notes. |
Derivative Financial Instruments | Derivative Financial Instruments – In accordance with ASC 815, the Company records derivative financial instruments on the accompanying consolidated balance sheets as assets or liabilities at fair value. Changes in fair value are accounted for depending on the use of the derivative instruments and whether they qualify for hedge accounting treatment. The Company has used interest rate swaps to hedge the variable cash flows associated with our variable rate borrowings. At the inception of an interest rate swap agreement, the Company determines whether the instrument will be part of a qualifying hedge accounting relationship or whether the Company will account for the contract as a trading instrument. The Company has elected to treat all interest rate swaps held at December 31, 2019 as trading instruments due to volatility and difficulty in effectively matching cash flows. We typically pay a fixed rate and receive a floating rate, based on one or three month LIBOR, on the notional amount of the interest rate swaps. The floating rate we receive under our swap agreements has the effect of offsetting the repricing characteristics and cash flows of our financing arrangements. Changes in fair value for interest rate swaps designated as trading instruments are reported on the accompanying consolidated statements of operations as unrealized gains (losses), net. All of the Company’s interest rate swaps outstanding as of December 31, 2019 were cleared through a central clearing house. The Company exchanges variation margin for swaps based upon daily changes in fair value. As a result of amendments to rules governing certain central clearing activities, the exchange of variation margin is treated as a legal settlement of the exposure under the swap contract. Previously such payments were treated as cash collateral pledged against the exposure under the swap contract. Accordingly, the Company accounted for the receipt or payment of variation margin as a direct reduction to or increase in the carrying value of the interest rate swap asset or liability on the accompanying consolidated balance sheets. |
Manager Compensation | Manager Compensation – From 2012 to May 2019, we were a party to an investment management agreement with Headlands Asset Management LLC (“Headlands”) pursuant to which Headlands provided investment management services with respect to our investments in certain residential loans. The investment management agreement provided for the payment to our investment manager of a management fee, incentive fee and reimbursement of certain operating expenses, which were accrued and expensed during the period for which they are earned or incurred. The Headlands agreement was terminated effective May 3, 2019. |
Other Comprehensive Income (Loss) | Other Comprehensive Income (Loss) – The Company’s comprehensive income/(loss) attributable to the Company’s common stockholders includes net income, the change in fair value of its available for sale securities purchased prior to October 2019, adjusted by realized net gains/(losses) reclassified out of accumulated other comprehensive income/(loss) for available for sale securities, reduced by dividends declared on the Company’s preferred stock and increased/decreased for net loss/(income) attributable to non-controlling interest in consolidated variable interest entities. See “ Investment Securities Available for Sale ” for discussion of the reporting of the change in fair value of available for sale securities purchased after September 2019. |
Employee Benefits Plans | Employee Benefits Plans – The Company sponsors a defined contribution plan (the “Plan”) for all eligible domestic employees. The Plan qualifies as a deferred salary arrangement under Section 401(k) of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”). |
Stock Based Compensation | Stock Based Compensation – The Company has awarded restricted stock and other equity-based awards to eligible employees and officers as part of their compensation. Compensation expense for equity-based awards and stock issued for services are recognized over the vesting period of such awards and services based upon the fair value of the award at the grant date. During the years ended December 31, 2020, 2019 and 2018, the Company granted Performance Share Units (“PSUs”) to the Company's executive officers and certain other employees. The awards were issued pursuant to and are consistent with the terms and conditions of the Company’s 2017 Equity Incentive Plan (as amended, the “2017 Plan”). The PSUs are subject to performance-based vesting under the 2017 Plan pursuant to a form of PSU award agreement (the “PSU Agreement”). Vesting of the PSUs will occur after a three-year period based on the Company’s relative total stockholders' return (“TSR”) percentile ranking as compared to an identified performance peer group. The feature in this award constitutes a “market condition” which impacts the amount of compensation expense recognized for these awards. The grant date fair values of PSUs were determined through Monte-Carlo simulation analysis. The PSUs awarded during the year ended December 31, 2020 also include dividend equivalent rights (“DERs”) which entitle the holders of vested PSUs to receive payments in an amount equal to any dividends paid by the Company in respect of the share of the Company's common stock underlying the vested PSU to which such DER relates. three |
Income Taxes | Income Taxes – The Company operates in such a manner so as to qualify as a REIT under the requirements of the Internal Revenue Code. Requirements for qualification as a REIT include various restrictions on ownership of the Company’s stock, requirements concerning distribution of taxable income and certain restrictions on the nature of assets and sources of income. A REIT must distribute at least 90% of its taxable income to its stockholders, of which 85% plus any undistributed amounts from the prior year must be distributed within the taxable year in order to avoid the imposition of an excise tax. Distribution of the remaining balance may extend until timely filing of the Company’s tax return in the subsequent taxable year. Qualifying distributions of taxable income are deductible by a REIT in computing taxable income. Certain activities of the Company are conducted through TRSs and therefore are subject to federal and various state and local income taxes. Accordingly, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. ASC 740, Income Taxes (“ASC 740”), provides guidance for how uncertain tax positions should be recognized, measured, presented, and disclosed in the financial statements. ASC 740 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Company’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. In situations involving uncertain tax positions related to income tax matters, we do not recognize benefits unless it is more likely than not that they will be sustained. ASC 740 was applied to all open taxable years as of the effective date. Management’s determinations regarding ASC 740 may be subject to review and adjustment at a later date based on factors including, but not limited to, an ongoing analysis of tax laws, regulations and interpretations thereof. The Company will recognize interest and penalties, if any, related to uncertain tax positions as income tax expense in our consolidated statements of operations. |
Earnings Per Share | Earnings Per Share – Basic earnings per share excludes dilution and is computed by dividing net income attributable to the Company’s common stockholders by the weighted-average number of shares of common stock outstanding for the period. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the Company. |
Segment Reporting | Segment Reporting – ASC 280, Segment Reporting , is the authoritative guidance for the way public entities report information about operating segments in their annual financial statements. We are a REIT focused on the business of acquiring, investing in, financing and managing primarily mortgage-related single-family and multi-family residential assets and currently operate in only one reportable segment. |
Adoption of Accounting Standards Codification and Summary of Recent Accounting Pronouncements | Adoption of Financial Instruments — Credit Losses (Topic 326) On January 1, 2020, the Company adopted ASU 2016-13, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”) which requires the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts (“CECL”). In adopting ASU 2016-13, the Company elected to apply the fair value option in accordance with ASU 2019-05 to the Company’s residential loans, net and preferred equity and mezzanine loan investments that are accounted for as loans and preferred equity investments that are accounted for under the equity method. In adopting ASU 2016-13 and ASU 2019-05, the Company applied a modified retrospective basis by means of a cumulative-effect adjustment to the opening balance of accumulated deficit. Adjustments resulting from this one-time election to record the difference between the carrying value and the fair value of these assets have been reflected in our consolidated balance sheets as of January 1, 2020. Subsequent changes in fair value for these assets are recorded in unrealized gains (losses), net or income from equity investments on our consolidated statements of operations, while prior period amounts are not adjusted and continue to be reported under the accounting standards in effect for the prior period. As a result of the implementation of ASU 2019-05, we recorded a cumulative-effect adjustment of $12.3 million as an increase to stockholders’ equity as of January 1, 2020. The following table presents the classification and balances at December 31, 2019, the transition adjustments, and the balances at January 1, 2020 for those balance sheet line items impacted by the implementation of ASU 2019-05 (dollar amounts in thousands): December 31, 2019 Transition Adjustment January 1, 2020 Assets Residential loans, net $ 202,756 $ 5,715 $ 208,471 Multi-family loans 180,045 2,420 182,465 Equity investments 106,083 1,394 107,477 Other assets 865 2,755 3,620 Total Assets $ 489,749 $ 12,284 $ 502,033 Stockholders' Equity Accumulated deficit $ (148,863) $ 12,284 $ (136,579) Total Stockholders' Equity $ (148,863) $ 12,284 $ (136,579) The Company also assessed the impact of ASU 2016-13 on the Company’s investment securities available for sale where the fair value option has not been elected and determined that the adoption of the standard did not have a material effect on our financial statements as of January 1, 2020. Adoption of Fair Value Measurement (Topic 820) On January 1, 2020, the Company adopted ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to Disclosure Requirements for Fair Value Measurement. These amendments added, modified, or removed disclosure requirements regarding the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, narrative descriptions of measurement uncertainty, and the valuation processes for Level 3 fair value measurements. Summary of Recent Accounting Pronouncements In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting ("ASU 2020-04"). ASU 2020-04 provides optional expedients and exceptions to GAAP requirements for modifications to debt agreements, leases, derivatives and other contracts, related to the expected market transition from LIBOR, and certain other floating rate benchmark indices, or collectively, IBORs, to alternative reference rates. ASU 2020-04 generally considers contract modifications related to reference rate reform to be an event that does not require contract remeasurement at the modification date nor a reassessment of a previous accounting determination. In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848): Scope ("ASU 2021-01"). ASU 2021-01 clarifies that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the "discounting transition" (i.e., changes in the interest rates used for margining, discounting, or contract price alignment for derivative instruments that are being implemented as part of the market-wide transition to new reference rates). The guidance in ASU 2020-04 is optional and may be elected over time, through December 31, 2022, as reference rate reform activities occur. Once ASU 2020-04 is elected, the guidance must be applied prospectively for all eligible contract modifications. The amendments in ASU 2021-01 are effective immediately and may be applied on a full retrospective basis as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020 or on a prospective basis for eligible contract modifications through December 31, 2022. The Company continues to evaluate the impact of ASU 2020-04 and ASU 2021-01 and may apply elections, as applicable, as the expected market transition from IBORs to alternative reference rates continues to develop. In August 2020, the FASB issued ASU 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity's Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity's Own Equity ("ASU 2020-06"). ASU 2020-06 simplifies an issuer's accounting for convertible instruments, enhances disclosure requirements for convertible instruments and modifies how particular convertible instruments and certain instruments that may be settled in cash or shares impact the diluted earnings per share computation. Entities may adopt the guidance through either a modified retrospective method of transition or a fully retrospective method of transition. The amendments are effective for public entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2021. Early adoption is permitted, but no earlier than fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. The Company does not anticipate that the implementation of ASU 2020-06 will have a material impact on its consolidated financial statements or notes thereto. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Schedule of Adjustments for Adoption of ASU 2016-13 Applying the Fair Value Option Under ASU 2019-05 | The following table presents the classification and balances at December 31, 2019, the transition adjustments, and the balances at January 1, 2020 for those balance sheet line items impacted by the implementation of ASU 2019-05 (dollar amounts in thousands): December 31, 2019 Transition Adjustment January 1, 2020 Assets Residential loans, net $ 202,756 $ 5,715 $ 208,471 Multi-family loans 180,045 2,420 182,465 Equity investments 106,083 1,394 107,477 Other assets 865 2,755 3,620 Total Assets $ 489,749 $ 12,284 $ 502,033 Stockholders' Equity Accumulated deficit $ (148,863) $ 12,284 $ (136,579) Total Stockholders' Equity $ (148,863) $ 12,284 $ (136,579) |
Residential Loans (Tables)
Residential Loans (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract] | |
Schedule Of Residential Loans, Carrying Value | The following table presents the carrying value of the Company's residential loans as of December 31, 2020 and 2019, respectively (dollar amounts in thousands): December 31, 2020 December 31, 2019 Residential loans, at fair value $ 3,049,166 $ 2,758,640 Residential loans, net (1) — 202,756 Total carrying value $ 3,049,166 $ 2,961,396 (1) Includes residential loans accounted for under ASC 310-30 with a carrying value of $158.7 million as of December 31, 2019. |
Schedule of Distressed and Other Residential Mortgage Loans at Fair Value | The following table presents the Company’s residential loans, at fair value, which consist of residential loans held by the Company, Consolidated SLST and other securitization trusts, as of December 31, 2020 and 2019, respectively (dollar amounts in thousands): December 31, 2020 December 31, 2019 Residential loans (1) Consolidated SLST (2) Residential loans held in securitization trusts (3) Total Residential loans (1) Consolidated SLST (2) Total Principal $ 1,097,528 $ 1,231,669 $ 696,543 $ 3,025,740 $ 1,464,984 $ 1,322,131 $ 2,787,115 (Discount)/premium (42,259) 1,337 (41,506) (82,428) (81,372) 6,455 (74,917) Unrealized gains 35,661 33,779 36,414 105,854 46,142 300 46,442 Carrying value $ 1,090,930 $ 1,266,785 $ 691,451 $ 3,049,166 $ 1,429,754 $ 1,328,886 $ 2,758,640 (1) Certain of the Company's residential loans, at fair value are pledged as collateral for repurchase agreements as of December 31, 2020 and 2019 (s ee Note 10) . (2) In 2019, the Company invested in first loss subordinated securities and certain IOs and senior securities issued by a Freddie Mac-sponsored residential loan securitization. In accordance with GAAP, the Company has consolidated the underlying seasoned re-performing and non-performing residential loans held in the securitization and the Consolidated SLST CDOs issued to permanently finance these residential loans, representing Consolidated SLST. Consolidated SLST CDOs are included in collateralized debt obligations on the Company's consolidated balance sheets. (3) On January 1, 2020, the Company made a fair value election for certain residential loans held in securitization trusts that were carried at amortized cost, net as of December 31, 2019. During the year ended December 31, 2020, the Company transferred residential loans to two securitization trusts for the purpose of obtaining non-recourse, longer-term financing on these residential loans (s ee Note 7 ). The Company's residential loans held in securitization trusts are pledged as collateral for CDOs issued by the Company. These CDOs are accounted for as financings and included in collateralized debt obligations on the Company's consolidated balance sheets (s ee Note 11) . Residential loans held in securitization trusts, net were comprised of ARM loans transferred to Consolidated VIEs that issued CDOs. 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 |
Components Of Net Realized Gains (Losses) | The following table presents the unrealized gains (losses), net attributable to residential loans, at fair value for the years ended December 31, 2020, 2019 and 2018, respectively (dollar amounts in thousands): For the Years Ended December 31, 2020 2019 2018 Residential loans Consolidated SLST (1) Residential loans held in securitization trusts Residential loans Consolidated SLST (1) Residential loans Unrealized (losses) gains, net $ (4,440) $ 33,479 $ 29,690 $ 42,087 $ 300 $ 4,096 (1) The fair value of residential loans held in Consolidated SLST is determined in accordance with the practical expedient in ASC 810 ( see Note 14). See Consolidated SLST below for unrealized gains (losses), net recognized by the Company on its investment in Consolidated SLST. |
Schedule of Geographic Concentration Risk Exceeding 5% | 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 % |
Fair Value Compared to Unpaid Principal | The following table presents the fair value and aggregate unpaid principal balance of the Company’s residential loans and residential loans held in securitization trusts in non-accrual status as of December 31, 2020 and 2019, respectively (dollar amounts in thousands): Greater than 90 days past due Less than 90 days past due Fair Value Unpaid Principal Balance Fair Value Unpaid Principal Balance December 31, 2020 $ 149,444 $ 169,553 $ 16,057 $ 17,748 December 31, 2019 106,199 122,918 9,291 10,705 |
Schedule of Securitized Debt Collateralized by Multi-family CMBS or Distressed Residential Mortgage Loans | 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. P referred 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 % |
Schedule of Activity in Accretable Yield | The following table details activity in accretable yield for the residential loans, net for the year ended December 31, 2019 (dollar amounts in thousands): December 31, 2019 Balance at beginning of period $ 195,560 Additions 1,784 Disposals (53,624) Accretion (7,015) Balance at end of period (1) $ 136,705 (1) Accretable yield is the excess of the 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 residential loan dispositions, which include refinancing, sale and foreclosure of the underlying collateral and resulting removal of the 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 for the year ended December 31, 2019 was not necessarily indicative of future results. |
Activity in Allowance for Loan Losses | The following table presents the activity in the Company’s allowance for loan losses on residential loans held in securitization trusts, net for the years ended December 31, 2019 and 2018, respectively (dollar amounts in thousands): For the Years Ended December 31, 2019 2018 Balance at beginning of period $ 3,759 $ 4,191 Provisions for loan losses 25 166 Transfer to real estate owned (167) — Charge-offs (109) (598) Balance at the end of period $ 3,508 $ 3,759 |
Delinquencies in Portfolio of 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 Total % of Loan 30 - 60 2 $ 211 0.44 % 90+ 16 $ 10,010 21.05 % Real estate owned through foreclosure 1 $ 360 0.76 % |
Multi-family Loans - (Tables)
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. P referred 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 % |
Investment Securities Availab_2
Investment Securities Available For Sale, at Fair Value (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Available-for-sale Securities Reconciliation | The Company's investment securities available for sale consisted of the following as of December 31, 2020 and 2019, respectively (dollar amounts in thousands): December 31, 2020 December 31, 2019 Amortized Cost Unrealized Fair Value Amortized Cost Unrealized Fair Value Gains Losses Gains Losses Fair Value Option Agency RMBS: Agency Fixed-Rate $ 138,541 $ 854 $ — $ 139,395 $ 21,033 $ — $ (55) $ 20,978 Total Agency RMBS 138,541 854 — 139,395 21,033 — (55) 20,978 Agency CMBS — — — — 31,076 — (395) 30,681 Total Agency 138,541 854 — 139,395 52,109 — (450) 51,659 Non-Agency RMBS (1) 100,465 170 (10,786) 89,849 122,628 2,435 (1,248) 123,815 CMBS (2) 139,019 5,685 (3,731) 140,973 20,096 563 (19) 20,640 ABS 34,139 9,086 — 43,225 49,902 — (688) 49,214 Total investment securities available for sale - fair value option 412,164 15,795 (14,517) 413,442 244,735 2,998 (2,405) 245,328 CECL Securities Agency RMBS: Agency ARMs (3) — — — — 55,740 13 (1,347) 54,406 Agency Fixed-Rate — — — — 846,203 7,397 (6,107) 847,493 Total Agency RMBS — — — — 901,943 7,410 (7,454) 901,899 Agency CMBS — — — — 20,258 19 — 20,277 Total Agency — — — — 922,201 7,429 (7,454) 922,176 Non-Agency RMBS (4) 266,855 4,336 (5,374) 265,817 578,955 12,557 (13) 591,499 CMBS 43,435 2,032 — 45,467 234,524 12,737 (124) 247,137 Total investment securities available for sale - CECL Securities 310,290 6,368 (5,374) 311,284 1,735,680 32,723 (7,591) 1,760,812 Total $ 722,454 $ 22,163 $ (19,891) $ 724,726 $ 1,980,415 $ 35,721 $ (9,996) $ 2,006,140 (1) Includes non-Agency RMBS held in a securitization trust with a total fair value of $37.6 million as of December 31, 2020 ( see Note 7 ). (2) Includes IOs and mezzanine securities transferred from the Consolidated K-Series as a result of de-consolidation during the year ended December 31, 2020 , with a total fair value of $97.6 million as of December 31, 2020. (3) For the Company's Agency ARMs with stated reset period, the weighted average reset period was 26 months as of December 31, 2019. (4) Includes non-Agency RMBS held in a securitization trust with a total fair value of $71.5 million as of December 31, 2020 ( see Note 7 ). |
Schedule of Investments Securities Sold | The following tables summarize our investment securities sold during the years ended December 31, 2020, 2019, and 2018, respectively (dollar amounts in thousands): Year Ended December 31, 2020 Sales Proceeds Realized Gains Realized Losses Net Realized Gains (Losses) Agency RMBS: Agency ARMs $ 49,892 $ 44 $ (4,157) $ (4,113) Agency Fixed-Rate (1) 943,074 5,358 ` (11,697) (6,339) Total Agency RMBS 992,966 5,402 (15,854) (10,452) Agency CMBS (2) 145,411 5,666 (209) 5,457 Total Agency 1,138,377 11,068 (16,063) (4,995) Non-Agency RMBS (3) 433,076 435 (34,856) (34,421) CMBS 248,741 8,176 (30,289) (22,113) Total $ 1,820,194 $ 19,679 $ (81,208) $ (61,529) (1) Includes Agency RMBS securities issued by Consolidated SLST ( see Note 3 ). (2) Includes Agency CMBS securities transferred from the Consolidated K-Series ( see Note 4 ). (3) Includes the sale of non-Agency RMBS held in a securitization trust for total proceeds of $67.6 million and a net realized gain of $0.2 million. Year Ended December 31, 2019 Sales Proceeds Realized Gains Realized Losses Net Realized Gains (Losses) Non-Agency RMBS $ 1,021 $ 33 $ — $ 33 CMBS 96,930 21,938 (156) 21,782 Total $ 97,951 $ 21,971 $ (156) $ 21,815 Year Ended December 31, 2018 Sales Proceeds Realized Gains Realized Losses Net Realized Gains (Losses) Agency IOs $ 26,899 $ 88 $ (12,358) $ (12,270) Total $ 26,899 $ 88 $ (12,358) $ (12,270) |
Debt Securities, Available-For-Sale, Weighted Average Lives | The following table sets forth the weighted average lives of our investment securities available for sale as of December 31, 2020 and 2019, respectively (dollar amounts in thousands): Weighted Average Life December 31, 2020 December 31, 2019 0 to 5 years $ 332,934 $ 1,359,894 Over 5 to 10 years 320,361 521,517 10+ years 71,431 124,729 Total $ 724,726 $ 2,006,140 |
Investment Securities Available-for-sale in an Unrealized Loss Position | The following tables present the Company’s CECL securities in an unrealized loss position with no credit losses reported, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at December 31, 2020 (dollar amounts in thousands): December 31, 2020 Less than 12 Months Greater than 12 months Total Carrying Gross Carrying Gross Carrying Gross Non-Agency RMBS $ 159,841 $ (4,526) $ 8,234 $ (848) $ 168,075 $ (5,374) Total $ 159,841 $ (4,526) $ 8,234 $ (848) $ 168,075 $ (5,374) |
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value | The following table presents the Company's investment securities available for sale in an unrealized loss position reported through other comprehensive income, aggregated by investment category and length of time that individual securities were in a continuous unrealized loss position as of December 31, 2019 (dollar amounts in thousands): December 31, 2019 Less than 12 months Greater than 12 months Total Carrying Gross Carrying Gross Carrying Gross Agency RMBS $ — $ — $ 222,286 $ (7,454) $ 222,286 $ (7,454) Non-Agency RMBS — — 104 (13) 104 (13) CMBS 25,507 (124) — — 25,507 (124) Total $ 25,507 $ (124) $ 222,390 $ (7,467) $ 247,897 $ (7,591) |
Equity Investments - (Tables)
Equity Investments - (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Schedule of Investments in Unconsolidated Entities | The Company’s preferred equity ownership interests accounted for under the equity method consist of the following as of December 31, 2020 and 2019, respectively (dollar amounts in thousands): December 31, 2020 December 31, 2019 Investment Name Ownership Interest Fair Value Ownership Interest Carrying Amount BBA-EP320 II, L.L.C., BBA-Ten10 II, L.L.C., and Lexington on the Green Apartments, L.L.C. (collectively) 45% $ 11,441 45% $ 10,108 Somerset Deerfield Investor, LLC 45% 18,792 45% 17,417 RS SWD Owner, LLC, RS SWD Mitchell Owner, LLC, RS SWD IF Owner, LLC, RS SWD Mullis Owner, LLC, RS SWD JH Mullis Owner, LLC and RS SWD Saltzman Owner, LLC (collectively) 43% 5,140 43% 4,878 Audubon Mezzanine Holdings, L.L.C. (Series A) 57% 11,456 57% 10,998 EP 320 Growth Fund, L.L.C. (Series A) and Turnbury Park Apartments - BC, L.L.C. (Series A) (collectively) 46% 7,234 46% 6,847 Walnut Creek Properties Holdings, L.L.C. 36% 8,803 36% 8,288 Towers Property Holdings, LLC 37% 12,119 37% 11,278 Mansions Property Holdings, LLC 34% 11,679 34% 10,867 Sabina Montgomery Holdings, LLC - Series B and Oakley Shoals Apartments, LLC - Series A (collectively) 43% 4,320 43% 4,062 Gen1814, LLC - Series A, Highlands - Mtg. Holdings, LLC - Series A, and Polos at Hudson Investments, LLC - Series A (collectively) 37% 9,966 37% 9,396 Axis Apartments Holdings, LLC, Arbor-Stratford Holdings II, LLC - Series B, Highlands - Mtg. Holdings, LLC - Series B, Oakley Shoals Apartments, LLC - Series C, and Woodland Park Apartments II, LLC (collectively) 53% 12,337 53% 11,944 DCP Gold Creek, LLC 44% 6,357 — — 1122 Chicago DE, LLC 53% 7,222 — — Rigsbee Ave Holdings, LLC 56% 10,222 — — Bighaus, LLC 42% 14,525 — — FF/RMI 20 Midtown, LLC 51% 23,936 — — Lurin-RMI, LLC 38% 7,216 — — Total - Preferred Equity Ownership Interests $ 182,765 $ 106,083 The following table presents income from preferred equity ownership interests accounted for under the equity method using the fair value option for the year ended December 31, 2020 and income from preferred equity ownership interests accounted for under the equity method for the years ended December 31, 2019 and December 31, 2018, respectively (dollar amounts in thousands). Income from these investments, which includes $0.3 million of net unrealized gains during the year ended December 31, 2020 is presented in income from equity investments in the Company's accompanying consolidated statements of operations. For the Years Ended December 31, Investment Name 2020 2019 2018 BBA-EP320 II, L.L.C., BBA-Ten10 II, L.L.C., and Lexington on the Green Apartments, L.L.C. (collectively) $ 1,260 $ 1,167 $ 1,050 Somerset Deerfield Investor, LLC 2,168 1,992 251 RS SWD Owner, LLC, RS SWD Mitchell Owner, LLC, RS SWD IF Owner, LLC, RS SWD Mullis Owner, LLC, RS SWD JH Mullis Owner, LLC and RS SWD Saltzman Owner, LLC (collectively) 551 539 76 Audubon Mezzanine Holdings, L.L.C. (Series A) 1,213 1,224 59 EP 320 Growth Fund, L.L.C. (Series A) and Turnbury Park Apartments - BC, L.L.C. (Series A) (collectively) 782 741 — Walnut Creek Properties Holdings, L.L.C. 928 803 — Towers Property Holdings, LLC 1,243 638 — Mansions Property Holdings, LLC 1,198 615 — Sabina Montgomery Holdings, LLC - Series B and Oakley Shoals Apartments, LLC - Series A (collectively) 454 188 — Gen1814, LLC - Series A, Highlands - Mtg. Holdings, LLC - Series A, and Polos at Hudson Investments, LLC - Series A (collectively) 1,044 367 — Axis Apartments Holdings, LLC, Arbor-Stratford Holdings II, LLC - Series B, Highlands - Mtg. Holdings, LLC - Series B, Oakley Shoals Apartments, LLC - Series C, and Woodland Park Apartments II, LLC (collectively) 1,293 267 — DCP Gold Creek, LLC 701 — — 1122 Chicago DE, LLC 835 — — Rigsbee Ave Holdings, LLC 1,148 — — Bighaus, LLC 1,002 — — FF/RMI 20 Midtown, LLC 686 — — Lurin-RMI, LLC 81 — — Total - Preferred Equity Ownership Interests $ 16,587 $ 8,541 $ 1,436 Summary combined financial information for the Company’s equity investments as of December 31, 2020 and 2019, respectively, and for the years ended December 31, 2020, 2019, and 2018, respectively, is shown below (dollar amounts in thousands): December 31, 2020 December 31, 2019 Balance Sheets: Real estate, net $ 917,392 $ 829,935 Residential loans, at fair value 268,693 266,739 Other assets 190,429 126,491 Total assets $ 1,376,514 $ 1,223,165 Notes payable, net $ 649,241 $ 610,636 Collateralized debt obligations 233,765 233,765 Other liabilities 23,734 23,387 Total liabilities 906,740 867,788 Members' equity 469,774 355,377 Total liabilities and members' equity $ 1,376,514 $ 1,223,165 For the Years Ended December 31, 2020 2019 2018 Operating Statements: (1) Rental revenues $ 80,339 $ 63,265 $ 37,921 Real estate sales 54,100 42,350 49,750 Cost of real estate sales (32,779) (25,534) (37,452) Interest income 14,438 9,214 — Realized and unrealized gains, net 27,107 10,452 — Other income 7,566 4,697 1,719 Operating expenses (54,691) (42,383) (20,599) Income before debt service, acquisition costs, and depreciation and amortization 96,080 62,061 31,339 Interest expense (36,601) (28,340) (16,456) Acquisition costs — — (183) Depreciation and amortization (38,112) (45,548) (15,176) Net income (loss) $ 21,367 $ (11,827) $ (476) (1) The Company records income (loss) from equity investments under either the equity method of accounting or the fair value option. Accordingly, the combined net (loss) income shown above is not indicative of the income recognized by the Company from equity investments. |
Use of Special Purpose Entiti_2
Use of Special Purpose Entities (SPE) and Variable Interest Entities (VIE) (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Variable Interest Entity, Measure of Activity [Abstract] | |
Summary of Assets and Liabilities of Consolidated VIEs | The following table summarizes the estimated fair values of the assets and liabilities of Campus Lodge at the Changeover Date (dollar amounts in thousands): Cash $ 327 Operating real estate (1) 50,481 Lease intangible (1) 1,619 Other assets 1,395 Total assets 53,822 Mortgage payable, net (2) 36,752 Other liabilities 1,543 Total liabilities 38,295 Non-controlling interest (3) 6,808 Net assets consolidated $ 8,719 (1) Included in other assets in the accompanying consolidated balance sheets. (2) Included in other liabilities in the accompanying consolidated balance sheets. (3) Represents third party ownership of membership interests in Campus Lodge. The fair value of the non-controlling interests in Campus Lodge, a private company, was estimated using the net asset value of the underlying multi-family apartment community. The following table presents a summary of the assets, liabilities and non-controlling interests of the Company’s residential loan securitizations, non-Agency RMBS re-securitization, Consolidated SLST and other Consolidated VIEs of as of December 31, 2020 (dollar amounts in thousands). Intercompany balances have been eliminated for purposes of this presentation: Financing VIEs Other VIEs Residential Loan Securitizations Non-Agency RMBS Re-Securitization Consolidated SLST Other Total Cash and cash equivalents $ — $ — $ — $ 462 $ 462 Residential loans, at fair value 691,451 — 1,266,785 — 1,958,236 Investment securities available for sale, at fair value — 109,140 — — 109,140 Operating real estate, net held in Consolidated VIEs (1) — — — 50,532 50,532 Other assets 24,959 535 4,075 3,045 32,614 Total assets $ 716,410 $ 109,675 $ 1,270,860 $ 54,039 $ 2,150,984 Collateralized debt obligations ($569,323 at amortized cost, net and $1,054,335 at fair value) $ 554,067 $ 15,256 $ 1,054,335 $ — $ 1,623,658 Mortgages payable, net in Consolidated VIEs (2) — — — 36,752 36,752 Other liabilities 2,610 70 2,781 1,435 6,896 Total liabilities $ 556,677 $ 15,326 $ 1,057,116 $ 38,187 $ 1,667,306 Non-controlling interest in Consolidated VIEs (3) $ — $ — $ — $ 6,371 $ 6,371 Net investment (4) $ 159,733 $ 94,349 $ 213,744 $ 9,481 $ 477,307 (1) Included in other assets in the accompanying consolidated balance sheets. (2) Included in other liabilities in the accompanying consolidated balance sheets. (3) Represents third party ownership of membership interests in other Consolidated VIEs. (4) The net investment amount is the maximum amount of the Company's investment that is at risk to loss and represents the difference between total assets and total liabilities held by VIEs, less non-controlling interest, if any. The following table presents a summary of the assets, liabilities and non-controlling interests of the Company's residential loan securitizations, the Consolidated K-Series, Consolidated SLST and KRVI as of December 31, 2019 (dollar amounts in thousands). Intercompany balances have been eliminated for purposes of this presentation: Financing VIE Other VIEs Residential Loan Securitizations Consolidated K-Series Consolidated SLST KRVI Total Cash and cash equivalents $ — $ — $ — $ 107 $ 107 Residential loans ($44,030 at amortized cost, net and $1,328,886 at fair value) 44,030 — 1,328,886 — 1,372,916 Multi-family loans, at fair value — 17,816,746 — — 17,816,746 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 Collateralized debt obligations ($40,429 at amortized cost, net and $17,777,280 at fair value) $ 40,429 $ 16,724,451 $ 1,052,829 $ — $ 17,817,709 Other liabilities 14 57,873 2,643 75 60,605 Total liabilities $ 40,443 $ 16,782,324 $ 1,055,472 $ 75 $ 17,878,314 Non-controlling interest in Consolidated VIEs (1) $ — $ — $ — $ (704) $ (704) Net investment (2) $ 4,915 $ 1,093,839 $ 278,658 $ 15,362 $ 1,392,774 (1) The net investment amount is the maximum amount of the Company's investment that is at risk to loss and represents the difference between total assets and total liabilities held by VIEs, less non-controlling interest, if any. (2) Represents third party ownership of membership interests in KRVI. The following table presents the carrying value and estimated fair value of the Company’s financial instruments at December 31, 2020 and 2019, respectively (dollar amounts in thousands): December 31, 2020 December 31, 2019 Fair Value Carrying Estimated Carrying Estimated Financial Assets: Cash and cash equivalents Level 1 $ 293,183 $ 293,183 $ 118,763 $ 118,763 Residential loans Residential loans, at fair value Level 3 3,049,166 3,049,166 2,758,640 2,758,640 Residential loans at amortized cost, net Level 3 — — 202,756 208,471 Multi-family loans Preferred equity and mezzanine loan investments Level 3 163,593 163,593 180,045 182,465 Consolidated K-Series Level 3 — — 17,816,746 17,816,746 Investment securities available for sale Level 2 724,726 724,726 2,006,140 2,006,140 Equity investments Level 3 259,095 259,095 189,965 191,359 Derivative assets Level 2 — — 15,878 15,878 Loans held for sale, net Level 3 — — 2,406 2,482 Financial Liabilities: Repurchase agreements Level 2 405,531 405,531 3,105,416 3,105,416 Collateralized debt obligations Residential loan securitizations at amortized cost, net Level 3 554,067 561,329 40,429 38,888 Consolidated K-Series Level 3 — — 16,724,451 16,724,451 Consolidated SLST Level 3 1,054,335 1,054,335 1,052,829 1,052,829 Non-Agency RMBS re-securitization Level 2 15,256 15,472 — — Subordinated debentures Level 3 45,000 36,871 45,000 41,592 Convertible notes Level 2 135,327 137,716 132,955 140,865 |
Schedule of Classification and Carrying Value of Unconsolidated VIEs | The following tables present the classification and carrying value of unconsolidated VIEs as of December 31, 2020 and 2019, respectively (dollar amounts in thousands): December 31, 2020 Multi-family loans Investment securities available for sale, at fair value Equity investments Total ABS $ — $ 43,225 $ — $ 43,225 Preferred equity investments in multi-family properties 158,501 — 182,765 341,266 Mezzanine loans on multi-family properties 5,092 — — 5,092 Equity investments in entities that invest in residential properties and loans — — 76,330 76,330 Maximum exposure $ 163,593 $ 43,225 $ 259,095 $ 465,913 December 31, 2019 Multi-family loans Investment Equity investments Total ABS $ — $ 49,214 $ — $ 49,214 Preferred equity investments in multi-family properties 173,825 — 106,083 279,908 Mezzanine loans on multi-family properties 6,220 — — 6,220 Equity investments in entities that invest in residential properties and loans — — 65,572 65,572 Maximum exposure $ 180,045 $ 49,214 $ 171,655 $ 400,914 |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Fair Value of Derivative Instruments Not Designated as Hedging Instruments | The following table presents the fair value of derivative instruments and their location in our consolidated balance sheets at December 31, 2019, respectively (dollar amounts in thousands): Type of Derivative Instrument Balance Sheet Location December 31, 2019 Interest rate swaps (1) Derivative assets $ 15,878 (1) All of the Company’s interest rate swaps were cleared through a central clearing house. The Company exchanged variation margin for swaps based upon daily changes in fair value. As a result of amendments to rules governing certain central clearing activities, the exchange of variation margin is treated as a legal settlement of the exposure under the swap contract. Previously, such payments were treated as cash collateral pledged against the exposure under the swap contract. Accordingly, the Company accounted for the receipt or payment of variation margin as a direct reduction to or increase of the carrying value of the interest rate swap asset or liability on the Company’s consolidated balance sheets. Includes $29.0 million of derivative liabilities netted against a variation margin of $44.8 million at December 31, 2019. |
Schedule of Activity of Derivatives Not Designated as Hedging Instruments | The tables below summarize the activity of derivative instruments not designated as hedges for the years ended December 31, 2020 and 2019, respectively (dollar amounts in thousands): Notional Amount For the Year Ended December 31, 2020 Type of Derivative Instrument December 31, 2019 Additions Terminations December 31, 2020 Interest rate swaps $ 495,500 $ — $ (495,500) $ — Notional Amount For the Year Ended December 31, 2019 Type of Derivative Instrument December 31, 2018 Additions Terminations December 31, 2019 Interest rate swaps $ 495,500 $ — $ — $ 495,500 |
Schedule of Components of Realized and Unrealized Gains and Losses | The following table presents the components of realized gains (losses), net and unrealized gains (losses), net related to our derivative instruments that were not designated as hedging instruments, which are included in non-interest income (loss) in our consolidated statements of operations for the years ended December 31, 2020, 2019 and 2018, respectively (dollar amounts in thousands): For the Years Ended December 31, 2020 2019 2018 Realized Gains (Losses) Unrealized Gains (Losses) Realized Gains (Losses) Unrealized Gains (Losses) Realized Gains (Losses) Unrealized Gains (Losses) Interest rate swaps $ (73,078) $ 28,967 $ — $ (30,722) $ — $ 909 |
Schedule of Interest Rate Swaps, Weighted Average Rate | The following table presents information about our interest rate swaps whereby we receive floating rate payments in exchange for fixed rate payments as of December 31, 2019 (dollar amounts in thousands): December 31, 2019 Swap Maturities Notional Weighted Average Weighted Average 2024 $ 98,000 2.18 % 1.98 % 2027 247,500 2.39 % 1.94 % 2028 150,000 3.23 % 1.92 % Total $ 495,500 2.60 % 1.95 % |
Operating Real Estate Held in_2
Operating Real Estate Held in Consolidated VIEs, Net (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Real Estate [Abstract] | |
Schedule of Real Estate Investment | The following is a summary of the real estate investments in Campus Lodge as of December 31, 2020 (dollar amounts in thousands): Land $ 5,400 Building and improvements 43,764 Furniture, fixture and equipment 1,522 Real estate $ 50,686 Accumulated depreciation (1) (154) Real estate, net (2) $ 50,532 (1) Depreciation expense for the year ended December 31, 2020 totaled $0.2 million and is included in operating expenses on the accompanying consolidated statements of operations. (2) Included in other assets on the accompanying consolidated balance sheets. The estimated depreciation expense related to operating real estate held in Consolidated VIE is as follows (dollar amounts in thousands): Year Ending December 31, Depreciation Expense 2021 $ 1,864 2022 $ 1,864 2023 $ 1,864 2024 $ 1,864 2025 $ 1,839 |
Repurchase Agreements (Tables)
Repurchase Agreements (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Brokers and Dealers [Abstract] | |
Schedule of Repurchase Agreements | The following table presents the carrying value of the Company's repurchase agreements as of December 31, 2020 and 2019, respectively (dollar amounts in thousands): Repurchase Agreements Secured By: December 31, 2020 December 31, 2019 Investment securities $ — $ 2,352,102 Residential loans 405,531 753,314 Total carrying value $ 405,531 $ 3,105,416 |
Schedule of Borrowings Under Purchase Agreements Secured by Investments | The following table presents detailed information about the amounts outstanding under the Company’s repurchase agreements secured by investment securities and associated assets pledged as collateral at December 31, 2019 (dollar amounts in thousands): December 31, 2019 Outstanding Repurchase Agreements Fair Value of Collateral Pledged Amortized Agency RMBS (1) $ 812,742 $ 865,765 $ 864,428 Agency CMBS (2) 133,184 139,317 140,118 Non-Agency RMBS (3) 594,286 797,784 785,952 CMBS (4) 811,890 1,036,513 853,043 Balance at end of the period $ 2,352,102 $ 2,839,379 $ 2,643,541 (1) Collateral pledged includes Agency RMBS securities with a fair value amounting to $26.2 million included in Consolidated SLST as of December 31, 2019. (2) Collateral pledged includes Agency CMBS securities with a fair value amounting to $88.4 million included in the Consolidated K-Series as of December 31, 2019. (3) Collateral pledged includes first loss subordinated RMBS securities with a fair value amounting to $214.8 million included in Consolidated SLST as of December 31, 2019. (4) Collateral pledged includes first loss POs, IOs and mezzanine CMBS securities with a fair value amounting to $848.2 million included in the Consolidated K-Series as of December 31, 2019. Maximum Aggregate Uncommitted Principal Amount Outstanding Net Deferred Finance Costs (1) Carrying Value of Repurchase Agreements Carrying Value of Loans Pledged (2) Weighted Average Rate Weighted Average Months to Maturity (3) December 31, 2020 $ 1,301,389 $ 407,213 $ (1,682) $ 405,531 $ 575,380 2.92 % 11.92 December 31, 2019 $ 1,200,000 $ 754,132 $ (818) $ 753,314 $ 961,749 3.67 % 11.20 (1) Costs related to the repurchase agreements which include commitment, underwriting, legal, accounting and other fees are reflected as deferred charges. Such costs are presented as a deduction from the corresponding debt liability on the Company’s accompanying consolidated balance sheets and are amortized as an adjustment to interest expense using the effective interest method, or straight line-method, if the result is not materially different. (2) Includes residential loans, at fair value of $575.4 million and $881.2 million at December 31, 2020 and 2019, respectively, and residential loans, net of $80.6 million at December 31, 2019. (3) The Company expects to roll outstanding amounts under these repurchase agreements into new repurchase agreements or other financings, or to repay outstanding amounts, prior to or at maturity. |
Outstanding Repurchase Agreements by Contractual Maturity | The following table presents contractual maturity information about the Company’s outstanding repurchase agreements secured by investment securities at December 31, 2019 (dollar amounts in thousands): Contractual Maturity December 31, 2019 Within 30 days $ 449,474 Over 30 days to 90 days 1,647,683 Over 90 days 254,945 Total $ 2,352,102 |
Unencumbered Investments Securities | The following table presents information about the Company’s unencumbered investment securities at December 31, 2019 (dollar amounts in thousands): Unencumbered Securities December 31, 2019 Agency RMBS $ 83,351 CMBS 235,199 Non-Agency RMBS 168,063 ABS 49,214 Total $ 535,827 |
Collateralized Debt Obligatio_2
Collateralized Debt Obligations (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of Collateralized Debt Obligations | The following tables present a summary of the Company's CDOs as of December 31, 2020 and 2019, respectively (dollar amounts in thousands): December 31, 2020 Outstanding Face Amount Carrying Value Weighted Average Interest Rate (1) Weighted Average Rate of Notes Issued (2) Stated Maturity (3) Consolidated SLST (4) $ 975,017 $ 1,054,335 2.75 % 3.53 % 2059 Residential loan securitizations 557,497 554,067 3.36 % 4.83 % 2025 - 2060 Non-Agency RMBS re-securitization 15,449 15,256 One-month LIBOR plus 5.25% (5) One-month LIBOR plus 5.25% (5) 2025 Total collateralized debt obligations $ 1,547,963 $ 1,623,658 (1) Weighted average interest rate is calculated using the outstanding face amount and stated interest rate of notes issued by the securitization and not owned by the Company. (2) Weighted average rate of notes issued is calculated using the outstanding face amount and stated interest rate of all notes issued by the securitizations, including those owned by the Company. (3) The actual maturity of the Company's CDOs are primarily determined by the rate of principal prepayments on the assets of the issuing entity. The CDOs are also subject to redemption prior to the stated maturity according to the terms of the respective governing documents. As a result, the actual maturity of the CDOs may occur earlier than the stated maturity. (4) The Company has elected the fair value option for CDOs issued by Consolidated SLST ( see Note 14). (5) Represents the pass-through rate through the payment date in December 2021. Pass-through rate increases to one-month LIBOR plus 7.75% for payment dates in or after January 2022. December 31, 2019 Outstanding Face Amount Carrying Value Weighted Average Interest Rate (1) Weighted Average Rate of Notes Issued (2) Stated Maturity (3) Consolidated K-Series (4) $ 15,204,218 $ 16,724,451 4.12 % 3.85 % 2020 - 2047 Consolidated SLST (4) 1,040,135 1,052,829 2.75 % 3.53 % 2059 Residential loan securitizations 40,621 40,429 2.41 % 2.41 % 2035 - 2036 Total collateralized debt obligations $ 16,284,974 $ 17,817,709 (1) Weighted average interest rate is calculated using the outstanding face amount and stated interest rate of notes issued by the securitization and not owned by the Company. (2) Weighted average rate of notes issued is calculated using the outstanding face amount and stated interest rate of all notes issued by the securitizations, including those owned by the Company. (3) The actual maturity of the Company's CDOs are primarily determined by the rate of principal prepayments on the assets of the issuing entity. The CDOs are also subject to redemption prior to the stated maturity according to the terms of the respective governing documents. As a result, the actual maturity the CDOs may occur earlier than the stated maturity. (4) The Company has elected the fair value option for CDOs issued by the Consolidated K-Series and Consolidated SLST ( see Note 14). |
Schedule of Collateralized Debt Obligation Securities | The Company's collateralized debt obligations as of December 31, 2020 had stated maturities as follows: Year Ending December 31, Total 2021 $ — 2022 — 2023 — 2024 — 2025 245,668 Thereafter 1,302,295 Total $ 1,547,963 As of December 31, 2020, maturities for debt on the Company's consolidated balance sheet are as follows (dollar amounts in thousands): Year Ending December 31, Total 2021 $ — 2022 138,000 2023 — 2024 — 2025 — Thereafter 82,030 Total $ 220,030 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of Subordinated Borrowing | The following table summarizes the key details of the Company’s subordinated debentures as of December 31, 2020 and 2019 (dollar amounts in thousands): NYM Preferred Trust I NYM Preferred Trust II Principal value of trust preferred securities $ 25,000 $ 20,000 Interest rate Three month LIBOR plus 3.75%, resetting quarterly Three month LIBOR plus 3.95%, resetting quarterly Scheduled maturity March 30, 2035 October 30, 2035 |
Schedule of Mortgage Payable in Consolidated VIE | The following table presents detailed information for this mortgage payable in consolidated VIE as of December 31, 2020 (dollar amounts in thousands): Origination Date Mortgage Note Amount Net Deferred Finance Cost Mortgage Payable, Net Maturity Date Interest Rate Mortgage payable in Consolidated VIE February 14, 2018 $ 37,030 $ (278) $ 36,752 March 1, 2028 2.54 % |
Schedule of Maturities of Long-term Debt | The Company's collateralized debt obligations as of December 31, 2020 had stated maturities as follows: Year Ending December 31, Total 2021 $ — 2022 — 2023 — 2024 — 2025 245,668 Thereafter 1,302,295 Total $ 1,547,963 As of December 31, 2020, maturities for debt on the Company's consolidated balance sheet are as follows (dollar amounts in thousands): Year Ending December 31, Total 2021 $ — 2022 138,000 2023 — 2024 — 2025 — Thereafter 82,030 Total $ 220,030 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Lessee, operating lease, liability, maturity | As of December 31, 2020, obligations under non-cancelable operating leases are as follows (dollar amounts in thousands): Year Ending December 31, Total 2021 $ 1,710 2022 1,721 2023 1,732 2024 1,548 2025 1,604 Thereafter 5,095 Total $ 13,410 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020 and 2019, respectively, on the Company’s consolidated balance sheets (dollar amounts in thousands): Measured at Fair Value on a Recurring Basis at December 31, 2020 December 31, 2019 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets carried at fair value Residential loans: Residential loans $ — $ — $ 1,090,930 $ 1,090,930 $ — $ — $ 1,429,754 $ 1,429,754 Consolidated SLST — — 1,266,785 1,266,785 — — 1,328,886 1,328,886 Residential loans held in securitization trusts — — 691,451 691,451 — — — — Multi-family loans Preferred equity and mezzanine loan investments — — 163,593 163,593 — — — — Consolidated K-Series — — — — — — 17,816,746 17,816,746 Investment securities available for sale: Agency RMBS — 139,395 — 139,395 — 922,877 — 922,877 Agency CMBS — — — — — 50,958 — 50,958 Non-Agency RMBS — 355,666 — 355,666 — 715,314 — 715,314 CMBS — 186,440 — 186,440 — 267,777 — 267,777 ABS — 43,225 — 43,225 — 49,214 — 49,214 Equity investments — — 259,095 259,095 — — 83,882 83,882 Derivative assets: Interest rate swaps (1) — — — — — 15,878 — 15,878 Total $ — $ 724,726 $ 3,471,854 $ 4,196,580 $ — $ 2,022,018 $ 20,659,268 $ 22,681,286 Liabilities carried at fair value Collateralized debt obligations Consolidated K-Series $ — $ — $ — $ — $ — $ — $ 16,724,451 $ 16,724,451 Consolidated SLST — — 1,054,335 1,054,335 — — 1,052,829 1,052,829 Total $ — $ — $ 1,054,335 $ 1,054,335 $ — $ — $ 17,777,280 $ 17,777,280 |
Changes in Level 3 Assets | The following tables detail changes in valuation for the Level 3 assets for the years ended December 31, 2020, 2019, and 2018, respectively (dollar amounts in thousands): Level 3 Assets: Year Ended December 31, 2020 Residential loans Multi-family loans Residential loans Consolidated SLST Residential loans held in securitization trusts Preferred equity and mezzanine loan investments Consolidated K-Series Equity investments Total Balance at beginning of period $ 1,429,754 $ 1,328,886 $ — $ — $ 17,816,746 $ 83,882 $ 20,659,268 Total (losses) gains (realized/unrealized) Included in earnings (9,240) 27,898 31,402 20,454 41,795 26,670 138,979 Transfers in (1) 164,279 — 46,572 182,465 — 107,477 500,793 Transfers out (2) (3) (6,017) — (2,492) (8,719) (237,297) — (254,525) Transfer to securitization trust (4) (651,911) — 651,911 — — — — Contributions — — — 14,164 — 66,336 80,500 Paydowns/Distributions (308,600) (89,999) (35,942) (44,771) (239,796) (25,270) (744,378) Recovery of charge-off — — — — 35 — 35 Sales (3) (96,892) — — — (17,381,483) — (17,478,375) Purchases 569,557 — — — — — 569,557 Balance at the end of period $ 1,090,930 $ 1,266,785 $ 691,451 $ 163,593 $ — $ 259,095 $ 3,471,854 (1) As of January 1, 2020, the Company has elected to account for all residential loans, residential loans held in securitization trusts, equity investments and preferred equity and mezzanine loan investments using the fair value option ( see Note 2 ). (2) Transfers out of Level 3 assets include the transfer of residential loans to real estate owned and the consolidation of Campus Lodge into the Company's consolidated financial statements ( see Note 7 ). (3) During the year ended December 31, 2020, the Company sold first loss PO securities included in the Consolidated K-Series and, as a result, de-consolidated the multi-family loans held in the Consolidated K-Series and transferred its remaining securities owned in the Consolidated K-Series to investment securities available for sale ( see Notes 2 and 4 ). (4) During the year ended December 31, 2020, the Company completed two securitizations of certain performing, re-performing and non-performing residential loans ( see Note 7 ). Year Ended December 31, 2019 Residential loans Residential loans Consolidated SLST Consolidated K-Series CMBS held in re-securitization trusts Equity investments Total Balance at beginning of period $ 737,523 $ — $ 11,679,847 $ 52,700 $ 32,994 $ 12,503,064 Total gains/(losses) (realized/unrealized) Included in earnings 55,459 (445) 533,094 17,734 15,100 620,942 Included in other comprehensive income (loss) — — — (13,665) — (13,665) Transfers out (1) (913) — — — — (913) Contributions — — — — 50,000 50,000 Paydowns/Distributions (171,909) (3,729) (992,912) — (14,212) (1,182,762) Charge-off — — (3,257) — — (3,257) Sales (19,814) — — (56,769) — (76,583) Purchases (2) 829,408 1,333,060 6,599,974 — — 8,762,442 Balance at the end of period $ 1,429,754 $ 1,328,886 $ 17,816,746 $ — $ 83,882 $ 20,659,268 (1) Transfers out of Level 3 assets include the transfer of residential loans to real estate owned. (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 included 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, 3 and 4 ). Year Ended December 31, 2018 Residential loans Consolidated K-Series CMBS held in re-securitization trusts Equity investments Total Balance at beginning of period $ 87,153 $ 9,657,421 $ 47,922 $ 42,823 $ 9,835,319 Total gains/(losses) (realized/unrealized) Included in earnings 3,913 (134,298) 3,980 9,075 (117,330) Included in other comprehensive income (loss) — — 798 — 798 Transfers out (1) (56) — — — (56) Paydowns/Distributions (24,064) (137,820) — (18,904) (180,788) Sales (18,173) — — — (18,173) Purchases (2) 688,750 2,294,544 — — 2,983,294 Balance at the end of period $ 737,523 $ 11,679,847 $ 52,700 $ 32,994 $ 12,503,064 (1) Transfers out of Level 3 assets include the transfer of residential loans to real estate owned. (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 4 ). |
Changes in Level 3 Liabilities | The following tables detail changes in valuation for the Level 3 liabilities for the years ended December 31, 2020, 2019 and 2018, respectively (dollar amounts in thousands): Level 3 Liabilities: Year Ended December 31, 2020 Collateralized debt obligations Consolidated K-Series Consolidated SLST Total Balance at beginning of period $ 16,724,451 $ 1,052,829 $ 17,777,280 Total losses (realized/unrealized) Included in earnings 35,018 68,764 103,782 Paydowns (147,376) (89,484) (236,860) Sales (1) (16,612,093) 22,226 (16,589,867) Balance at the end of period $ — $ 1,054,335 $ 1,054,335 (1) During the year ended December 31, 2020, the Company sold first loss PO securities included in the Consolidated K-Series, and, as a result, de-consolidated the Consolidated K-Series CDOs ( see Notes 2 and 4 ). Also includes the Company's net sales of senior securities issued by Consolidated SLST for the year ended December 31, 2020 ( see Note 3 ). Year Ended December 31, 2019 Collateralized debt obligations Consolidated K-Series Consolidated SLST 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 included 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, 3 and 4 ). Year Ended December 31, 2018 Consolidated K-Series Balance at beginning of period $ 9,189,459 Total gains (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 included in the Consolidated K-Series. As a result, the Company consolidated liabilities of these securitizations ( see Notes 2 and 4 ). The following table discloses quantitative information regarding the significant unobservable inputs used in the valuation of our Level 3 assets and liabilities measured at fair value (dollar amounts in thousands, except input values): December 31, 2020 Fair Value Valuation Technique Unobservable Input Weighted Average Range Assets Residential loans: Residential loans and residential loans held in securitization trusts (1) $1,639,327 Discounted cash flow Lifetime CPR 8.5% — - 64.6% Lifetime CDR 1.0% — - 23.0% Loss severity 13.7% — - 100.0% Yield 5.3% 2.4% - 27.3% $143,054 Liquidation model Annual home price appreciation — — - 7.3% Liquidation timeline (months) 29 9 - 57 Property value $578,738 $12,430 - $3,650,000 Yield 7.2% 7.0% - 16.3% Consolidated SLST (2) $1,266,785 Liability price N/A Total $3,049,166 Preferred equity and mezzanine loan investments (1) $163,593 Discounted cash flow Discount rate 11.5% 11.0% - 19.5% Months to assumed redemption 44 8 - 185 Loss severity — Equity investments (1) (2) $182,765 Discounted cash flow Discount rate 11.7% 11.0% - 12.5% Months to assumed redemption 40 9 - 59 Loss severity — Liabilities Residential collateralized debt obligations Consolidated SLST (3) (4) $1,054,335 Discounted cash flow Yield 2.1% 1.0% - 11.1% Collateral prepayment rate 5.5% 2.8% - 6.2% Collateral default rate 2.0% — - 7.6% Loss severity 21.1% — - 23.7% (1) Weighted average amounts are calculated based on the weighted average fair value of the assets. (2) Equity investments does not include equity ownership interests in entities that invest in residential properties and loans. The fair value of these investments is determined using the net asset value ("NAV") as a practical expedient. (3) In accordance with the practical expedient in ASC 810, the Company determines the fair value of the residential loans held in Consolidated SLST based on the fair value of the CDOs issued by Consolidated SLST, including securities we own, as the fair value of these instruments is more observable. At December 31, 2020, the fair value of securities we owned in Consolidated SLST was $212.1 million. |
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, 2020, 2019 and 2018, respectively, for our Level 3 assets and liabilities held as of December 31, 2020, 2019 and 2018, respectively (dollar amounts in thousands): For the Years Ended December 31, 2020 2019 2018 Assets Residential loans Residential loans (1) $ 16,449 $ 44,470 $ 4,333 Consolidated SLST (1) 33,479 300 — Residential loans held in securitization trust (1) 17,785 — — Multi-family loans Preferred equity and mezzanine loan investments (1) (682) — — Consolidated K-Series (1) — 586,993 (85,115) Equity investments (2) 256 5,374 6,091 Liabilities Collateralized debt obligations Consolidated K-Series (1) $ — $ (563,031) $ 122,696 Consolidated SLST (1) (65,552) (383) — (1) Presented in unrealized gains (losses), net on the Company’s consolidated statements of operations. (2) Presented in income from equity investments 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 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 Level 1 Level 2 Level 3 Total Residential loans held in securitization trusts – impaired loans, net $ — $ — $ 5,256 $ 5,256 |
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 and 2018, respectively, on the Company’s consolidated statements of operations (dollar amounts in thousands): For the Years Ended December 31, 2019 2018 Residential loans held in securitization trusts – impaired loans, net $ (24) $ (165) |
Fair Value, by Balance Sheet Grouping | The following table summarizes the estimated fair values of the assets and liabilities of Campus Lodge at the Changeover Date (dollar amounts in thousands): Cash $ 327 Operating real estate (1) 50,481 Lease intangible (1) 1,619 Other assets 1,395 Total assets 53,822 Mortgage payable, net (2) 36,752 Other liabilities 1,543 Total liabilities 38,295 Non-controlling interest (3) 6,808 Net assets consolidated $ 8,719 (1) Included in other assets in the accompanying consolidated balance sheets. (2) Included in other liabilities in the accompanying consolidated balance sheets. (3) Represents third party ownership of membership interests in Campus Lodge. The fair value of the non-controlling interests in Campus Lodge, a private company, was estimated using the net asset value of the underlying multi-family apartment community. The following table presents a summary of the assets, liabilities and non-controlling interests of the Company’s residential loan securitizations, non-Agency RMBS re-securitization, Consolidated SLST and other Consolidated VIEs of as of December 31, 2020 (dollar amounts in thousands). Intercompany balances have been eliminated for purposes of this presentation: Financing VIEs Other VIEs Residential Loan Securitizations Non-Agency RMBS Re-Securitization Consolidated SLST Other Total Cash and cash equivalents $ — $ — $ — $ 462 $ 462 Residential loans, at fair value 691,451 — 1,266,785 — 1,958,236 Investment securities available for sale, at fair value — 109,140 — — 109,140 Operating real estate, net held in Consolidated VIEs (1) — — — 50,532 50,532 Other assets 24,959 535 4,075 3,045 32,614 Total assets $ 716,410 $ 109,675 $ 1,270,860 $ 54,039 $ 2,150,984 Collateralized debt obligations ($569,323 at amortized cost, net and $1,054,335 at fair value) $ 554,067 $ 15,256 $ 1,054,335 $ — $ 1,623,658 Mortgages payable, net in Consolidated VIEs (2) — — — 36,752 36,752 Other liabilities 2,610 70 2,781 1,435 6,896 Total liabilities $ 556,677 $ 15,326 $ 1,057,116 $ 38,187 $ 1,667,306 Non-controlling interest in Consolidated VIEs (3) $ — $ — $ — $ 6,371 $ 6,371 Net investment (4) $ 159,733 $ 94,349 $ 213,744 $ 9,481 $ 477,307 (1) Included in other assets in the accompanying consolidated balance sheets. (2) Included in other liabilities in the accompanying consolidated balance sheets. (3) Represents third party ownership of membership interests in other Consolidated VIEs. (4) The net investment amount is the maximum amount of the Company's investment that is at risk to loss and represents the difference between total assets and total liabilities held by VIEs, less non-controlling interest, if any. The following table presents a summary of the assets, liabilities and non-controlling interests of the Company's residential loan securitizations, the Consolidated K-Series, Consolidated SLST and KRVI as of December 31, 2019 (dollar amounts in thousands). Intercompany balances have been eliminated for purposes of this presentation: Financing VIE Other VIEs Residential Loan Securitizations Consolidated K-Series Consolidated SLST KRVI Total Cash and cash equivalents $ — $ — $ — $ 107 $ 107 Residential loans ($44,030 at amortized cost, net and $1,328,886 at fair value) 44,030 — 1,328,886 — 1,372,916 Multi-family loans, at fair value — 17,816,746 — — 17,816,746 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 Collateralized debt obligations ($40,429 at amortized cost, net and $17,777,280 at fair value) $ 40,429 $ 16,724,451 $ 1,052,829 $ — $ 17,817,709 Other liabilities 14 57,873 2,643 75 60,605 Total liabilities $ 40,443 $ 16,782,324 $ 1,055,472 $ 75 $ 17,878,314 Non-controlling interest in Consolidated VIEs (1) $ — $ — $ — $ (704) $ (704) Net investment (2) $ 4,915 $ 1,093,839 $ 278,658 $ 15,362 $ 1,392,774 (1) The net investment amount is the maximum amount of the Company's investment that is at risk to loss and represents the difference between total assets and total liabilities held by VIEs, less non-controlling interest, if any. (2) Represents third party ownership of membership interests in KRVI. The following table presents the carrying value and estimated fair value of the Company’s financial instruments at December 31, 2020 and 2019, respectively (dollar amounts in thousands): December 31, 2020 December 31, 2019 Fair Value Carrying Estimated Carrying Estimated Financial Assets: Cash and cash equivalents Level 1 $ 293,183 $ 293,183 $ 118,763 $ 118,763 Residential loans Residential loans, at fair value Level 3 3,049,166 3,049,166 2,758,640 2,758,640 Residential loans at amortized cost, net Level 3 — — 202,756 208,471 Multi-family loans Preferred equity and mezzanine loan investments Level 3 163,593 163,593 180,045 182,465 Consolidated K-Series Level 3 — — 17,816,746 17,816,746 Investment securities available for sale Level 2 724,726 724,726 2,006,140 2,006,140 Equity investments Level 3 259,095 259,095 189,965 191,359 Derivative assets Level 2 — — 15,878 15,878 Loans held for sale, net Level 3 — — 2,406 2,482 Financial Liabilities: Repurchase agreements Level 2 405,531 405,531 3,105,416 3,105,416 Collateralized debt obligations Residential loan securitizations at amortized cost, net Level 3 554,067 561,329 40,429 38,888 Consolidated K-Series Level 3 — — 16,724,451 16,724,451 Consolidated SLST Level 3 1,054,335 1,054,335 1,052,829 1,052,829 Non-Agency RMBS re-securitization Level 2 15,256 15,472 — — Subordinated debentures Level 3 45,000 36,871 45,000 41,592 Convertible notes Level 2 135,327 137,716 132,955 140,865 |
Stockholders_ Equity (Tables)
Stockholders’ Equity (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Stockholders' Equity Note [Abstract] | |
Summary of Preferred Stock Issued and Outstanding | The following table summarizes the Company’s Preferred Stock issued and outstanding as of December 31, 2020 and 2019 (dollar amounts in thousands): Class of Preferred Stock Shares Authorized Shares Issued and Outstanding Carrying Value Liquidation Preference Contractual Rate (1) Optional Redemption Date (2) Fixed-to-Floating Rate Conversion Date (1)(3) Floating Annual Rate (4) Fixed Rate Series B 6,000,000 3,156,087 $ 76,180 $ 78,902 7.750 % June 4, 2018 Series C 6,600,000 4,181,807 101,102 104,545 7.875 % April 22, 2020 Fixed-to-Floating Rate Series D 8,400,000 6,123,495 148,134 153,087 8.000 % October 15, 2027 October 15, 2027 3M LIBOR + 5.695% Series E 9,900,000 7,411,499 179,349 185,288 7.875 % January 15, 2025 January 15, 2025 3M LIBOR + 6.429% Total 30,900,000 20,872,888 $ 504,765 $ 521,822 (1) Each series of fixed rate preferred stock is entitled to receive a dividend at the contractual rate shown, respectively, per year on its $25 liquidation preference. Each series of fixed-to-floating rate preferred stock is entitled to receive a dividend at the contractual rate shown, respectively, per year on its $25 liquidation preference up to, but excluding, the fixed-to-floating rate conversion date. (2) Each series of Preferred Stock is not redeemable by the Company prior to the respective optional redemption date disclosed except under circumstances intended to preserve the Company’s qualification as a REIT and except upon occurrence of a Change in Control (as defined in the Articles Supplementary designating the Series B Preferred Stock, Series C Preferred Stock, Series D Preferred Stock and Series E Preferred Stock, respectively). (3) Beginning on the respective fixed-to-floating rate conversion date, each of the Series D Preferred Stock and Series E Preferred Stock is entitled to receive a dividend on a floating rate basis according to the terms disclosed in footnote (4) below. |
Schedule of Dividends Payable | The following table presents the relevant information with respect to quarterly cash dividends declared on the Series B Preferred Stock, Series C Preferred Stock and Series D Preferred Stock commencing January 1, 2018 through December 31, 2020 and on the Series E Preferred Stock from its time of original issuance through December 31, 2020: Cash Dividend Per Share Declaration Date Record Date Payment Date Series B Preferred Stock Series C Preferred Stock Series D Preferred Stock Series E Preferred Stock December 7, 2020 January 1, 2021 January 15, 2021 $ 0.484375 $ 0.4921875 $ 0.50 $ 0.4921875 September 14, 2020 October 1, 2020 October 15, 2020 0.484375 0.4921875 0.50 0.4921875 June 15, 2020 July 1, 2020 July 15, 2020 0.968750 (1) 0.9843750 (1) 1.00 (1) 0.9843750 (1) December 10, 2019 January 1, 2020 January 15, 2020 0.484375 0.4921875 0.50 0.4757800 (2) September 9, 2019 October 1, 2019 October 15, 2019 0.484375 0.4921875 0.50 — June 14, 2019 July 1, 2019 July 15, 2019 0.484375 0.4921875 0.50 — March 19, 2019 April 1, 2019 April 15, 2019 0.484375 0.4921875 0.50 — December 4, 2018 January 1, 2019 January 15, 2019 0.484375 0.4921875 0.50 — September 17, 2018 October 1, 2018 October 15, 2018 0.484375 0.4921875 0.50 — June 18, 2018 July 1, 2018 July 15, 2018 0.484375 0.4921875 0.50 — March 19, 2018 April 1, 2018 April 15, 2018 0.484375 0.4921875 0.50 — (1) Preferred Stock dividends declared on June 15, 2020 included cash dividends in arrears for the quarterly period that began on January 15, 2020 and ended on April 14, 2020 and cash dividends for the quarterly period that began on April 15, 2020 and ended on July 14, 2020. (2) Cash dividend for the partial quarterly period that began on October 18, 2019 and ended on January 14, 2020. Period Declaration Date Record Date Payment Date Cash Fourth Quarter 2020 December 7, 2020 December 17, 2020 January 25, 2021 $ 0.100 Third Quarter 2020 September 14, 2020 September 24, 2020 October 26, 2020 0.075 Second Quarter 2020 June 15, 2020 July 1, 2020 July 27, 2020 0.050 Fourth Quarter 2019 December 10, 2019 December 20, 2019 January 27, 2020 0.200 Third Quarter 2019 September 9, 2019 September 19, 2019 October 25, 2019 0.200 Second Quarter 2019 June 14, 2019 June 24, 2019 July 25, 2019 0.200 First Quarter 2019 March 19, 2019 March 29, 2019 April 25, 2019 0.200 Fourth Quarter 2018 December 4, 2018 December 14, 2018 January 25, 2019 0.200 Third Quarter 2018 September 17, 2018 September 27, 2018 October 26, 2018 0.200 Second Quarter 2018 June 18, 2018 June 28, 2018 July 26, 2018 0.200 First Quarter 2018 March 19, 2018 March 29, 2018 April 26, 2018 0.200 |
Schedule of Company's Public Offerings of Common Stock | The following table details the Company's public offerings of common stock during the three years ended December 31, 2020 (dollar amounts in thousands): Share Issue Month Shares Issued Net Proceeds (1) February 2020 50,600,000 $ 305,274 January 2020 34,500,000 206,650 November 2019 28,750,000 172,150 September 2019 28,750,000 173,093 July 2019 23,000,000 137,500 May 2019 20,700,000 123,102 March 2019 17,250,000 101,160 January 2019 14,490,000 83,772 November 2018 14,375,000 85,261 August 2018 14,375,000 85,980 (1) Proceeds are net of underwriting discounts and commissions and offering expenses |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Dilutive Net Income Per Share | The following table presents the computation of basic and diluted (loss) earnings per common share for the periods indicated (dollar and share amounts in thousands, except per share amounts): For the Years Ended December 31, 2020 2019 2018 Basic (Loss) Earnings per Common Share Net (loss) income attributable to Company $ (288,510) $ 173,736 $ 102,886 Less: Preferred Stock dividends (41,186) (28,901) (23,700) Net (loss) income attributable to Company’s common stockholders $ (329,696) $ 144,835 $ 79,186 Basic weighted average common shares outstanding 371,004 221,380 127,243 Basic (Loss) Earnings per Common Share $ (0.89) $ 0.65 $ 0.62 Diluted (Loss) Earnings per Common Share: Net (loss) income attributable to Company $ (288,510) $ 173,736 $ 102,886 Less: Preferred Stock dividends (41,186) (28,901) (23,700) Add back: Interest expense on Convertible Notes for the period, net of tax — 10,662 10,475 Net (loss) income attributable to Company’s common stockholders $ (329,696) $ 155,497 $ 89,661 Weighted average common shares outstanding 371,004 221,380 127,243 Net effect of assumed Convertible Notes conversion to common shares — 19,695 19,695 Net effect of assumed PSUs vested — 1,521 512 Diluted weighted average common shares outstanding 371,004 242,596 147,450 Diluted (Loss) Earnings per Common Share $ (0.89) $ 0.64 $ 0.61 |
Stock Based Compensation (Table
Stock Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Nonvested Share Activity | A summary of the activity of the Company’s non-vested restricted stock collectively under the 2010 Plan and 2017 Plan for the years ended December 31, 2020, 2019 and 2018, respectively, is presented below: 2020 2019 2018 Number of Weighted Average Per Share Grant Date Fair Value (1) Number of Weighted Average Per Share Grant Date Fair Value (1) Number of Weighted Average Per Share Grant Date Fair Value (1) Non-vested shares at January 1 837,123 $ 6.18 507,536 $ 5.91 422,928 $ 6.36 Granted 1,054,254 6.33 536,242 6.30 289,792 5.63 Vested (287,611) 6.22 (205,080) 5.85 (200,064) 6.55 Forfeited — — (1,575) 6.35 (5,120) 6.25 Non-vested shares as of December 31 1,603,766 $ 6.27 837,123 $ 6.18 507,536 $ 5.91 Restricted stock granted during the period 1,054,254 $ 6.33 536,242 $ 6.30 289,792 $ 5.63 (1) The grant date fair value of restricted stock awards is based on the closing market price of the Company’s common stock at the grant date. |
Summary of Activity of Target PSU Awards Under 2017 Plan | A summary of the activity of the target PSU Awards under the 2017 Plan for the years ended December 31, 2020, 2019 and 2018, respectively, is presented below: 2020 2019 2018 Number of Weighted Average Per Share Grant Date Fair Value (1) Number of Weighted Average Per Share Grant Date Fair Value (1) Number of Weighted Average Per Share Grant Date Fair Value (1) Non-vested target PSUs at January 1 2,018,518 $ 4.09 842,792 $ 4.20 — $ — Granted 883,496 7.03 1,175,726 4.01 842,792 4.20 Vested — — — — — — Non-vested target PSUs as of December 31 2,902,014 $ 4.98 2,018,518 $ 4.09 842,792 $ 4.20 (1) The grant date fair value of the PSUs was determined through a Monte-Carlo simulation of the Company’s common stock total shareholder return and the common stock total shareholder return of its identified performance peer companies to determine the Relative TSR of the Company’s common stock over a future period of three years. |
Schedule of Nonvested Restricted Stock Units Activity | A summary of the activity of the RSU awards under the 2017 Plan for the year ended December 31, 2020 is presented below: 2020 Number of Weighted Average Per Share Grant Date Fair Value (1) Non-vested RSUs at January 1 — $ — Granted 441,746 6.23 Vested — — Non-vested RSUs as of December 31 441,746 $ 6.23 (1) The grant date fair value of RSUs is based on the closing market price of the Company’s common stock at the grant date. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Summary of Income Tax Provision | The income tax provision (benefit) for the years ended December 31, 2020, 2019 and 2018, respectively, is comprised of the following components (dollar amounts in thousands): For the Years Ended December 31, 2020 2019 2018 Current income tax provision (benefit) Federal $ 1,225 $ (65) $ (273) State 151 43 (7) Total current income tax provision (benefit) 1,376 (22) (280) Deferred income tax benefit Federal (244) (245) (480) State (151) (152) (297) Total deferred income tax benefit (395) (397) (777) Total income tax provision (benefit) $ 981 $ (419) $ (1,057) |
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation of the statutory income tax (benefit) provision to the effective income tax provision (benefit) for the years ended December 31, 2020, 2019 and 2018, respectively, are as follows (dollar amounts in thousands). For the Years Ended December 31, 2020 2019 2018 (Benefit) provision at statutory rate $ (60,381) 21.0 % $ 36,397 21.0 % $ 21,384 21.0 % Non-taxable REIT income 58,783 (20.4) (37,199) (21.5) (23,720) (23.3) State and local tax provision (benefit) 150 (0.1) 43 — (7) — Other (45) — (620) (0.4) (2,601) (2.6) Valuation allowance 2,474 (0.9) 960 0.6 3,887 3.8 Total provision (benefit) $ 981 (0.4) % $ (419) (0.3) % $ (1,057) (1.1) % |
Schedule of Deferred Tax Assets and Liabilities | The major sources of temporary differences included in the deferred tax assets and their deferred tax effect as of December 31, 2020 and 2019, respectively, are as follows (dollar amounts in thousands): December 31, 2020 December 31, 2019 Deferred tax assets Net operating loss carryforward $ 6,024 $ 3,975 Capital loss carryover 4,442 739 GAAP/Tax basis differences 814 3,699 Total deferred tax assets (1) 11,280 8,413 Deferred tax liabilities Deferred tax liabilities 2 5 Total deferred tax liabilities (2) 2 5 Valuation allowance (1) (9,503) (7,029) Total net deferred tax asset $ 1,775 $ 1,379 (1) Included in other assets in the accompanying consolidated balance sheets. (2) Included in other liabilities in the accompanying consolidated balance sheets. |
Net Interest Income (Tables)
Net Interest Income (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Banking and Thrift, Interest [Abstract] | |
Interest Income and Interest Expense Disclosure | The following table details the components of the Company's interest income and interest expense for the years ended December 31, 2020, 2019 and 2018, respectively (dollar amounts in thousands): For the Years Ended December 31, 2020 2019 2018 Interest income Residential loans Residential loans $ 69,170 $ 63,031 $ 19,659 Consolidated SLST 45,194 4,764 — Residential loans held in securitization trusts 12,612 3,222 8,910 Total residential loans 126,976 71,017 28,569 Multi-family loans Preferred equity and mezzanine loan investments 20,899 20,899 21,036 Consolidated K-Series 151,841 535,226 358,712 Total multi-family loans 172,740 556,125 379,748 Investment securities available for sale 49,925 65,486 47,147 Other 520 1,986 335 Total interest income 350,161 694,614 455,799 Interest expense Repurchase agreements 37,334 90,110 43,219 Collateralized debt obligations Consolidated SLST 31,663 2,945 — Consolidated K-Series 129,762 457,130 313,102 Residential loan securitizations 6,967 1,682 3,623 Non-Agency RMBS and CMBS re-securitizations 3,290 494 2,910 Total collateralized debt obligations 171,682 462,251 319,635 Convertible debt 10,997 10,813 10,643 Subordinated debentures 2,187 2,865 2,743 Derivatives 868 711 831 Total interest expense 223,068 566,750 377,071 Net interest income $ 127,093 $ 127,864 $ 78,728 |
Quarterly Financial Data (una_2
Quarterly Financial Data (unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Data | The following table is a comparative breakdown of our unaudited quarterly results for the immediately preceding eight quarters (amounts in thousands, except per share data): Three Months Ended Mar 31, 2020 Jun 30, 2020 Sep 30, 2020 Dec 31, 2020 Interest income $ 210,613 $ 47,970 $ 45,358 $ 46,220 Interest expense 163,531 19,444 19,829 20,264 Net interest income 47,082 28,526 25,529 25,956 Non-interest (loss) income: Realized (losses) gains, net (147,918) (934) (1,067) 1,861 Realized loss on de-consolidation of Consolidated K-Series (54,118) — — — Unrealized (losses) gains, net (396,780) 102,872 81,198 52,549 Income from equity investments 494 4,112 9,966 12,098 Impairment of goodwill (25,222) — — — Other income (loss) 1,541 (1,638) 431 763 Total non-interest (loss) income (622,003) 104,412 90,528 67,271 General and administrative expenses 10,652 11,761 10,159 9,656 Operating expenses 3,233 2,313 3,265 3,524 Total general, administrative and operating expenses 13,885 14,074 13,424 13,180 (Loss) income from operations before income taxes (588,806) 118,864 102,633 80,047 Income tax (benefit) expense (239) 1,927 (772) 65 Net (loss) income (588,567) 116,937 103,405 79,982 Net loss (income) attributable to non-controlling interest in consolidated variable interest entities 184 876 (1,764) 437 Net (loss) income attributable to Company (588,383) 117,813 101,641 80,419 Preferred stock dividends (10,297) (10,296) (10,297) (10,296) Net (loss) income attributable to Company’s common stockholders $ (598,680) $ 107,517 $ 91,344 $ 70,123 Basic (loss) earnings per common share $ (1.71) $ 0.28 $ 0.24 $ 0.19 Diluted (loss) earnings per common share $ (1.71) $ 0.28 $ 0.23 $ 0.18 Dividends declared per common share $ — $ 0.05 $ 0.075 $ 0.10 Weighted average shares outstanding-basic 350,912 377,465 377,744 377,744 Weighted average shares outstanding-diluted 350,912 399,982 399,709 399,009 Three Months Ended Mar 31, 2019 Jun 30, 2019 Sep 30, 2019 Dec 31, 2019 Interest income $ 147,982 $ 167,258 $ 179,602 $ 199,772 Interest expense 121,779 141,567 147,631 155,773 Net interest income 26,203 25,691 31,971 43,999 Non-interest income: Realized gains, net 22,006 4,448 6,102 86 Unrealized gains, net 2,708 77 11,112 21,940 Income from equity investments 5,325 3,517 3,874 10,910 Loss on extinguishment of collateralized debt obligations (2,857) — — — Recovery of loan losses 1,065 1,296 244 175 Other income (loss) 2,618 (777) 64 515 Total non-interest income 30,865 8,561 21,396 33,626 General and administrative expenses 8,711 9,716 8,238 9,129 Operating expenses 3,933 2,678 4,050 3,380 Total general, administrative and operating expenses 12,644 12,394 12,288 12,509 Income from operations before income taxes 44,424 21,858 41,079 65,116 Income tax expense (benefit) 74 (134) (187) (172) Net income 44,350 21,992 41,266 65,288 Net (income) loss attributable to non-controlling interest in consolidated variable interest entities (211) 743 113 195 Net income attributable to Company 44,139 22,735 41,379 65,483 Preferred stock dividends (5,925) (6,257) (6,544) (10,175) Net income attributable to Company’s common stockholders $ 38,214 $ 16,478 $ 34,835 $ 55,308 Basic earnings per common share $ 0.22 $ 0.08 $ 0.15 $ 0.20 Diluted earnings per common share $ 0.21 $ 0.08 $ 0.15 $ 0.20 Dividends declared per common share $ 0.20 $ 0.20 $ 0.20 $ 0.20 Weighted average shares outstanding-basic 174,421 200,691 234,043 275,121 Weighted average shares outstanding-diluted 194,970 202,398 255,537 296,347 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2020USD ($) | Sep. 30, 2020USD ($) | Jun. 30, 2020USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2020USD ($)segment | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Jan. 23, 2017 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Goodwill | $ 0 | $ 0 | $ 25,222 | ||||||
Impairment of goodwill | 0 | $ 0 | $ 0 | $ 25,222 | $ 25,222 | 0 | $ 0 | ||
Residential mortgage loans, delinquency period | 90 days | ||||||||
Restricted cash and cash equivalents | 11,307 | $ 11,307 | 2,849 | 5,421 | |||||
Receivables, loan services, recoverable advances and interest receivable | 56,300 | ||||||||
Operating lease right-of-use asset | 10,100 | 10,100 | 9,300 | ||||||
Operating lease, liability, current | 10,600 | $ 10,600 | 9,800 | ||||||
Reportable segment | segment | 1 | ||||||||
Equity | $ 2,307,573 | $ 2,307,573 | 2,205,029 | 1,180,293 | $ 976,001 | ||||
Cumulative Effect, Period of Adoption, Adjustment | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Equity | 12,284 | ||||||||
VIE, Primary Beneficiary | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Impairment of real estate | $ 1,800 | 1,900 | 2,800 | ||||||
Interest rate | 2.54% | 2.54% | |||||||
Performance Shares | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Award vesting period | 3 years | ||||||||
6.25% senior convertible notes due 2022 | Convertible Notes | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Interest rate | 6.25% | 6.25% | 6.25% | ||||||
Net Income (Loss) Attributable to Noncontrolling Interest | VIE, Primary Beneficiary | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Impairment of real estate | $ 900 | 1,000 | $ 1,400 | ||||||
Net Loss Attributable to Parent | VIE, Primary Beneficiary | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Impairment of real estate | 900 | ||||||||
Other Assets | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Inventory, real estate, construction in process | $ 0 | 0 | 14,500 | ||||||
Receivables, loan services, recoverable advances and interest receivable | $ 63,600 | $ 63,600 | |||||||
Minimum | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Finite-lived intangible asset, useful life | 6 months | ||||||||
Repurchase agreements, expiration period | 23 months | ||||||||
Maximum | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Finite-lived intangible asset, useful life | 10 years | ||||||||
Repurchase agreements, expiration period | 8 months | ||||||||
Building | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Property, plant and equipment useful life | 30 years | ||||||||
Building Improvements | Minimum | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Property, plant and equipment useful life | 10 years | ||||||||
Building Improvements | Maximum | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Property, plant and equipment useful life | 30 years | ||||||||
Furniture and Fixtures | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Property, plant and equipment useful life | 5 years | ||||||||
RiverBanc, RBMI, and RBDHC | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Goodwill | $ 25,200 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Schedule of Adjustments for Adoption of ASU 2019-05 (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Residential loans, net | $ 3,049,166 | $ 2,961,396 | |
Equity investments | 259,095 | 189,965 | |
Other assets | 165,824 | 169,214 | |
Total assets | [1] | 4,655,587 | 23,483,369 |
Accumulated deficit | (551,268) | (148,863) | |
Total Stockholders' Equity | $ 2,301,202 | 2,205,733 | |
Cumulative Effect, Period of Adoption, Adjustment | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Multi-family loans | 2,420 | ||
Equity investments | 1,394 | ||
Other assets | 2,755 | ||
Total assets | 12,284 | ||
Accumulated deficit | 12,284 | ||
Total Stockholders' Equity | 12,284 | ||
Cumulative Effect, Period of Adoption, Adjusted Balance | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Multi-family loans | 182,465 | ||
Equity investments | 107,477 | ||
Other assets | 3,620 | ||
Total assets | 502,033 | ||
Accumulated deficit | (136,579) | ||
Total Stockholders' Equity | (136,579) | ||
Distressed And Other Residential Mortgage Loans | Cumulative Effect, Period of Adoption, Adjustment | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Residential loans, net | 5,715 | ||
Distressed And Other Residential Mortgage Loans | Cumulative Effect, Period of Adoption, Adjusted Balance | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Residential loans, net | 208,471 | ||
Previously Reported | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Multi-family loans | 180,045 | ||
Equity investments | 106,083 | ||
Other assets | 865 | ||
Total assets | 489,749 | ||
Accumulated deficit | (148,863) | ||
Total Stockholders' Equity | (148,863) | ||
Previously Reported | Distressed And Other Residential Mortgage Loans | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Residential loans, net | $ 202,756 | ||
[1] | Our consolidated balance sheets include assets and liabilities of consolidated variable interest entities (“VIEs”) as the Company is the primary beneficiary of these VIEs. As of December 31, 2020 and December 31, 2019, assets of consolidated VIEs totaled $2,150,984 and $19,270,384, respectively, and the liabilities of consolidated VIEs totaled $1,667,306 and $17,878,314, respectively. See Note 7 for further discussion. |
Residential Loans - Carrying Va
Residential Loans - Carrying Value (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Residential loans, carrying value | $ 3,049,166 | $ 2,961,396 |
Distressed residential mortgage loans | Financial Asset Acquired and No Credit Deterioration | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Distressed residential mortgage loans, net, held in securitization trusts | 158,700 | |
Residential loans, at fair value | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Residential loans, carrying value | 3,049,166 | 2,758,640 |
Residential Mortgage Loans | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Residential loans, carrying value | $ 0 | $ 202,756 |
Residential Loans - Fair Value
Residential Loans - Fair Value (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Principal | $ 3,025,740 | |||
(Discount)/premium | (82,428) | |||
Unrealized gains | 105,854 | |||
Carrying Value | 3,049,166 | $ 20,780,548 | $ 12,707,625 | $ 10,157,126 |
Consolidated SLST | VIE, Primary Beneficiary | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Principal | 1,231,669 | 1,322,131 | ||
(Discount)/premium | 1,337 | 6,455 | ||
Unrealized gains | 33,779 | 300 | ||
Carrying Value | 1,266,785 | 1,328,886 | ||
Residential Mortgage Loans | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Principal | 1,097,528 | 1,464,984 | ||
(Discount)/premium | (42,259) | (81,372) | ||
Unrealized gains | 35,661 | 46,142 | ||
Carrying Value | 1,090,930 | 1,429,754 | ||
Residential mortgage loans held in securitization trust, at fair value | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Principal | 696,543 | |||
(Discount)/premium | (41,506) | |||
Unrealized gains | 36,414 | |||
Carrying Value | $ 691,451 | |||
Residential Loans at Fair Value | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Principal | 2,787,115 | |||
(Discount)/premium | (74,917) | |||
Unrealized gains | 46,442 | |||
Carrying Value | $ 2,758,640 |
Residential Loans - Components
Residential Loans - Components of Net Gains (Losses) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
VIE, Primary Beneficiary | Consolidated SLST | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Unrealized gain (loss) on real estate mortgage loans, net | $ 33,479 | $ 300 | |
Residential mortgage loans held in securitization trust, at fair value | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Unrealized gain (loss) on real estate mortgage loans, net | 29,690 | ||
Residential Mortgage Loans | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Unrealized gain (loss) on real estate mortgage loans, net | $ (4,440) | $ 42,087 | $ 4,096 |
Residential Loans - Geographic
Residential Loans - Geographic Concentrations of Credit Risk (Details) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
NEW JERSEY | ||
Concentration Risk [Line Items] | ||
Geographic concentrations | 5.70% | 4.90% |
Ohio | ||
Concentration Risk [Line Items] | ||
Geographic concentrations | 5.20% | 0.00% |
South Carolina | ||
Concentration Risk [Line Items] | ||
Geographic concentrations | 5.00% | 8.40% |
Geographic Concentration Risk | CALIFORNIA | Consolidated SLST | VIE, Primary Beneficiary | ||
Concentration Risk [Line Items] | ||
Geographic concentrations | 10.90% | 11.00% |
Geographic Concentration Risk | FLORIDA | Residential Loans Held in Securitization Trusts | ||
Concentration Risk [Line Items] | ||
Geographic concentrations | 12.10% | |
Geographic Concentration Risk | FLORIDA | Consolidated SLST | VIE, Primary Beneficiary | ||
Concentration Risk [Line Items] | ||
Geographic concentrations | 10.50% | 10.60% |
Geographic Concentration Risk | NEW YORK | Residential Loans Held in Securitization Trusts | ||
Concentration Risk [Line Items] | ||
Geographic concentrations | 36.10% | |
Geographic Concentration Risk | NEW YORK | Consolidated SLST | VIE, Primary Beneficiary | ||
Concentration Risk [Line Items] | ||
Geographic concentrations | 9.30% | 9.10% |
Geographic Concentration Risk | TEXAS | Consolidated SLST | VIE, Primary Beneficiary | ||
Concentration Risk [Line Items] | ||
Geographic concentrations | 4.00% | 4.00% |
Geographic Concentration Risk | NEW JERSEY | Residential Loans Held in Securitization Trusts | ||
Concentration Risk [Line Items] | ||
Geographic concentrations | 12.80% | |
Geographic Concentration Risk | NEW JERSEY | Consolidated SLST | VIE, Primary Beneficiary | ||
Concentration Risk [Line Items] | ||
Geographic concentrations | 7.10% | 6.90% |
Geographic Concentration Risk | Maryland | Residential Loans Held in Securitization Trusts | ||
Concentration Risk [Line Items] | ||
Geographic concentrations | 5.50% | |
Geographic Concentration Risk | Maryland | Consolidated SLST | VIE, Primary Beneficiary | ||
Concentration Risk [Line Items] | ||
Geographic concentrations | 3.80% | 3.80% |
Geographic Concentration Risk | ILLINOIS | Consolidated SLST | VIE, Primary Beneficiary | ||
Concentration Risk [Line Items] | ||
Geographic concentrations | 6.80% | 6.60% |
Geographic Concentration Risk | MASSACHUSETTS | Residential Loans Held in Securitization Trusts | ||
Concentration Risk [Line Items] | ||
Geographic concentrations | 17.20% | |
Residential loans, at fair value | Geographic Concentration Risk | CALIFORNIA | ||
Concentration Risk [Line Items] | ||
Geographic concentrations | 23.60% | 23.90% |
Residential loans, at fair value | Geographic Concentration Risk | FLORIDA | ||
Concentration Risk [Line Items] | ||
Geographic concentrations | 13.10% | 9.40% |
Residential loans, at fair value | Geographic Concentration Risk | NEW YORK | ||
Concentration Risk [Line Items] | ||
Geographic concentrations | 9.20% | 8.00% |
Residential loans, at fair value | Geographic Concentration Risk | TEXAS | ||
Concentration Risk [Line Items] | ||
Geographic concentrations | 5.60% | 5.40% |
Residential loans, at fair value | Geographic Concentration Risk | NEW JERSEY | ||
Concentration Risk [Line Items] | ||
Geographic concentrations | 5.60% | 5.10% |
Residential loans, at fair value | Geographic Concentration Risk | Maryland | ||
Concentration Risk [Line Items] | ||
Geographic concentrations | 2.80% | 4.60% |
Residential loans, at fair value | Geographic Concentration Risk | ILLINOIS | ||
Concentration Risk [Line Items] | ||
Geographic concentrations | 2.50% | 2.80% |
Residential mortgage loans held in securitization trust, at fair value | Geographic Concentration Risk | CALIFORNIA | ||
Concentration Risk [Line Items] | ||
Geographic concentrations | 19.80% | |
Residential mortgage loans held in securitization trust, at fair value | Geographic Concentration Risk | FLORIDA | ||
Concentration Risk [Line Items] | ||
Geographic concentrations | 8.10% | |
Residential mortgage loans held in securitization trust, at fair value | Geographic Concentration Risk | NEW YORK | ||
Concentration Risk [Line Items] | ||
Geographic concentrations | 8.90% | |
Residential mortgage loans held in securitization trust, at fair value | Geographic Concentration Risk | TEXAS | ||
Concentration Risk [Line Items] | ||
Geographic concentrations | 4.30% | |
Residential mortgage loans held in securitization trust, at fair value | Geographic Concentration Risk | NEW JERSEY | ||
Concentration Risk [Line Items] | ||
Geographic concentrations | 5.60% | |
Residential mortgage loans held in securitization trust, at fair value | Geographic Concentration Risk | Maryland | ||
Concentration Risk [Line Items] | ||
Geographic concentrations | 6.30% | |
Residential mortgage loans held in securitization trust, at fair value | Geographic Concentration Risk | ILLINOIS | ||
Concentration Risk [Line Items] | ||
Geographic concentrations | 2.70% | |
Distressed residential mortgage loans held in securitization trusts (net) | Geographic Concentration Risk | FLORIDA | ||
Concentration Risk [Line Items] | ||
Geographic concentrations | 10.10% | |
Distressed residential mortgage loans held in securitization trusts (net) | Geographic Concentration Risk | NEW YORK | ||
Concentration Risk [Line Items] | ||
Geographic concentrations | 5.50% | |
Distressed residential mortgage loans held in securitization trusts (net) | Geographic Concentration Risk | TEXAS | ||
Concentration Risk [Line Items] | ||
Geographic concentrations | 5.60% | |
Distressed residential mortgage loans held in securitization trusts (net) | Geographic Concentration Risk | North Carolina | ||
Concentration Risk [Line Items] | ||
Geographic concentrations | 10.50% | |
Distressed residential mortgage loans held in securitization trusts (net) | Geographic Concentration Risk | Georgia | ||
Concentration Risk [Line Items] | ||
Geographic concentrations | 7.00% | |
Distressed residential mortgage loans held in securitization trusts (net) | Geographic Concentration Risk | New Jersey | ||
Concentration Risk [Line Items] | ||
Geographic concentrations | 5.80% | |
Distressed residential mortgage loans held in securitization trusts (net) | Geographic Concentration Risk | Ohio | ||
Concentration Risk [Line Items] | ||
Geographic concentrations | 5.20% | |
Distressed residential mortgage loans held in securitization trusts (net) | Geographic Concentration Risk | South Carolina | ||
Concentration Risk [Line Items] | ||
Geographic concentrations | 5.20% |
Residential Loans - Fair Valu_2
Residential Loans - Fair Value Compared to Unpaid Principal (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Fair Value | $ 3,049,166 | $ 20,780,548 | $ 12,707,625 | $ 10,157,126 |
Unpaid Principal Balance | 406,293 | |||
Residential Mortgage Loans | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Fair Value | 1,090,930 | 1,429,754 | ||
Greater than 90 days past | Residential Mortgage Loans | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Fair Value | 149,444 | 106,199 | ||
Unpaid Principal Balance | 169,553 | 122,918 | ||
Greater than 90 days past | Residential Mortgage Loans | VIE, Primary Beneficiary | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Unpaid Principal Balance | 236,700 | 50,700 | ||
Financial Assets, Less than 90 days | Residential Mortgage Loans | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Fair Value | 16,057 | 9,291 | ||
Unpaid Principal Balance | $ 17,748 | $ 10,705 |
Residential Loans - Condensed C
Residential Loans - Condensed Consolidated Balance Sheet (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
ASSETS | |||||
Residential loans, at fair value | $ 0 | $ 17,816,746 | |||
Total assets | [1] | 4,655,587 | 23,483,369 | ||
Liabilities: | |||||
Total liabilities | [1] | 2,348,014 | 21,278,340 | ||
Equity | 2,307,573 | 2,205,029 | $ 1,180,293 | $ 976,001 | |
Total Liabilities and Stockholders' Equity | 4,655,587 | 23,483,369 | |||
VIE, Primary Beneficiary | |||||
ASSETS | |||||
Total assets | 2,150,984 | 19,270,384 | |||
Liabilities: | |||||
Total liabilities | 1,667,306 | 17,878,314 | |||
Consolidated SLST | VIE, Primary Beneficiary | |||||
ASSETS | |||||
Residential loans, at fair value | 1,266,785 | 1,328,886 | |||
Receivables | 4,075 | 5,244 | |||
Total assets | 1,270,860 | 1,334,130 | |||
Liabilities: | |||||
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 Stockholders' Equity | $ 1,270,860 | $ 1,334,130 | |||
[1] | Our consolidated balance sheets include assets and liabilities of consolidated variable interest entities (“VIEs”) as the Company is the primary beneficiary of these VIEs. As of December 31, 2020 and December 31, 2019, assets of consolidated VIEs totaled $2,150,984 and $19,270,384, respectively, and the liabilities of consolidated VIEs totaled $1,667,306 and $17,878,314, respectively. See Note 7 for further discussion. |
Residential Loans - Condensed_2
Residential Loans - Condensed Consolidated Statements of Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||||||||
Interest expense | $ 20,264 | $ 19,829 | $ 19,444 | $ 163,531 | $ 155,773 | $ 147,631 | $ 141,567 | $ 121,779 | $ 223,068 | $ 566,750 | $ 377,071 |
Total net interest income | 25,956 | 25,529 | 28,526 | 47,082 | 43,999 | 31,971 | 25,691 | 26,203 | 127,093 | 127,864 | 78,728 |
Unrealized losses, net | $ (52,549) | $ (81,198) | $ (102,872) | $ 396,780 | $ (21,940) | $ (11,112) | $ (77) | $ (2,708) | 160,161 | (35,837) | (52,781) |
NET (LOSS) INCOME | (288,243) | 172,896 | $ 104,795 | ||||||||
VIE, Primary Beneficiary | |||||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||||||||
Total net interest income | 1,819 | ||||||||||
Consolidated SLST | VIE, Primary Beneficiary | |||||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||||||||
Interest income | 45,194 | 4,764 | |||||||||
Interest expense | 31,663 | 2,945 | |||||||||
Total net interest income | 13,531 | ||||||||||
Unrealized losses, net | 32,073 | 83 | |||||||||
NET (LOSS) INCOME | (18,542) | 1,736 | |||||||||
Unrealized gain (loss) on real estate mortgage loans, net | 33,479 | 300 | |||||||||
Consolidated SLST | VIE, Primary Beneficiary | Collateralized debt obligations | |||||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||||||||
Unrealized losses, net | $ 65,600 | $ 400 |
Residential Loans - Accretable
Residential Loans - Accretable Yield Activity (Details) - Distressed residential mortgage loans $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward] | |
Balance at beginning of period | $ 195,560 |
Additions | 1,784 |
Disposals | (53,624) |
Accretion | (7,015) |
Balance at end of period | $ 136,705 |
Residential Loans - Residential
Residential Loans - Residential Loans held in Securitization Trusts, Net (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Statement of Financial Position [Abstract] | |
Unpaid principal balance | $ 47,237 |
Deferred origination costs – net | 301 |
Allowance for loan losses | (3,508) |
Mortgage Loans on Real Estate, Commercial and Consumer, Net, Total | $ 44,030 |
Residential Loans - Allowance f
Residential Loans - Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward] | ||
Balance at beginning of period | $ 3,759 | $ 4,191 |
Provisions for loan losses | 25 | 166 |
Transfer to real estate owned | (167) | 0 |
Charge-offs | (109) | (598) |
Balance at the end of period | $ 3,508 | $ 3,759 |
Residential Loans - Schedule of
Residential Loans - Schedule of Delinquencies of Residential Loans (Details) - Residential mortgage loans held in securitization trusts and real estate owned held in residential securitization $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020loans | Dec. 31, 2019USD ($)loans | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Number of Delinquent Loans | 18 | |
Number Of Delinquent Loans, Real estate through foreclosure | 1 | |
Unpaid Principal, Real estate owned through foreclosure | $ | $ 360 | |
% Of Loan Portfolio, Real estate owned through foreclosure | 0.76% | |
Financial Asset, 30 to 59 Days Past Due | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Number of Delinquent Loans | 2 | |
Total Unpaid Principal | $ | $ 211 | |
% of Loan Portfolio | 0.44% | |
Financial Asset, Equal to or Greater than 90 Days Past Due | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Number of Delinquent Loans | 16 | |
Total Unpaid Principal | $ | $ 10,010 | |
% of Loan Portfolio | 21.05% |
Residential Loans - Narrative (
Residential Loans - Narrative (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2020USD ($) | Sep. 30, 2020USD ($) | Jun. 30, 2020USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Sep. 30, 2020loans | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($)loans | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||||||||||
Net realized gain (loss) on payoff and sale of mortgage loans | $ 18,100 | $ 2,900 | $ 4,200 | ||||||||||
Principal outstanding | $ 406,293 | 406,293 | |||||||||||
Payments to acquire other investments | 477 | 991 | 183 | ||||||||||
Unrealized (losses) gains, net | 1,861 | $ (1,067) | $ (934) | $ (147,918) | $ 86 | $ 6,102 | $ 4,448 | $ 22,006 | (148,058) | 32,642 | (7,775) | ||
Allowance for loan losses | 3,508 | $ 3,508 | $ 3,759 | $ 4,191 | |||||||||
Allowance for loan losses, basis points | 74300.00% | ||||||||||||
Distressed residential mortgage loans | Financial Asset Acquired with Credit Deterioration | |||||||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||||||||||
Distressed residential mortgage loans, net, held in securitization trusts | 158,700 | $ 158,700 | |||||||||||
Residential mortgage loans held in securitization trusts and real estate owned held in residential securitization | |||||||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||||||||||
Principal outstanding | 10,200 | 10,200 | |||||||||||
Number of delinquent loans | loans | 18 | ||||||||||||
Residential mortgage loans held in securitization trusts and real estate owned held in residential securitization | Payment Deferral | |||||||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||||||||||
Principal outstanding | $ 6,700 | $ 6,700 | |||||||||||
Modified percent | 66.00% | 66.00% | |||||||||||
Consolidated SLST | |||||||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||||||||||
Proceeds from sale of other investments | 62,600 | ||||||||||||
Unrealized (losses) gains, net | 2,400 | ||||||||||||
Consolidated SLST | VIE, Primary Beneficiary | |||||||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||||||||||
Variable interest entity, primary beneficiary, maximum loss exposure, amount | 212,100 | $ 276,800 | 212,100 | $ 276,800 | |||||||||
Payments to acquire other investments | 40,000 | ||||||||||||
Financial Asset, Equal to or Greater than 90 Days Past Due | Residential mortgage loans held in securitization trusts and real estate owned held in residential securitization | |||||||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||||||||||
Number of delinquent loans | loans | 16 | ||||||||||||
Residential Mortgage Loans | Financial Asset, Equal to or Greater than 90 Days Past Due | VIE, Primary Beneficiary | |||||||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||||||||||
Principal outstanding | $ 236,700 | $ 50,700 | $ 236,700 | $ 50,700 |
Multi-family Loans - Carrying V
Multi-family Loans - Carrying Value (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Variable Interest Entity [Line Items] | ||
Preferred equity and mezzanine loan investments | $ 180,045 | |
Consolidated K-Series | $ 0 | 17,816,746 |
Total | 163,593 | 17,996,791 |
Multi-family Loans Held In Securitization Trusts, At Fair Value | ||
Variable Interest Entity [Line Items] | ||
Preferred equity and mezzanine loan investments | $ 163,593 | $ 180,045 |
Multi-family Loans - Preferred
Multi-family Loans - Preferred Equity and Mezzanine Loan Investments (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Variable Interest Entity [Line Items] | ||
Unrealized gains, net | $ (1,500) | |
Total | $ 180,045 | |
Variable Interest Entity, Not Primary Beneficiary | Multi-family loans | ||
Variable Interest Entity [Line Items] | ||
Investment amount | 163,392 | 181,409 |
Deferred loan fees, net | (1,169) | (1,364) |
Unrealized gains, net | 1,370 | 0 |
Total | $ 163,593 | $ 180,045 |
Multi-family Loans - Narrative
Multi-family Loans - Narrative (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||
Mar. 31, 2020 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Variable Interest Entity [Line Items] | |||||||||||||
Net unrealized losses | $ 1,500 | ||||||||||||
Net proceeds from sale of real estate held for sale in Consolidated VIEs | 0 | $ 3,587 | $ 33,192 | ||||||||||
Realized loss on de-consolidation of Consolidated K-Series | $ 0 | $ 0 | $ 0 | $ (54,118) | (54,118) | 0 | 0 | ||||||
Unrealized (losses) gains, net | 52,549 | $ 81,198 | $ 102,872 | (396,780) | $ 21,940 | $ 11,112 | $ 77 | $ 2,708 | (160,161) | 35,837 | 52,781 | ||
Carrying Value | $ 3,049,166 | 20,780,548 | 3,049,166 | 20,780,548 | 12,707,625 | $ 10,157,126 | |||||||
VIE, Primary Beneficiary | Consolidated K-Series | |||||||||||||
Variable Interest Entity [Line Items] | |||||||||||||
Unrealized (losses) gains, net | $ (10,951) | 23,962 | $ 37,581 | ||||||||||
Deconsolidation of financial instruments | $ 17,400,000 | 17,400,000 | |||||||||||
Collateralized debt obligations, at fair value | 16,724,451 | 16,724,451 | |||||||||||
IOs and mezzanine securities transferred to available-for-sale securities from consolidated K-series due to de-consolidation | 237,300 | 237,300 | |||||||||||
K-series net carrying value | 1,100,000 | 1,100,000 | |||||||||||
VIE, Primary Beneficiary | Consolidated K-Series | Consolidated K-Series | |||||||||||||
Variable Interest Entity [Line Items] | |||||||||||||
Carrying Value | $ 16,800,000 | $ 16,800,000 | |||||||||||
VIE, Primary Beneficiary | Consolidated K-Series | Multi Family Collateralized Debt Obligations | |||||||||||||
Variable Interest Entity [Line Items] | |||||||||||||
Collateralized debt obligations, at fair value | 16,600,000 | $ 16,600,000 | |||||||||||
VIE, Primary Beneficiary | First Loss POs And Mezzanine Securities Member | Consolidated K-Series | |||||||||||||
Variable Interest Entity [Line Items] | |||||||||||||
Net proceeds from sale of real estate held for sale in Consolidated VIEs | 555,200 | ||||||||||||
Realized loss on de-consolidation of Consolidated K-Series | (54,100) | ||||||||||||
Unrealized (losses) gains, net | $ 168,500 |
Multi-family Loans - Unpaid Pri
Multi-family Loans - Unpaid Principal Balance (Details) - Financial Asset, Equal to or Greater than 90 Days Past Due $ in Thousands | Dec. 31, 2020USD ($) |
Variable Interest Entity [Line Items] | |
Fair Value | $ 3,325 |
Unpaid Principal Balance | $ 3,363 |
Multi-family Loans - Geographic
Multi-family Loans - Geographic Concentration Risk (Details) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Tennessee | Multi-family loans | ||
Concentration Risk [Line Items] | ||
Geographic concentrations | 14.30% | 12.30% |
FLORIDA | VIE, Primary Beneficiary | Consolidated K-Series | Geographic Concentration Risk | Consolidated K-Series | ||
Concentration Risk [Line Items] | ||
Geographic concentrations | 6.20% | |
FLORIDA | Multi-family loans | ||
Concentration Risk [Line Items] | ||
Geographic concentrations | 11.40% | 10.60% |
Georgia | Multi-family loans | ||
Concentration Risk [Line Items] | ||
Geographic concentrations | 10.10% | 11.80% |
TEXAS | VIE, Primary Beneficiary | Consolidated K-Series | Geographic Concentration Risk | Consolidated K-Series | ||
Concentration Risk [Line Items] | ||
Geographic concentrations | 12.40% | |
TEXAS | Multi-family loans | ||
Concentration Risk [Line Items] | ||
Geographic concentrations | 9.70% | 10.00% |
Florida | Multi-family loans | ||
Concentration Risk [Line Items] | ||
Geographic concentrations | 8.50% | 12.00% |
New Jersey | Multi-family loans | ||
Concentration Risk [Line Items] | ||
Geographic concentrations | 7.20% | 6.30% |
NEW JERSEY | ||
Concentration Risk [Line Items] | ||
Geographic concentrations | 5.70% | 4.90% |
NEW JERSEY | Multi-family loans | ||
Concentration Risk [Line Items] | ||
Geographic concentrations | 5.80% | 5.00% |
Ohio | ||
Concentration Risk [Line Items] | ||
Geographic concentrations | 5.20% | 0.00% |
South Carolina | ||
Concentration Risk [Line Items] | ||
Geographic concentrations | 5.00% | 8.40% |
CALIFORNIA | VIE, Primary Beneficiary | Consolidated K-Series | Geographic Concentration Risk | Consolidated K-Series | ||
Concentration Risk [Line Items] | ||
Geographic concentrations | 15.90% | |
Maryland | VIE, Primary Beneficiary | Consolidated K-Series | Geographic Concentration Risk | Consolidated K-Series | ||
Concentration Risk [Line Items] | ||
Geographic concentrations | 5.80% |
Multi-family Loans - Condensed
Multi-family Loans - Condensed Consolidated Balance Sheets (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Condensed Balance Sheet Statements, Captions [Line Items] | |||||
Consolidated K-Series | $ 0 | $ 17,816,746 | |||
Total assets | [1] | 4,655,587 | 23,483,369 | ||
Total liabilities | [1] | 2,348,014 | 21,278,340 | ||
Equity | 2,307,573 | 2,205,029 | $ 1,180,293 | $ 976,001 | |
Total Liabilities and Stockholders' Equity | 4,655,587 | 23,483,369 | |||
VIE, Primary Beneficiary | |||||
Condensed Balance Sheet Statements, Captions [Line Items] | |||||
Total assets | 2,150,984 | 19,270,384 | |||
Total liabilities | $ 1,667,306 | 17,878,314 | |||
VIE, Primary Beneficiary | Consolidated K-Series | |||||
Condensed Balance Sheet Statements, Captions [Line Items] | |||||
Consolidated K-Series | 17,816,746 | ||||
Receivables | 59,417 | ||||
Total assets | 17,876,163 | ||||
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 Stockholders' Equity | $ 17,876,163 | ||||
[1] | Our consolidated balance sheets include assets and liabilities of consolidated variable interest entities (“VIEs”) as the Company is the primary beneficiary of these VIEs. As of December 31, 2020 and December 31, 2019, assets of consolidated VIEs totaled $2,150,984 and $19,270,384, respectively, and the liabilities of consolidated VIEs totaled $1,667,306 and $17,878,314, respectively. See Note 7 for further discussion. |
Multi-family Loans - Condense_2
Multi-family Loans - Condensed Consolidated Statements of Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Condensed Income Statements, Captions [Line Items] | |||||||||||
Interest expense | $ 20,264 | $ 19,829 | $ 19,444 | $ 163,531 | $ 155,773 | $ 147,631 | $ 141,567 | $ 121,779 | $ 223,068 | $ 566,750 | $ 377,071 |
Net interest income | 25,956 | 25,529 | 28,526 | 47,082 | 43,999 | 31,971 | 25,691 | 26,203 | 127,093 | 127,864 | 78,728 |
Unrealized (losses) gains, net | $ 52,549 | $ 81,198 | $ 102,872 | $ (396,780) | $ 21,940 | $ 11,112 | $ 77 | $ 2,708 | (160,161) | 35,837 | 52,781 |
Net (loss) income | (288,243) | 172,896 | 104,795 | ||||||||
VIE, Primary Beneficiary | |||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||
Net interest income | 1,819 | ||||||||||
VIE, Primary Beneficiary | Consolidated K-Series | |||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||
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 (loss) income | $ 11,128 | $ 102,058 | $ 83,191 |
Investment Securities Availab_3
Investment Securities Available For Sale, at Fair Value - Summary (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2020 | |
Fair Value Option | |||
Amortized Cost | $ 412,164 | $ 244,735 | |
Unrealized Gains | 15,795 | 2,998 | |
Unrealized Losses | (14,517) | (2,405) | |
Fair Value | 413,442 | 245,328 | |
CECL Securities | |||
Amortized Cost | 310,290 | 1,735,680 | |
Unrealized Gains | 6,368 | 32,723 | |
Unrealized Losses | (5,374) | (7,591) | |
Fair Value | 311,284 | 1,760,812 | |
Debt securities, available-for-sale, CECL and fair value option, amortized cost | 722,454 | 1,980,415 | |
Debt securities, available-for-sale, CECL and fair value option, accumulated gross unrealized gain, before tax | 22,163 | 35,721 | |
Debt Securities, Available-For-Sale, CECL And Fair Value Option, Accumulated Gross Unrealized Loss, before Tax | (19,891) | (9,996) | |
Debt securities, available-for-sale, CECL and fair value option | 724,726 | $ 2,006,140 | |
Consolidated K-Series | VIE, Primary Beneficiary | |||
CECL Securities | |||
IOs and mezzanine securities transferred to available-for-sale securities from consolidated K-series due to de-consolidation | $ 237,300 | ||
Agency ARMs | |||
CECL Securities | |||
Weighted average reset period | 26 months | ||
Agency RMBS: | |||
Fair Value Option | |||
Amortized Cost | 138,541 | $ 21,033 | |
Unrealized Gains | 854 | 0 | |
Unrealized Losses | 0 | (55) | |
Fair Value | 139,395 | 20,978 | |
CECL Securities | |||
Amortized Cost | 0 | 901,943 | |
Unrealized Gains | 0 | 7,410 | |
Unrealized Losses | 0 | (7,454) | |
Fair Value | 0 | 901,899 | |
Agency RMBS: | Agency ARMs | |||
CECL Securities | |||
Amortized Cost | 0 | 55,740 | |
Unrealized Gains | 0 | 13 | |
Unrealized Losses | 0 | (1,347) | |
Fair Value | 0 | 54,406 | |
Agency RMBS: | Agency Fixed-Rate | |||
Fair Value Option | |||
Amortized Cost | 138,541 | 21,033 | |
Unrealized Gains | 854 | 0 | |
Unrealized Losses | 0 | (55) | |
Fair Value | 139,395 | 20,978 | |
CECL Securities | |||
Amortized Cost | 0 | 846,203 | |
Unrealized Gains | 0 | 7,397 | |
Unrealized Losses | 0 | (6,107) | |
Fair Value | 0 | 847,493 | |
Agency CMBS | |||
Fair Value Option | |||
Amortized Cost | 0 | 31,076 | |
Unrealized Gains | 0 | 0 | |
Unrealized Losses | 0 | (395) | |
Fair Value | 0 | 30,681 | |
CECL Securities | |||
Amortized Cost | 0 | 20,258 | |
Unrealized Gains | 0 | 19 | |
Unrealized Losses | 0 | 0 | |
Fair Value | 0 | 20,277 | |
Total Agency | |||
Fair Value Option | |||
Amortized Cost | 138,541 | 52,109 | |
Unrealized Gains | 854 | 0 | |
Unrealized Losses | 0 | (450) | |
Fair Value | 139,395 | 51,659 | |
CECL Securities | |||
Amortized Cost | 0 | 922,201 | |
Unrealized Gains | 0 | 7,429 | |
Unrealized Losses | 0 | (7,454) | |
Fair Value | 0 | 922,176 | |
Non-Agency RMBS | |||
Fair Value Option | |||
Amortized Cost | 100,465 | 122,628 | |
Unrealized Gains | 170 | 2,435 | |
Unrealized Losses | (10,786) | (1,248) | |
Fair Value | 89,849 | 123,815 | |
CECL Securities | |||
Amortized Cost | 266,855 | 578,955 | |
Unrealized Gains | 4,336 | 12,557 | |
Unrealized Losses | (5,374) | (13) | |
Fair Value | 265,817 | 591,499 | |
Non-Agency RMBS | Non Agency RMBS Held In Securitization Trust | |||
Fair Value Option | |||
Fair Value | 37,600 | ||
CECL Securities | |||
Fair Value | 71,500 | ||
CMBS | |||
Fair Value Option | |||
Amortized Cost | 139,019 | 20,096 | |
Unrealized Gains | 5,685 | 563 | |
Unrealized Losses | (3,731) | (19) | |
Fair Value | 140,973 | 20,640 | |
CECL Securities | |||
Amortized Cost | 43,435 | 234,524 | |
Unrealized Gains | 2,032 | 12,737 | |
Unrealized Losses | 0 | (124) | |
Fair Value | 45,467 | 247,137 | |
CMBS | Consolidated K-Series | VIE, Primary Beneficiary | |||
CECL Securities | |||
IOs and mezzanine securities transferred to available-for-sale securities from consolidated K-series due to de-consolidation | 97,600 | ||
ABS | |||
Fair Value Option | |||
Amortized Cost | 34,139 | 49,902 | |
Unrealized Gains | 9,086 | 0 | |
Unrealized Losses | 0 | (688) | |
Fair Value | $ 43,225 | $ 49,214 |
Investment Securities Availab_4
Investment Securities Available For Sale, at Fair Value - Realized Gain or Loss Activity (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Debt Securities, Available-for-sale [Line Items] | |||
Sales Proceeds | $ 1,820,194 | $ 97,951 | $ 26,899 |
Realized Gains | 19,679 | 21,971 | 88 |
Realized Losses | (81,208) | (156) | (12,358) |
Net Realized Gains (Losses) | (61,529) | 21,815 | (12,270) |
Agency RMBS: | |||
Debt Securities, Available-for-sale [Line Items] | |||
Sales Proceeds | 992,966 | ||
Realized Gains | 5,402 | ||
Realized Losses | (15,854) | ||
Net Realized Gains (Losses) | (10,452) | ||
Agency RMBS: | Agency ARMs | |||
Debt Securities, Available-for-sale [Line Items] | |||
Sales Proceeds | 49,892 | ||
Realized Gains | 44 | ||
Realized Losses | (4,157) | ||
Net Realized Gains (Losses) | (4,113) | ||
Agency RMBS: | Agency Fixed Rate | |||
Debt Securities, Available-for-sale [Line Items] | |||
Sales Proceeds | 943,074 | ||
Realized Gains | 5,358 | ||
Realized Losses | (11,697) | ||
Net Realized Gains (Losses) | (6,339) | ||
Agency CMBS | |||
Debt Securities, Available-for-sale [Line Items] | |||
Sales Proceeds | 145,411 | ||
Realized Gains | 5,666 | ||
Realized Losses | (209) | ||
Net Realized Gains (Losses) | 5,457 | ||
Total Agency | |||
Debt Securities, Available-for-sale [Line Items] | |||
Sales Proceeds | 1,138,377 | ||
Realized Gains | 11,068 | ||
Realized Losses | (16,063) | ||
Net Realized Gains (Losses) | (4,995) | ||
Non-Agency RMBS | |||
Debt Securities, Available-for-sale [Line Items] | |||
Sales Proceeds | 433,076 | 1,021 | |
Realized Gains | 435 | 33 | |
Realized Losses | (34,856) | 0 | |
Net Realized Gains (Losses) | (34,421) | 33 | |
Non-Agency RMBS | Non Agency RMBS Held In Securitization Trust | |||
Debt Securities, Available-for-sale [Line Items] | |||
Sales Proceeds | 67,600 | ||
Net Realized Gains (Losses) | 200 | ||
CMBS | |||
Debt Securities, Available-for-sale [Line Items] | |||
Sales Proceeds | 248,741 | 96,930 | |
Realized Gains | 8,176 | 21,938 | |
Realized Losses | (30,289) | (156) | |
Net Realized Gains (Losses) | $ (22,113) | $ 21,782 | |
Agency IOs | |||
Debt Securities, Available-for-sale [Line Items] | |||
Sales Proceeds | 26,899 | ||
Realized Gains | 88 | ||
Realized Losses | (12,358) | ||
Net Realized Gains (Losses) | $ (12,270) |
Investment Securities Availab_5
Investment Securities Available For Sale, at Fair Value - Weighted Average Life (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Investments, Debt and Equity Securities [Abstract] | ||
0 to 5 years | $ 332,934 | $ 1,359,894 |
Over 5 to 10 years | 320,361 | 521,517 |
10+ years | 71,431 | 124,729 |
Total | $ 724,726 | $ 2,006,140 |
Investment Securities Availab_6
Investment Securities Available For Sale, at Fair Value - Unrealized Losses in OCI (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 Months, Carrying Value | $ 159,841 | $ 25,507 |
Less than 12 Months, Gross Unrealized Losses | (4,526) | (124) |
Greater than 12 Months, Carrying Value | 8,234 | 222,390 |
Greater than 12 Months, Gross Unrealized Losses | (848) | (7,467) |
Total, Carrying Value | 168,075 | 247,897 |
Total, Gross Unrealized Losses | (5,374) | (7,591) |
Agency RMBs | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 Months, Carrying Value | 0 | |
Less than 12 Months, Gross Unrealized Losses | 0 | |
Greater than 12 Months, Carrying Value | 222,286 | |
Greater than 12 Months, Gross Unrealized Losses | (7,454) | |
Total, Carrying Value | 222,286 | |
Total, Gross Unrealized Losses | (7,454) | |
Non-Agency RMBS | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 Months, Carrying Value | 159,841 | 0 |
Less than 12 Months, Gross Unrealized Losses | (4,526) | 0 |
Greater than 12 Months, Carrying Value | 8,234 | 104 |
Greater than 12 Months, Gross Unrealized Losses | (848) | (13) |
Total, Carrying Value | 168,075 | 104 |
Total, Gross Unrealized Losses | $ (5,374) | (13) |
CMBS | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 Months, Carrying Value | 25,507 | |
Less than 12 Months, Gross Unrealized Losses | (124) | |
Greater than 12 Months, Carrying Value | 0 | |
Greater than 12 Months, Gross Unrealized Losses | 0 | |
Total, Carrying Value | 25,507 | |
Total, Gross Unrealized Losses | $ (124) |
Investment Securities Availab_7
Investment Securities Available For Sale, at Fair Value - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Investments, Debt and Equity Securities [Abstract] | ||
Interest receivable | $ 2.4 | $ 5.9 |
Contractual maturities | 39 years | |
Available for sale securities portfolio, weighted average life | 5 years 7 months 6 days | 5 years |
Equity Investments - (Details)
Equity Investments - (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule of Equity Method Investments [Line Items] | |||
Equity investments | $ 259,095 | $ 189,965 | |
Other income (losses) | 1,097 | 2,420 | $ 12,146 |
Preferred Equity Ownership Interests | |||
Schedule of Equity Method Investments [Line Items] | |||
Other income (losses) | 300 | ||
Joint Venture Equity Investments In Multi-family Properties | |||
Schedule of Equity Method Investments [Line Items] | |||
Other income (losses) | (9,700) | 300 | 4,000 |
Realized (losses) gains, net | 8,800 | 10,200 | 4,000 |
Equity Method Investments | |||
Schedule of Equity Method Investments [Line Items] | |||
Fair Value | 76,330 | 83,882 | |
Changes in fair value, gain (loss) | 16,587 | 8,541 | 1,436 |
Equity Method Investments | Preferred Equity Ownership Interests | |||
Schedule of Equity Method Investments [Line Items] | |||
Fair Value | 182,765 | ||
Equity investments | 106,083 | ||
Equity Method Investments | BBA-EP320 II, L.L.C., BBA-Ten10 II, L.L.C., and Lexington on the Green Apartments, L.L.C. (collectively) | |||
Schedule of Equity Method Investments [Line Items] | |||
Changes in fair value, gain (loss) | $ 1,260 | $ 1,167 | 1,050 |
Equity Method Investments | BBA-EP320 II, L.L.C., BBA-Ten10 II, L.L.C., and Lexington on the Green Apartments, L.L.C. (collectively) | Preferred Equity Ownership Interests | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership Interest | 45.00% | 45.00% | |
Fair Value | $ 11,441 | ||
Equity investments | $ 10,108 | ||
Equity Method Investments | Somerset Deerfield Investor, LLC | |||
Schedule of Equity Method Investments [Line Items] | |||
Changes in fair value, gain (loss) | $ 2,168 | $ 1,992 | 251 |
Equity Method Investments | Somerset Deerfield Investor, LLC | Preferred Equity Ownership Interests | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership Interest | 45.00% | 45.00% | |
Fair Value | $ 18,792 | ||
Equity investments | $ 17,417 | ||
Equity Method Investments | RS SWD Owner, LLC, RS SWD Mitchell Owner, LLC, RS SWD IF Owner, LLC, RS SWD Mullis Owner, LLC, RS SWD JH Mullis Owner, LLC and RS SWD Saltzman Owner, LLC (collectively) | |||
Schedule of Equity Method Investments [Line Items] | |||
Changes in fair value, gain (loss) | $ 551 | $ 539 | 76 |
Equity Method Investments | RS SWD Owner, LLC, RS SWD Mitchell Owner, LLC, RS SWD IF Owner, LLC, RS SWD Mullis Owner, LLC, RS SWD JH Mullis Owner, LLC and RS SWD Saltzman Owner, LLC (collectively) | Preferred Equity Ownership Interests | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership Interest | 43.00% | 43.00% | |
Fair Value | $ 5,140 | ||
Equity investments | $ 4,878 | ||
Equity Method Investments | Audubon Mezzanine Holdings, L.L.C. (Series A) | |||
Schedule of Equity Method Investments [Line Items] | |||
Changes in fair value, gain (loss) | $ 1,213 | $ 1,224 | 59 |
Equity Method Investments | Audubon Mezzanine Holdings, L.L.C. (Series A) | Preferred Equity Ownership Interests | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership Interest | 57.00% | 57.00% | |
Fair Value | $ 11,456 | ||
Equity investments | $ 10,998 | ||
Equity Method Investments | EP 320 Growth Fund, L.L.C. (Series A) and Turnbury Park Apartments - BC, L.L.C. (Series A) (collectively) | |||
Schedule of Equity Method Investments [Line Items] | |||
Changes in fair value, gain (loss) | $ 782 | $ 741 | 0 |
Equity Method Investments | EP 320 Growth Fund, L.L.C. (Series A) and Turnbury Park Apartments - BC, L.L.C. (Series A) (collectively) | Preferred Equity Ownership Interests | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership Interest | 46.00% | 46.00% | |
Fair Value | $ 7,234 | ||
Equity investments | $ 6,847 | ||
Equity Method Investments | Walnut Creek Properties Holdings, L.L.C. | |||
Schedule of Equity Method Investments [Line Items] | |||
Changes in fair value, gain (loss) | $ 928 | $ 803 | 0 |
Equity Method Investments | Walnut Creek Properties Holdings, L.L.C. | Preferred Equity Ownership Interests | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership Interest | 36.00% | 36.00% | |
Fair Value | $ 8,803 | ||
Equity investments | $ 8,288 | ||
Equity Method Investments | Towers Property Holdings, LLC | |||
Schedule of Equity Method Investments [Line Items] | |||
Changes in fair value, gain (loss) | $ 1,243 | $ 638 | 0 |
Equity Method Investments | Towers Property Holdings, LLC | Preferred Equity Ownership Interests | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership Interest | 37.00% | 37.00% | |
Fair Value | $ 12,119 | ||
Equity investments | $ 11,278 | ||
Equity Method Investments | Mansions Property Holdings, LLC | |||
Schedule of Equity Method Investments [Line Items] | |||
Changes in fair value, gain (loss) | $ 1,198 | $ 615 | 0 |
Equity Method Investments | Mansions Property Holdings, LLC | Preferred Equity Ownership Interests | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership Interest | 34.00% | 34.00% | |
Fair Value | $ 11,679 | ||
Equity investments | $ 10,867 | ||
Equity Method Investments | Sabina Montgomery Holdings, LLC - Series B and Oakley Shoals Apartments, LLC - Series A (collectively) | |||
Schedule of Equity Method Investments [Line Items] | |||
Changes in fair value, gain (loss) | $ 454 | $ 188 | 0 |
Equity Method Investments | Sabina Montgomery Holdings, LLC - Series B and Oakley Shoals Apartments, LLC - Series A (collectively) | Preferred Equity Ownership Interests | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership Interest | 43.00% | 43.00% | |
Fair Value | $ 4,320 | ||
Equity investments | $ 4,062 | ||
Equity Method Investments | Gen1814, LLC - Series A, Highlands - Mtg. Holdings, LLC - Series A, and Polos at Hudson Investments, LLC - Series A (collectively) | |||
Schedule of Equity Method Investments [Line Items] | |||
Changes in fair value, gain (loss) | $ 1,044 | $ 367 | 0 |
Equity Method Investments | Gen1814, LLC - Series A, Highlands - Mtg. Holdings, LLC - Series A, and Polos at Hudson Investments, LLC - Series A (collectively) | Preferred Equity Ownership Interests | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership Interest | 37.00% | 37.00% | |
Fair Value | $ 9,966 | ||
Equity investments | $ 9,396 | ||
Equity Method Investments | Axis Apartments Holdings, LLC, Arbor-Stratford Holdings II, LLC - Series B, Highlands - Mtg. Holdings, LLC - Series B, Oakley Shoals Apartments, LLC - Series C, and Woodland Park Apartments II, LLC (collectively) | |||
Schedule of Equity Method Investments [Line Items] | |||
Changes in fair value, gain (loss) | $ 1,293 | $ 267 | 0 |
Equity Method Investments | Axis Apartments Holdings, LLC, Arbor-Stratford Holdings II, LLC - Series B, Highlands - Mtg. Holdings, LLC - Series B, Oakley Shoals Apartments, LLC - Series C, and Woodland Park Apartments II, LLC (collectively) | Preferred Equity Ownership Interests | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership Interest | 53.00% | 53.00% | |
Fair Value | $ 12,337 | ||
Equity investments | $ 11,944 | ||
Equity Method Investments | DCP Gold Creek, LLC | |||
Schedule of Equity Method Investments [Line Items] | |||
Changes in fair value, gain (loss) | $ 701 | $ 0 | 0 |
Equity Method Investments | DCP Gold Creek, LLC | Preferred Equity Ownership Interests | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership Interest | 44.00% | 0.00% | |
Fair Value | $ 6,357 | ||
Equity investments | $ 0 | ||
Equity Method Investments | 1122 Chicago DE, LLC | |||
Schedule of Equity Method Investments [Line Items] | |||
Changes in fair value, gain (loss) | $ 835 | $ 0 | 0 |
Equity Method Investments | 1122 Chicago DE, LLC | Preferred Equity Ownership Interests | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership Interest | 53.00% | 0.00% | |
Fair Value | $ 7,222 | ||
Equity investments | $ 0 | ||
Equity Method Investments | Rigsbee Ave Holdings, LLC | |||
Schedule of Equity Method Investments [Line Items] | |||
Changes in fair value, gain (loss) | $ 1,148 | $ 0 | 0 |
Equity Method Investments | Rigsbee Ave Holdings, LLC | Preferred Equity Ownership Interests | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership Interest | 56.00% | 0.00% | |
Fair Value | $ 10,222 | ||
Equity investments | $ 0 | ||
Equity Method Investments | Bighaus, LLC | |||
Schedule of Equity Method Investments [Line Items] | |||
Changes in fair value, gain (loss) | $ 1,002 | $ 0 | 0 |
Equity Method Investments | Bighaus, LLC | Preferred Equity Ownership Interests | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership Interest | 42.00% | 0.00% | |
Fair Value | $ 14,525 | ||
Equity investments | $ 0 | ||
Equity Method Investments | FF/RMI 20 Midtown, LLC | |||
Schedule of Equity Method Investments [Line Items] | |||
Changes in fair value, gain (loss) | $ 686 | $ 0 | 0 |
Equity Method Investments | FF/RMI 20 Midtown, LLC | Preferred Equity Ownership Interests | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership Interest | 51.00% | 0.00% | |
Fair Value | $ 23,936 | ||
Equity investments | $ 0 | ||
Equity Method Investments | Lurin-RMI, LLC | |||
Schedule of Equity Method Investments [Line Items] | |||
Changes in fair value, gain (loss) | $ 81 | $ 0 | 0 |
Equity Method Investments | Lurin-RMI, LLC | Preferred Equity Ownership Interests | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership Interest | 38.00% | 0.00% | |
Fair Value | $ 7,216 | ||
Equity investments | $ 0 | ||
Equity Method Investments | The Preserve at Port Royal Venture, LLC | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership Interest | 0.00% | 77.00% | |
Fair Value | $ 0 | $ 18,310 | |
Changes in fair value, gain (loss) | $ (949) | $ 5,374 | 1,778 |
Equity Method Investments | Morrocroft Neighborhood Stabilization Fund II, LP | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership Interest | 11.00% | 11.00% | |
Fair Value | $ 13,040 | $ 11,796 | |
Changes in fair value, gain (loss) | $ 1,519 | $ 843 | 1,131 |
Equity Method Investments | Headlands Asset Management Fund III (Cayman), LP (Headlands Flagship Opportunity Fund Series I) | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership Interest | 49.00% | 49.00% | |
Fair Value | $ 63,290 | $ 53,776 | |
Changes in fair value, gain (loss) | 9,513 | 3,776 | 0 |
Equity Method Investments | Evergreens JV Holdings, LLC | |||
Schedule of Equity Method Investments [Line Items] | |||
Changes in fair value, gain (loss) | 0 | 5,107 | 4,312 |
Equity Method Investments | WR Savannah Holdings, LLC | |||
Schedule of Equity Method Investments [Line Items] | |||
Changes in fair value, gain (loss) | 0 | 0 | 1,854 |
Equity Method Investments | Joint Venture in Multi-family Properties and Entities that Invest In Residential Properties and Loans | |||
Schedule of Equity Method Investments [Line Items] | |||
Changes in fair value, gain (loss) | $ 10,083 | $ 15,100 | $ 9,075 |
Equity Investments - Balance Sh
Equity Investments - Balance Sheets (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | |
Balance Sheets: | |||
Residential loans, net | $ 3,049,166 | $ 2,961,396 | |
Other assets | 165,824 | 169,214 | |
Total assets | [1] | 4,655,587 | 23,483,369 |
Other liabilities | 138,498 | 177,260 | |
Total liabilities | [1] | 2,348,014 | 21,278,340 |
Total Liabilities and Stockholders' Equity | 4,655,587 | 23,483,369 | |
Equity Method Investment, Nonconsolidated Investee or Group of Investees | |||
Balance Sheets: | |||
Real estate, net | 917,392 | 829,935 | |
Residential loans, net | 268,693 | 266,739 | |
Other assets | 190,429 | 126,491 | |
Total assets | 1,376,514 | 1,223,165 | |
Notes payable, net | 649,241 | 610,636 | |
Collateralized debt obligations | 233,765 | 233,765 | |
Other liabilities | 23,734 | 23,387 | |
Total liabilities | 906,740 | 867,788 | |
Members' equity | 469,774 | 355,377 | |
Total Liabilities and Stockholders' Equity | $ 1,376,514 | $ 1,223,165 | |
[1] | Our consolidated balance sheets include assets and liabilities of consolidated variable interest entities (“VIEs”) as the Company is the primary beneficiary of these VIEs. As of December 31, 2020 and December 31, 2019, assets of consolidated VIEs totaled $2,150,984 and $19,270,384, respectively, and the liabilities of consolidated VIEs totaled $1,667,306 and $17,878,314, respectively. See Note 7 for further discussion. |
Equity Investments - Operating
Equity Investments - Operating Statements (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Operating Statements: | |||||||||||
Real estate sales | $ 0 | $ 1,580 | $ 2,328 | ||||||||
Interest and Dividend Income, Operating | $ 46,220 | $ 45,358 | $ 47,970 | $ 210,613 | $ 199,772 | $ 179,602 | $ 167,258 | $ 147,982 | 350,161 | 694,614 | 455,799 |
Other income | 1,097 | 2,420 | 12,146 | ||||||||
Operating expenses | (3,524) | (3,265) | (2,313) | (3,233) | (3,380) | (4,050) | (2,678) | (3,933) | (12,335) | (14,041) | (13,598) |
Interest expense | $ (20,264) | $ (19,829) | $ (19,444) | $ (163,531) | $ (155,773) | $ (147,631) | $ (141,567) | $ (121,779) | (223,068) | (566,750) | (377,071) |
NET (LOSS) INCOME | (288,243) | 172,896 | 104,795 | ||||||||
Equity Method Investment, Nonconsolidated Investee or Group of Investees | |||||||||||
Operating Statements: | |||||||||||
Rental revenues | 80,339 | 63,265 | 37,921 | ||||||||
Real estate sales | 54,100 | 42,350 | 49,750 | ||||||||
Cost of real estate sales | (32,779) | (25,534) | (37,452) | ||||||||
Interest and Dividend Income, Operating | 14,438 | 9,214 | 0 | ||||||||
Realized and unrealized gains, net | 27,107 | 10,452 | 0 | ||||||||
Other income | 7,566 | 4,697 | 1,719 | ||||||||
Operating expenses | (54,691) | (42,383) | (20,599) | ||||||||
Income before debt service, acquisition costs, and depreciation and amortization | 96,080 | 62,061 | 31,339 | ||||||||
Interest expense | (36,601) | (28,340) | (16,456) | ||||||||
Acquisition costs | 0 | 0 | (183) | ||||||||
Depreciation and amortization | (38,112) | (45,548) | (15,176) | ||||||||
NET (LOSS) INCOME | $ 21,367 | $ (11,827) | $ (476) |
Use of Special Purpose Entiti_3
Use of Special Purpose Entities (SPE) and Variable Interest Entities (VIE) - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Nov. 12, 2020 | Dec. 31, 2019 | |
VIE, Primary Beneficiary | |||
Variable Interest Entity [Line Items] | |||
Fair value | $ 8.7 | ||
Other Assets | |||
Variable Interest Entity [Line Items] | |||
Inventory, real estate, construction in process | $ 0 | $ 14.5 | |
Residential Loans | |||
Variable Interest Entity [Line Items] | |||
Proceeds from issuance of securitized debt, net | 540.4 | ||
Non-Agency RMBS Re-Securitization | |||
Variable Interest Entity [Line Items] | |||
Proceeds from issuance of securitized debt, net | $ 109 | ||
RBDHC | |||
Variable Interest Entity [Line Items] | |||
Equity method investment, cumulative percentage ownership after all transactions | 100.00% | ||
RBDHC | VIE, Primary Beneficiary | |||
Variable Interest Entity [Line Items] | |||
Variable interest entity, ownership percentage | 50.00% |
Use of Special Purpose Entiti_4
Use of Special Purpose Entities (SPE) and Variable Interest Entities (VIE)-Assets and Liabilities of Campus Lodge (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Nov. 12, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Other assets | $ 165,824 | $ 169,214 | ||||
Total assets | [1] | 4,655,587 | 23,483,369 | |||
Other liabilities | 138,498 | 177,260 | ||||
Total liabilities | [1] | 2,348,014 | 21,278,340 | |||
Non-controlling interest | 6,371 | (704) | ||||
Equity | 2,307,573 | 2,205,029 | $ 1,180,293 | $ 976,001 | ||
VIE, Primary Beneficiary | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Total assets | 2,150,984 | 19,270,384 | ||||
Total liabilities | $ 1,667,306 | $ 17,878,314 | ||||
VIE, Primary Beneficiary | Campus Lodge | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Cash | $ 327 | |||||
Operating real estate | 50,481 | |||||
Lease intangible | 1,619 | |||||
Other assets | 1,395 | |||||
Total assets | 53,822 | |||||
Mortgages payable in consolidated variable interest entities | 36,752 | |||||
Other liabilities | 1,543 | |||||
Total liabilities | 38,295 | |||||
Non-controlling interest | 6,808 | |||||
Equity | $ 8,719 | |||||
[1] | Our consolidated balance sheets include assets and liabilities of consolidated variable interest entities (“VIEs”) as the Company is the primary beneficiary of these VIEs. As of December 31, 2020 and December 31, 2019, assets of consolidated VIEs totaled $2,150,984 and $19,270,384, respectively, and the liabilities of consolidated VIEs totaled $1,667,306 and $17,878,314, respectively. See Note 7 for further discussion. |
Use of Special Purpose Entiti_5
Use of Special Purpose Entities (SPE) and Variable Interest Entities (VIE) - Assets and Liabilities of Consolidated VIEs (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | $ 293,183 | $ 118,763 | $ 103,724 | |
Investment securities available for sale, at fair value | 311,284 | 1,760,812 | ||
Residential loans, carrying value | 3,049,166 | 2,961,396 | ||
Loans held in securitization trusts, at fair value | 0 | 17,816,746 | ||
Other assets | 165,824 | 169,214 | ||
Total assets | [1] | 4,655,587 | 23,483,369 | |
Other liabilities | 138,498 | 177,260 | ||
Total liabilities | [1] | 2,348,014 | 21,278,340 | |
Non-controlling interest in consolidated variable interest entities | 6,371 | (704) | ||
Residential Collateralized Debt Obligations | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Collateralized debt obligations, at fair value | 569,323 | 40,429 | ||
Residential collateralized debt obligations, at fair value | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Collateralized debt obligations, at fair value | 1,054,335 | 17,777,280 | ||
VIE, Primary Beneficiary | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Total assets | 2,150,984 | 19,270,384 | ||
Total liabilities | 1,667,306 | 17,878,314 | ||
VIE, Primary Beneficiary | Residential Loan Securitizations | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | 0 | 0 | ||
Investment securities available for sale, at fair value | 0 | |||
Operating real estate | 0 | |||
Residential loans, carrying value | 44,030 | |||
Other assets | 24,959 | 1,328 | ||
Total assets | 716,410 | 45,358 | ||
Collateralized debt obligations, at fair value | 554,067 | |||
Mortgages payable in consolidated variable interest entities | 0 | |||
Other liabilities | 2,610 | 14 | ||
Total liabilities | 556,677 | 40,443 | ||
Non-controlling interest in consolidated variable interest entities | 0 | 0 | ||
Variable interest entity, primary beneficiary, maximum loss exposure, amount | 159,733 | 4,915 | ||
VIE, Primary Beneficiary | Non-Agency RMBS Re-Securitization | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | 0 | |||
Investment securities available for sale, at fair value | 109,140 | |||
Operating real estate | 0 | |||
Other assets | 535 | |||
Total assets | 109,675 | |||
Collateralized debt obligations, at fair value | 15,256 | |||
Mortgages payable in consolidated variable interest entities | 0 | |||
Other liabilities | 70 | |||
Total liabilities | 15,326 | |||
Non-controlling interest in consolidated variable interest entities | 0 | |||
Variable interest entity, primary beneficiary, maximum loss exposure, amount | 94,349 | |||
VIE, Primary Beneficiary | Consolidated SLST | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | 0 | 0 | ||
Investment securities available for sale, at fair value | 0 | |||
Operating real estate | 0 | |||
Residential loans, carrying value | 1,328,886 | |||
Other assets | 4,075 | 5,244 | ||
Total assets | 1,270,860 | 1,334,130 | ||
Collateralized debt obligations, at fair value | 1,054,335 | 1,052,829 | ||
Mortgages payable in consolidated variable interest entities | 0 | |||
Other liabilities | 2,781 | 2,643 | ||
Total liabilities | 1,057,116 | 1,055,472 | ||
Non-controlling interest in consolidated variable interest entities | 0 | 0 | ||
Variable interest entity, primary beneficiary, maximum loss exposure, amount | 213,744 | 278,658 | ||
VIE, Primary Beneficiary | Other | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | 462 | |||
Investment securities available for sale, at fair value | 0 | |||
Operating real estate | 50,532 | |||
Other assets | 3,045 | |||
Total assets | 54,039 | |||
Collateralized debt obligations, at fair value | 0 | |||
Mortgages payable in consolidated variable interest entities | 36,752 | |||
Other liabilities | 1,435 | |||
Total liabilities | 38,187 | |||
Non-controlling interest in consolidated variable interest entities | 6,371 | |||
Variable interest entity, primary beneficiary, maximum loss exposure, amount | 9,481 | |||
VIE, Primary Beneficiary | Consolidated K-Series | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | 0 | |||
Residential loans, carrying value | 0 | |||
Other assets | 59,417 | |||
Total assets | 17,876,163 | |||
Collateralized debt obligations, at fair value | 16,724,451 | |||
Other liabilities | 57,873 | |||
Total liabilities | 16,782,324 | |||
Non-controlling interest in consolidated variable interest entities | 0 | |||
Variable interest entity, primary beneficiary, maximum loss exposure, amount | 1,093,839 | |||
VIE, Primary Beneficiary | KRVI | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | 107 | |||
Residential loans, carrying value | 0 | |||
Other assets | 14,626 | |||
Total assets | 14,733 | |||
Collateralized debt obligations, at fair value | 0 | |||
Other liabilities | 75 | |||
Total liabilities | 75 | |||
Non-controlling interest in consolidated variable interest entities | (704) | |||
Variable interest entity, primary beneficiary, maximum loss exposure, amount | 15,362 | |||
VIE, Primary Beneficiary | Financing And Other VIEs | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | 462 | 107 | ||
Investment securities available for sale, at fair value | 109,140 | |||
Operating real estate | 50,532 | |||
Residential loans, carrying value | 1,372,916 | |||
Other assets | 32,614 | 80,615 | ||
Total assets | 2,150,984 | 19,270,384 | ||
Collateralized debt obligations, at fair value | 1,623,658 | |||
Mortgages payable in consolidated variable interest entities | 36,752 | |||
Other liabilities | 6,896 | 60,605 | ||
Total liabilities | 1,667,306 | 17,878,314 | ||
Non-controlling interest in consolidated variable interest entities | 6,371 | (704) | ||
Variable interest entity, primary beneficiary, maximum loss exposure, amount | 477,307 | 1,392,774 | ||
VIE, Primary Beneficiary | Residential Collateralized Debt Obligations | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Collateralized debt obligations, at fair value | 569,323 | 40,429 | ||
VIE, Primary Beneficiary | Residential Collateralized Debt Obligations | Residential Loan Securitizations | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Collateralized debt obligations, at fair value | 40,429 | |||
VIE, Primary Beneficiary | Residential Collateralized Debt Obligations | Financing And Other VIEs | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Collateralized debt obligations, at fair value | 17,817,709 | |||
VIE, Primary Beneficiary | Residential collateralized debt obligations, at fair value | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Collateralized debt obligations, at fair value | 1,054,335 | 17,777,280 | ||
VIE, Primary Beneficiary | Residential Loans | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Residential loans, carrying value | 44,030 | |||
VIE, Primary Beneficiary | Residential loans, at fair value | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Residential loans, at fair value | 1,328,886 | |||
VIE, Primary Beneficiary | Residential loans, at fair value | Residential Loan Securitizations | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Residential loans, at fair value | 691,451 | |||
VIE, Primary Beneficiary | Residential loans, at fair value | Non-Agency RMBS Re-Securitization | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Residential loans, at fair value | 0 | |||
VIE, Primary Beneficiary | Residential loans, at fair value | Consolidated SLST | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Residential loans, at fair value | 1,266,785 | |||
VIE, Primary Beneficiary | Residential loans, at fair value | Other | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Residential loans, at fair value | 0 | |||
VIE, Primary Beneficiary | Residential loans, at fair value | Financing And Other VIEs | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Residential loans, at fair value | $ 1,958,236 | |||
VIE, Primary Beneficiary | Multi-family Loans Held In Securitization Trusts, At Fair Value | Residential Loan Securitizations | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Loans held in securitization trusts, at fair value | 0 | |||
VIE, Primary Beneficiary | Multi-family Loans Held In Securitization Trusts, At Fair Value | Consolidated SLST | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Loans held in securitization trusts, at fair value | 0 | |||
VIE, Primary Beneficiary | Multi-family Loans Held In Securitization Trusts, At Fair Value | Consolidated K-Series | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Loans held in securitization trusts, at fair value | 17,816,746 | |||
VIE, Primary Beneficiary | Multi-family Loans Held In Securitization Trusts, At Fair Value | KRVI | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Loans held in securitization trusts, at fair value | 0 | |||
VIE, Primary Beneficiary | Multi-family Loans Held In Securitization Trusts, At Fair Value | Financing And Other VIEs | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Loans held in securitization trusts, at fair value | $ 17,816,746 | |||
[1] | Our consolidated balance sheets include assets and liabilities of consolidated variable interest entities (“VIEs”) as the Company is the primary beneficiary of these VIEs. As of December 31, 2020 and December 31, 2019, assets of consolidated VIEs totaled $2,150,984 and $19,270,384, respectively, and the liabilities of consolidated VIEs totaled $1,667,306 and $17,878,314, respectively. See Note 7 for further discussion. |
Use of Special Purpose Entiti_6
Use of Special Purpose Entities (SPE) and Variable Interest Entities (VIE) - Classification and Carrying Value of Unconsolidated VIEs (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | |
Variable Interest Entity [Line Items] | |||
Total assets | [1] | $ 4,655,587 | $ 23,483,369 |
Variable Interest Entity, Not Primary Beneficiary | |||
Variable Interest Entity [Line Items] | |||
Total assets | 465,913 | 400,914 | |
ABS | Variable Interest Entity, Not Primary Beneficiary | |||
Variable Interest Entity [Line Items] | |||
Total assets | 43,225 | 49,214 | |
Preferred equity investments in multi-family properties | Variable Interest Entity, Not Primary Beneficiary | |||
Variable Interest Entity [Line Items] | |||
Total assets | 341,266 | 279,908 | |
Mezzanine loans on multi-family properties | Variable Interest Entity, Not Primary Beneficiary | |||
Variable Interest Entity [Line Items] | |||
Total assets | 5,092 | 6,220 | |
Equity investments in entities that invest in residential properties and loans | Variable Interest Entity, Not Primary Beneficiary | |||
Variable Interest Entity [Line Items] | |||
Total assets | 76,330 | 65,572 | |
Multi-family loans | Variable Interest Entity, Not Primary Beneficiary | |||
Variable Interest Entity [Line Items] | |||
Total assets | 163,593 | 180,045 | |
Multi-family loans | ABS | Variable Interest Entity, Not Primary Beneficiary | |||
Variable Interest Entity [Line Items] | |||
Total assets | 0 | 0 | |
Multi-family loans | Preferred equity investments in multi-family properties | Variable Interest Entity, Not Primary Beneficiary | |||
Variable Interest Entity [Line Items] | |||
Total assets | 158,501 | 173,825 | |
Multi-family loans | Mezzanine loans on multi-family properties | Variable Interest Entity, Not Primary Beneficiary | |||
Variable Interest Entity [Line Items] | |||
Total assets | 5,092 | 6,220 | |
Multi-family loans | Equity investments in entities that invest in residential properties and loans | Variable Interest Entity, Not Primary Beneficiary | |||
Variable Interest Entity [Line Items] | |||
Total assets | 0 | 0 | |
Investment securities available for sale, at fair value | Variable Interest Entity, Not Primary Beneficiary | |||
Variable Interest Entity [Line Items] | |||
Total assets | 43,225 | 49,214 | |
Investment securities available for sale, at fair value | ABS | Variable Interest Entity, Not Primary Beneficiary | |||
Variable Interest Entity [Line Items] | |||
Total assets | 43,225 | 49,214 | |
Investment securities available for sale, at fair value | Preferred equity investments in multi-family properties | Variable Interest Entity, Not Primary Beneficiary | |||
Variable Interest Entity [Line Items] | |||
Total assets | 0 | 0 | |
Investment securities available for sale, at fair value | Mezzanine loans on multi-family properties | Variable Interest Entity, Not Primary Beneficiary | |||
Variable Interest Entity [Line Items] | |||
Total assets | 0 | 0 | |
Investment securities available for sale, at fair value | Equity investments in entities that invest in residential properties and loans | Variable Interest Entity, Not Primary Beneficiary | |||
Variable Interest Entity [Line Items] | |||
Total assets | 0 | 0 | |
Equity investments | Variable Interest Entity, Not Primary Beneficiary | |||
Variable Interest Entity [Line Items] | |||
Total assets | 259,095 | 171,655 | |
Equity investments | ABS | Variable Interest Entity, Not Primary Beneficiary | |||
Variable Interest Entity [Line Items] | |||
Total assets | 0 | 0 | |
Equity investments | Preferred equity investments in multi-family properties | Variable Interest Entity, Not Primary Beneficiary | |||
Variable Interest Entity [Line Items] | |||
Total assets | 182,765 | 106,083 | |
Equity investments | Mezzanine loans on multi-family properties | Variable Interest Entity, Not Primary Beneficiary | |||
Variable Interest Entity [Line Items] | |||
Total assets | 0 | 0 | |
Equity investments | Equity investments in entities that invest in residential properties and loans | Variable Interest Entity, Not Primary Beneficiary | |||
Variable Interest Entity [Line Items] | |||
Total assets | $ 76,330 | $ 65,572 | |
[1] | Our consolidated balance sheets include assets and liabilities of consolidated variable interest entities (“VIEs”) as the Company is the primary beneficiary of these VIEs. As of December 31, 2020 and December 31, 2019, assets of consolidated VIEs totaled $2,150,984 and $19,270,384, respectively, and the liabilities of consolidated VIEs totaled $1,667,306 and $17,878,314, respectively. See Note 7 for further discussion. |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activities - Fair Value of Derivative Instruments Not Designated as Hedging Instruments (Details) - Interest rate swaps $ in Thousands | Dec. 31, 2019USD ($) |
Derivative [Line Items] | |
Derivative in liability position | $ (29,000) |
Variation margin | 44,800 |
Not Designated as Hedging Instrument, Trading | |
Derivative [Line Items] | |
Derivatives not designated as hedging instruments - assets | $ 15,878 |
Derivative Instruments and He_4
Derivative Instruments and Hedging Activities - Activity of Derivative Instruments Not Designated as Hedges (Details) - Not Designated as Hedging Instrument, Trading - Interest rate swaps - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosures [Roll Forward] | ||
Beginning Balance | $ 495,500 | $ 495,500 |
Additions | 0 | 0 |
Terminations | (495,500) | 0 |
Ending Balance | $ 0 | $ 495,500 |
Derivative Instruments and He_5
Derivative Instruments and Hedging Activities - Components of Realized and Unrealized Gains and Losses (Details) - Interest rate swaps - Not Designated as Hedging Instrument, Trading - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Realized Gains (Losses) | $ (73,078) | $ 0 | $ 0 |
Unrealized Gains (Losses) | $ 28,967 | $ (30,722) | $ 909 |
Derivative Instruments and He_6
Derivative Instruments and Hedging Activities - Interest Rate Swaps (Details) - Cash Flow Hedging - Designated as Hedging Instrument - Interest rate swaps $ in Thousands | Dec. 31, 2019USD ($) |
Derivative [Line Items] | |
Notional Amount | $ 495,500 |
Weighted Average Fixed Interest Rate | 2.60% |
Weighted Average Variable Interest Rate | 1.95% |
2024 | |
Derivative [Line Items] | |
Notional Amount | $ 98,000 |
Weighted Average Fixed Interest Rate | 2.18% |
Weighted Average Variable Interest Rate | 1.98% |
2027 | |
Derivative [Line Items] | |
Notional Amount | $ 247,500 |
Weighted Average Fixed Interest Rate | 2.39% |
Weighted Average Variable Interest Rate | 1.94% |
2028 | |
Derivative [Line Items] | |
Notional Amount | $ 150,000 |
Weighted Average Fixed Interest Rate | 3.23% |
Weighted Average Variable Interest Rate | 1.92% |
Operating Real Estate Held in_3
Operating Real Estate Held in Consolidated VIEs, Net - Summary of Investment (Details) - VIE, Primary Beneficiary - Campus Lodge $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Real Estate [Line Items] | |
Land | $ 5,400 |
Building and improvements | 43,764 |
Furniture, fixture and equipment | 1,522 |
Real estate | 50,686 |
Accumulated depreciation | (154) |
Real estate, net | 50,532 |
Depreciation | $ 200 |
Operating Real Estate Held in_4
Operating Real Estate Held in Consolidated VIEs, Net - Expected Depreciation (Details) - VIE, Primary Beneficiary - Campus Lodge $ in Thousands | Dec. 31, 2020USD ($) |
Real Estate [Line Items] | |
2021 | $ 1,864 |
2022 | 1,864 |
2023 | 1,864 |
2024 | 1,864 |
2025 | $ 1,839 |
Repurchase Agreements - Real Es
Repurchase Agreements - Real Estate Investments (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Schedule of Investments [Line Items] | ||
Outstanding Borrowings | $ 2,352,102 | |
Residential Mortgage Loans | ||
Schedule of Investments [Line Items] | ||
Carrying Value of Loans Pledged | $ 575,380 | 961,749 |
Repurchase agreements | ||
Schedule of Investments [Line Items] | ||
Outstanding Borrowings | 405,531 | 3,105,416 |
Repurchase agreements | ABS | ||
Schedule of Investments [Line Items] | ||
Outstanding Borrowings | 0 | 2,352,102 |
Repurchase agreements | Residential Mortgage Loans | ||
Schedule of Investments [Line Items] | ||
Outstanding Borrowings | $ 405,531 | $ 753,314 |
Repurchase Agreements - Assets
Repurchase Agreements - Assets Pledged as Collateral (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Financial Instruments Owned and Pledged as Collateral [Line Items] | |
Outstanding Borrowings | $ 2,352,102 |
Fair Value of Collateral Pledged | 2,839,379 |
Amortized Cost Of Collateral Pledged | 2,643,541 |
Agency RMBS | |
Financial Instruments Owned and Pledged as Collateral [Line Items] | |
Outstanding Borrowings | 812,742 |
Fair Value of Collateral Pledged | 865,765 |
Amortized Cost Of Collateral Pledged | 864,428 |
Agency RMBS | Consolidated SLST | VIE, Primary Beneficiary | |
Financial Instruments Owned and Pledged as Collateral [Line Items] | |
Securities owned and pledged as collateral, fair value | 26,200 |
Agency CMBS | |
Financial Instruments Owned and Pledged as Collateral [Line Items] | |
Outstanding Borrowings | 133,184 |
Fair Value of Collateral Pledged | 139,317 |
Amortized Cost Of Collateral Pledged | 140,118 |
Agency CMBS | Consolidated K-Series | VIE, Primary Beneficiary | |
Financial Instruments Owned and Pledged as Collateral [Line Items] | |
Securities owned and pledged as collateral, fair value | 88,400 |
Non-Agency RMBS | |
Financial Instruments Owned and Pledged as Collateral [Line Items] | |
Outstanding Borrowings | 594,286 |
Fair Value of Collateral Pledged | 797,784 |
Amortized Cost Of Collateral Pledged | 785,952 |
Non-Agency RMBS | Consolidated SLST | VIE, Primary Beneficiary | |
Financial Instruments Owned and Pledged as Collateral [Line Items] | |
Securities owned and pledged as collateral, fair value | 214,800 |
CMBS | |
Financial Instruments Owned and Pledged as Collateral [Line Items] | |
Outstanding Borrowings | 811,890 |
Fair Value of Collateral Pledged | 1,036,513 |
Amortized Cost Of Collateral Pledged | 853,043 |
CMBS | Consolidated K-Series | VIE, Primary Beneficiary | |
Financial Instruments Owned and Pledged as Collateral [Line Items] | |
Securities owned and pledged as collateral, fair value | $ 848,200 |
Repurchase Agreements - Outstan
Repurchase Agreements - Outstanding Repurchase Agreement Borrowings by Contractual Maturity (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Financial Instruments Owned and Pledged as Collateral [Line Items] | |
Outstanding repurchase agreement by contractual maturity | $ 2,352,102 |
Within 30 days | |
Financial Instruments Owned and Pledged as Collateral [Line Items] | |
Outstanding repurchase agreement by contractual maturity | 449,474 |
Over 30 days to 90 days | |
Financial Instruments Owned and Pledged as Collateral [Line Items] | |
Outstanding repurchase agreement by contractual maturity | 1,647,683 |
Over 90 days | |
Financial Instruments Owned and Pledged as Collateral [Line Items] | |
Outstanding repurchase agreement by contractual maturity | $ 254,945 |
Repurchase Agreements - Unencum
Repurchase Agreements - Unencumbered Investment Securities (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Schedule of Investments [Line Items] | |
Unencumbered securities | $ 535,827 |
Agency RMBS | |
Schedule of Investments [Line Items] | |
Unencumbered securities | 83,351 |
CMBS | |
Schedule of Investments [Line Items] | |
Unencumbered securities | 235,199 |
Non-Agency RMBS | |
Schedule of Investments [Line Items] | |
Unencumbered securities | 168,063 |
ABS | |
Schedule of Investments [Line Items] | |
Unencumbered securities | $ 49,214 |
Repurchase Agreements - Schedul
Repurchase Agreements - Schedule of Borrowings Under Repurchase Agreements (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Weighted average months to maturity | 73 days | |||
Fair Value | $ 3,049,166 | $ 20,780,548 | $ 12,707,625 | $ 10,157,126 |
Residential loans, at fair value | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Fair Value | 575,400 | 881,200 | ||
Residential Mortgage Loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Maximum Aggregate Uncommitted Principal Amount | 1,301,389 | 1,200,000 | ||
Outstanding Repurchase Agreements | 407,213 | 754,132 | ||
Net Deferred Finance Costs | (1,682) | (818) | ||
Carrying Value of Loans Pledged | $ 575,380 | $ 961,749 | ||
Weighted Average Rate | 2.92% | 3.67% | ||
Weighted average months to maturity | 11 years 11 months 1 day | 11 years 2 months 12 days | ||
Residential Mortgage Loans | Repurchase agreements | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Carrying Value of Loans Pledged | $ 405,531 | $ 753,314 | ||
Residential Mortgage Loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Fair Value | $ 1,090,930 | 1,429,754 | ||
Loans pledged as collateral | $ 80,600 |
Repurchase Agreements - Narrati
Repurchase Agreements - Narrative (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019USD ($)counterparty | Dec. 31, 2020USD ($) | Mar. 31, 2020counterparty | Dec. 31, 2018USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Repurchase agreement, number of counterparties | counterparty | 14 | |||
Weighted average months to maturity | 73 days | |||
Accrued interest payable | $ 8,800 | |||
Cash and cash equivalents | 118,763 | $ 293,183 | $ 103,724 | |
Unencumbered securities | $ 535,827 | |||
Liquidation proceeds (as a percent) | 27.80% | |||
Loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Weighted average interest rate (as a percent) | 2.72% | |||
Residential Mortgage Loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Repurchase agreement, number of counterparties | counterparty | 1 |
Collateralized Debt Obligatio_3
Collateralized Debt Obligations - Summary of Debt (Details) - Collateralized debt obligations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2020 | Dec. 31, 2019 | |
Debt Instrument [Line Items] | |||
Face amount | $ 1,547,963 | $ 16,284,974 | |
Collateralized debt obligations, at fair value | 1,623,658 | 17,817,709 | |
Consolidated SLST | |||
Debt Instrument [Line Items] | |||
Face amount | 975,017 | 1,040,135 | |
Collateralized debt obligations, at fair value | $ 1,054,335 | $ 1,052,829 | |
Weighted average interest rate (as a percent) | 2.75% | 2.75% | |
Weighted Average Rate of Notes Issued | 3.53% | 3.53% | |
Residential loan securitizations | |||
Debt Instrument [Line Items] | |||
Face amount | $ 557,497 | $ 40,621 | |
Collateralized debt obligations, at fair value | $ 554,067 | $ 40,429 | |
Weighted average interest rate (as a percent) | 3.36% | 2.41% | |
Weighted Average Rate of Notes Issued | 4.83% | 2.41% | |
Non-Agency RMBS Re-Securitization | |||
Debt Instrument [Line Items] | |||
Face amount | $ 15,449 | ||
Collateralized debt obligations, at fair value | $ 15,256 | ||
Non-Agency RMBS Re-Securitization | LIBOR | |||
Debt Instrument [Line Items] | |||
Interest rate, basis spread | 0.0525% | ||
Weighted Average Rate of Notes Issued, basis spread | 5.25% | ||
Non-Agency RMBS Re-Securitization | LIBOR | Subsequent Event | Forecast | |||
Debt Instrument [Line Items] | |||
Interest rate, basis spread | 7.75% | ||
Consolidated K-Series | |||
Debt Instrument [Line Items] | |||
Face amount | $ 15,204,218 | ||
Collateralized debt obligations, at fair value | $ 16,724,451 | ||
Weighted average interest rate (as a percent) | 4.12% | ||
Weighted Average Rate of Notes Issued | 3.85% |
Collateralized Debt Obligatio_4
Collateralized Debt Obligations - Maturities (Details) | Dec. 31, 2020USD ($) |
Debt Instrument [Line Items] | |
2021 | $ 0 |
2022 | 138,000,000 |
2023 | 0 |
2024 | 0 |
2025 | 0 |
Thereafter | 82,030,000 |
Total | 220,030,000 |
Collateralized debt obligations | |
Debt Instrument [Line Items] | |
2021 | 0 |
2022 | 0 |
2023 | 0 |
2024 | 0 |
2025 | 245,668,000 |
Thereafter | 1,302,295,000 |
Total | $ 1,547,963,000 |
Debt - Narrative (Details)
Debt - Narrative (Details) - 6.25% senior convertible notes due 2022 - Convertible Notes | 12 Months Ended | ||
Dec. 31, 2020USD ($)$ / shares | Dec. 31, 2019USD ($) | Jan. 23, 2017 | |
Debt Instrument [Line Items] | |||
Face amount | $ 138,000,000 | ||
Interest rate | 6.25% | 6.25% | |
Discount and deferred charges, net | $ 2,700,000 | $ 5,000,000 | |
Cost of debt, percentage | 8.24% | ||
Effective interest rate | 96.00% | ||
Convertible note, conversion ratio | 0.1427144 | ||
Conversion price (in dollars per share) | $ / shares | $ 7.01 |
Debt - Preferred Securities (De
Debt - Preferred Securities (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
NYM Preferred Trust I | |
Debt Instrument [Line Items] | |
Principal value of trust preferred securities | $ 25,000 |
NYM Preferred Trust I | LIBOR | |
Debt Instrument [Line Items] | |
Interest rate, basis spread | 3.75% |
NYM Preferred Trust II | |
Debt Instrument [Line Items] | |
Principal value of trust preferred securities | $ 20,000 |
NYM Preferred Trust II | LIBOR | |
Debt Instrument [Line Items] | |
Interest rate, basis spread | 3.95% |
Debt - Mortgage Payable in Cons
Debt - Mortgage Payable in Consolidated VIE (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Debt Instrument [Line Items] | |
Total | $ 220,030 |
VIE, Primary Beneficiary | |
Debt Instrument [Line Items] | |
Mortgage Note Amount | 37,030 |
Net Deferred Finance Cost | (278) |
Total | $ 36,752 |
Interest Rate | 2.54% |
Debt - Schedule of Maturities o
Debt - Schedule of Maturities of Long-Term Debt (Details) | Dec. 31, 2020USD ($) |
Debt Disclosure [Abstract] | |
2021 | $ 0 |
2022 | 138,000,000 |
2023 | 0 |
2024 | 0 |
2025 | 0 |
Thereafter | 82,030,000 |
Total | $ 220,030,000 |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Operating lease expense | $ 1.6 | $ 1.2 | |
Rent expense | $ 0.4 | ||
Security deposit | $ 0.7 |
Commitments and Contingencies_2
Commitments and Contingencies - Obligations Under Non-cancelable Operating Leases (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2021 | $ 1,710 |
2022 | 1,721 |
2023 | 1,732 |
2024 | 1,548 |
2025 | 1,604 |
Thereafter | 5,095 |
Total | $ 13,410 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Assets carried at fair value | ||
Preferred equity and mezzanine loan investments | $ 180,045 | |
Investment securities available for sale, at fair value | $ 311,284 | 1,760,812 |
Interest rate swaps | ||
Liabilities carried at fair value | ||
Derivative in liability position | (29,000) | |
Variation margin | 44,800 | |
Agency RMBS | ||
Assets carried at fair value | ||
Investment securities available for sale, at fair value | 0 | 901,899 |
Agency CMBS | ||
Assets carried at fair value | ||
Investment securities available for sale, at fair value | 0 | 20,277 |
Non-Agency RMBS | ||
Assets carried at fair value | ||
Investment securities available for sale, at fair value | 265,817 | 591,499 |
Fair Value, Measurements, Recurring | ||
Assets carried at fair value | ||
Preferred equity and mezzanine loan investments | 163,593 | 0 |
Equity investments | 259,095 | 83,882 |
Total | 4,196,580 | 22,681,286 |
Liabilities carried at fair value | ||
Total | 1,054,335 | 17,777,280 |
Fair Value, Measurements, Recurring | Consolidated SLST | VIE, Primary Beneficiary | ||
Assets carried at fair value | ||
Residential loans: | 1,266,785 | 1,328,886 |
Fair Value, Measurements, Recurring | Interest rate swaps | ||
Assets carried at fair value | ||
Derivative assets | 0 | 15,878 |
Fair Value, Measurements, Recurring | Agency RMBS | ||
Assets carried at fair value | ||
Investment securities available for sale, at fair value | 139,395 | 922,877 |
Fair Value, Measurements, Recurring | Agency CMBS | ||
Assets carried at fair value | ||
Investment securities available for sale, at fair value | 0 | 50,958 |
Fair Value, Measurements, Recurring | CMBS | ||
Assets carried at fair value | ||
Investment securities available for sale, at fair value | 186,440 | 267,777 |
Fair Value, Measurements, Recurring | ABS | ||
Assets carried at fair value | ||
Investment securities available for sale, at fair value | 43,225 | 49,214 |
Fair Value, Measurements, Recurring | Consolidated K-Series | ||
Assets carried at fair value | ||
Loans held in securitization trusts | 0 | 17,816,746 |
Fair Value, Measurements, Recurring | Residential Mortgage Loans Held In Securitization Trust, At Fair Value | ||
Assets carried at fair value | ||
Residential loans: | 691,451 | 0 |
Fair Value, Measurements, Recurring | Multi Family Collateralized Debt Obligations | Consolidated K-Series | VIE, Primary Beneficiary | ||
Liabilities carried at fair value | ||
Multi-family collateralized debt obligations | 0 | 16,724,451 |
Fair Value, Measurements, Recurring | Residential collateralized debt obligations, at fair value | Consolidated SLST | VIE, Primary Beneficiary | ||
Liabilities carried at fair value | ||
Multi-family collateralized debt obligations | 1,054,335 | 1,052,829 |
Fair Value, Measurements, Recurring | Residential Mortgage Loans | ||
Assets carried at fair value | ||
Residential loans: | 1,090,930 | 1,429,754 |
Fair Value, Measurements, Recurring | Non-Agency RMBS | ||
Assets carried at fair value | ||
Investment securities available for sale, at fair value | 355,666 | 715,314 |
Level 1 | Fair Value, Measurements, Recurring | ||
Assets carried at fair value | ||
Preferred equity and mezzanine loan investments | 0 | 0 |
Equity investments | 0 | 0 |
Total | 0 | 0 |
Liabilities carried at fair value | ||
Total | 0 | 0 |
Level 1 | Fair Value, Measurements, Recurring | Consolidated SLST | VIE, Primary Beneficiary | ||
Assets carried at fair value | ||
Residential loans: | 0 | 0 |
Level 1 | Fair Value, Measurements, Recurring | Interest rate swaps | ||
Assets carried at fair value | ||
Derivative assets | 0 | 0 |
Level 1 | Fair Value, Measurements, Recurring | Agency RMBS | ||
Assets carried at fair value | ||
Investment securities available for sale, at fair value | 0 | 0 |
Level 1 | Fair Value, Measurements, Recurring | Agency CMBS | ||
Assets carried at fair value | ||
Investment securities available for sale, at fair value | 0 | 0 |
Level 1 | Fair Value, Measurements, Recurring | CMBS | ||
Assets carried at fair value | ||
Investment securities available for sale, at fair value | 0 | 0 |
Level 1 | Fair Value, Measurements, Recurring | ABS | ||
Assets carried at fair value | ||
Investment securities available for sale, at fair value | 0 | 0 |
Level 1 | Fair Value, Measurements, Recurring | Consolidated K-Series | ||
Assets carried at fair value | ||
Loans held in securitization trusts | 0 | 0 |
Level 1 | Fair Value, Measurements, Recurring | Residential Mortgage Loans Held In Securitization Trust, At Fair Value | ||
Assets carried at fair value | ||
Residential loans: | 0 | 0 |
Level 1 | Fair Value, Measurements, Recurring | Multi Family Collateralized Debt Obligations | Consolidated K-Series | VIE, Primary Beneficiary | ||
Liabilities carried at fair value | ||
Multi-family collateralized debt obligations | 0 | 0 |
Level 1 | Fair Value, Measurements, Recurring | Residential collateralized debt obligations, at fair value | Consolidated SLST | VIE, Primary Beneficiary | ||
Liabilities carried at fair value | ||
Multi-family collateralized debt obligations | 0 | 0 |
Level 1 | Fair Value, Measurements, Recurring | Residential Mortgage Loans | ||
Assets carried at fair value | ||
Residential loans: | 0 | 0 |
Level 1 | Fair Value, Measurements, Recurring | Non-Agency RMBS | ||
Assets carried at fair value | ||
Investment securities available for sale, at fair value | 0 | 0 |
Level 2 | ||
Assets carried at fair value | ||
Investment securities available for sale, at fair value | 724,726 | 2,006,140 |
Level 2 | Fair Value, Measurements, Recurring | ||
Assets carried at fair value | ||
Preferred equity and mezzanine loan investments | 0 | 0 |
Equity investments | 0 | 0 |
Total | 724,726 | 2,022,018 |
Liabilities carried at fair value | ||
Total | 0 | 0 |
Level 2 | Fair Value, Measurements, Recurring | Consolidated SLST | VIE, Primary Beneficiary | ||
Assets carried at fair value | ||
Residential loans: | 0 | 0 |
Level 2 | Fair Value, Measurements, Recurring | Interest rate swaps | ||
Assets carried at fair value | ||
Derivative assets | 0 | 15,878 |
Level 2 | Fair Value, Measurements, Recurring | Agency RMBS | ||
Assets carried at fair value | ||
Investment securities available for sale, at fair value | 139,395 | 922,877 |
Level 2 | Fair Value, Measurements, Recurring | Agency CMBS | ||
Assets carried at fair value | ||
Investment securities available for sale, at fair value | 0 | 50,958 |
Level 2 | Fair Value, Measurements, Recurring | CMBS | ||
Assets carried at fair value | ||
Investment securities available for sale, at fair value | 186,440 | 267,777 |
Level 2 | Fair Value, Measurements, Recurring | ABS | ||
Assets carried at fair value | ||
Investment securities available for sale, at fair value | 43,225 | 49,214 |
Level 2 | Fair Value, Measurements, Recurring | Consolidated K-Series | ||
Assets carried at fair value | ||
Loans held in securitization trusts | 0 | 0 |
Level 2 | Fair Value, Measurements, Recurring | Residential Mortgage Loans Held In Securitization Trust, At Fair Value | ||
Assets carried at fair value | ||
Residential loans: | 0 | 0 |
Level 2 | Fair Value, Measurements, Recurring | Multi Family Collateralized Debt Obligations | Consolidated K-Series | VIE, Primary Beneficiary | ||
Liabilities carried at fair value | ||
Multi-family collateralized debt obligations | 0 | 0 |
Level 2 | Fair Value, Measurements, Recurring | Residential collateralized debt obligations, at fair value | Consolidated SLST | VIE, Primary Beneficiary | ||
Liabilities carried at fair value | ||
Multi-family collateralized debt obligations | 0 | 0 |
Level 2 | Fair Value, Measurements, Recurring | Residential Mortgage Loans | ||
Assets carried at fair value | ||
Residential loans: | 0 | 0 |
Level 2 | Fair Value, Measurements, Recurring | Non-Agency RMBS | ||
Assets carried at fair value | ||
Investment securities available for sale, at fair value | 355,666 | 715,314 |
Level 3 | ||
Assets carried at fair value | ||
Equity investments | 259,095 | 191,359 |
Level 3 | Fair Value, Measurements, Recurring | ||
Assets carried at fair value | ||
Preferred equity and mezzanine loan investments | 163,593 | 0 |
Equity investments | 259,095 | 83,882 |
Total | 3,471,854 | 20,659,268 |
Liabilities carried at fair value | ||
Total | 1,054,335 | 17,777,280 |
Level 3 | Fair Value, Measurements, Recurring | Consolidated SLST | VIE, Primary Beneficiary | ||
Assets carried at fair value | ||
Residential loans: | 1,266,785 | 1,328,886 |
Liabilities carried at fair value | ||
Multi-family collateralized debt obligations | 1,054,335 | 1,052,829 |
Level 3 | Fair Value, Measurements, Recurring | Interest rate swaps | ||
Assets carried at fair value | ||
Derivative assets | 0 | 0 |
Level 3 | Fair Value, Measurements, Recurring | Agency RMBS | ||
Assets carried at fair value | ||
Investment securities available for sale, at fair value | 0 | 0 |
Level 3 | Fair Value, Measurements, Recurring | Agency CMBS | ||
Assets carried at fair value | ||
Investment securities available for sale, at fair value | 0 | 0 |
Level 3 | Fair Value, Measurements, Recurring | CMBS | ||
Assets carried at fair value | ||
Investment securities available for sale, at fair value | 0 | 0 |
Level 3 | Fair Value, Measurements, Recurring | ABS | ||
Assets carried at fair value | ||
Investment securities available for sale, at fair value | 0 | 0 |
Level 3 | Fair Value, Measurements, Recurring | Consolidated K-Series | ||
Assets carried at fair value | ||
Loans held in securitization trusts | 0 | 17,816,746 |
Level 3 | Fair Value, Measurements, Recurring | Residential Mortgage Loans Held In Securitization Trust, At Fair Value | ||
Assets carried at fair value | ||
Residential loans: | 691,451 | 0 |
Level 3 | Fair Value, Measurements, Recurring | Multi Family Collateralized Debt Obligations | Consolidated K-Series | VIE, Primary Beneficiary | ||
Liabilities carried at fair value | ||
Multi-family collateralized debt obligations | 0 | 16,724,451 |
Level 3 | Fair Value, Measurements, Recurring | Residential collateralized debt obligations, at fair value | Consolidated SLST | VIE, Primary Beneficiary | ||
Liabilities carried at fair value | ||
Multi-family collateralized debt obligations | 1,052,829 | |
Level 3 | Fair Value, Measurements, Recurring | Residential Mortgage Loans | ||
Assets carried at fair value | ||
Residential loans: | 1,090,930 | 1,429,754 |
Level 3 | Fair Value, Measurements, Recurring | Non-Agency RMBS | ||
Assets carried at fair value | ||
Investment securities available for sale, at fair value | $ 0 | $ 0 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments - Valuation for Level 3 Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance at beginning of period | $ 20,659,268 | $ 12,503,064 | $ 9,835,319 |
Total (losses)/gains (realized/unrealized) | |||
Included in earnings | 138,979 | 620,942 | (117,330) |
Included in other comprehensive income (loss) | (13,665) | 798 | |
Transfers in | 500,793 | ||
Transfers out | (254,525) | (913) | (56) |
Transfers to securitization trust | 0 | ||
Contributions | 80,500 | 50,000 | |
Paydowns/Distributions | (744,378) | (1,182,762) | (180,788) |
Recovery of charge-off | 35 | (3,257) | |
Sales | (17,478,375) | (76,583) | (18,173) |
Purchases | 569,557 | 8,762,442 | 2,983,294 |
Balance at the end of period | 3,471,854 | 20,659,268 | 12,503,064 |
VIE, Primary Beneficiary | Consolidated SLST | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance at beginning of period | 1,328,886 | 0 | |
Total (losses)/gains (realized/unrealized) | |||
Included in earnings | 27,898 | (445) | |
Included in other comprehensive income (loss) | 0 | ||
Transfers in | 0 | ||
Transfers out | 0 | 0 | |
Transfers to securitization trust | 0 | ||
Contributions | 0 | 0 | |
Paydowns/Distributions | (89,999) | (3,729) | |
Recovery of charge-off | 0 | 0 | |
Sales | 0 | 0 | |
Purchases | 0 | 1,333,060 | |
Balance at the end of period | 1,266,785 | 1,328,886 | 0 |
VIE, Primary Beneficiary | Consolidated K-Series | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance at beginning of period | 17,816,746 | 11,679,847 | |
Total (losses)/gains (realized/unrealized) | |||
Included in earnings | 41,795 | 533,094 | |
Included in other comprehensive income (loss) | 0 | ||
Transfers in | 0 | ||
Transfers out | (237,297) | 0 | |
Transfers to securitization trust | 0 | ||
Contributions | 0 | 0 | |
Paydowns/Distributions | (239,796) | (992,912) | |
Recovery of charge-off | 35 | (3,257) | |
Sales | (17,381,483) | 0 | |
Purchases | 0 | 6,599,974 | |
Balance at the end of period | 0 | 17,816,746 | 11,679,847 |
Multi-Family Loans Held in Securitization Trust | Consolidated K-Series | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance at beginning of period | 11,679,847 | 9,657,421 | |
Total (losses)/gains (realized/unrealized) | |||
Included in earnings | (134,298) | ||
Included in other comprehensive income (loss) | 0 | ||
Transfers out | 0 | ||
Paydowns/Distributions | (137,820) | ||
Sales | 0 | ||
Purchases | 2,294,544 | ||
Balance at the end of period | 11,679,847 | ||
CMBS held in re-securitization trusts | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance at beginning of period | 0 | 52,700 | 47,922 |
Total (losses)/gains (realized/unrealized) | |||
Included in earnings | 17,734 | 3,980 | |
Included in other comprehensive income (loss) | (13,665) | 798 | |
Transfers out | 0 | 0 | |
Contributions | 0 | ||
Paydowns/Distributions | 0 | 0 | |
Recovery of charge-off | 0 | ||
Sales | (56,769) | 0 | |
Purchases | 0 | 0 | |
Balance at the end of period | 0 | 52,700 | |
Residential Mortgage Loans Held In Securitization Trust | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance at beginning of period | 0 | ||
Total (losses)/gains (realized/unrealized) | |||
Included in earnings | 31,402 | ||
Transfers in | 46,572 | ||
Transfers out | (2,492) | ||
Transfers to securitization trust | 651,911 | ||
Contributions | 0 | ||
Paydowns/Distributions | (35,942) | ||
Recovery of charge-off | 0 | ||
Sales | 0 | ||
Purchases | 0 | ||
Balance at the end of period | 691,451 | 0 | |
Residential Mortgage Loans | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance at beginning of period | 1,429,754 | 737,523 | 87,153 |
Total (losses)/gains (realized/unrealized) | |||
Included in earnings | (9,240) | 55,459 | 3,913 |
Included in other comprehensive income (loss) | 0 | 0 | |
Transfers in | 164,279 | ||
Transfers out | (6,017) | (913) | (56) |
Transfers to securitization trust | (651,911) | ||
Contributions | 0 | 0 | |
Paydowns/Distributions | (308,600) | (171,909) | (24,064) |
Recovery of charge-off | 0 | 0 | |
Sales | (96,892) | (19,814) | (18,173) |
Purchases | 569,557 | 829,408 | 688,750 |
Balance at the end of period | 1,090,930 | 1,429,754 | 737,523 |
Multi-family loans | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance at beginning of period | 0 | ||
Total (losses)/gains (realized/unrealized) | |||
Included in earnings | 20,454 | ||
Transfers in | 182,465 | ||
Transfers out | (8,719) | ||
Transfers to securitization trust | 0 | ||
Contributions | 14,164 | ||
Paydowns/Distributions | (44,771) | ||
Recovery of charge-off | 0 | ||
Sales | 0 | ||
Purchases | 0 | ||
Balance at the end of period | 163,593 | 0 | |
Equity Method Investments | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance at beginning of period | 83,882 | 32,994 | 42,823 |
Total (losses)/gains (realized/unrealized) | |||
Included in earnings | 26,670 | 15,100 | 9,075 |
Included in other comprehensive income (loss) | 0 | 0 | |
Transfers in | 107,477 | ||
Transfers out | 0 | 0 | 0 |
Transfers to securitization trust | 0 | ||
Contributions | 66,336 | 50,000 | |
Paydowns/Distributions | (25,270) | (14,212) | (18,904) |
Recovery of charge-off | 0 | 0 | |
Sales | 0 | 0 | 0 |
Purchases | 0 | 0 | 0 |
Balance at the end of period | $ 259,095 | $ 83,882 | $ 32,994 |
Fair Value of Financial Instr_5
Fair Value of Financial Instruments - Valuation for Level 3 Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance at beginning of period | $ 17,777,280 | $ 11,022,248 | |
Total losses (realized/unrealized) | |||
Included in earnings | 103,782 | 443,823 | |
Purchases | 7,309,459 | ||
Paydowns | (236,860) | (994,993) | |
Sales | (16,589,867) | ||
Charge-off | (3,257) | ||
Balance at the end of period | 1,054,335 | 17,777,280 | $ 11,022,248 |
VIE, Primary Beneficiary | |||
Total losses (realized/unrealized) | |||
Included in earnings | 68,764 | ||
Sales | 22,226 | ||
Balance at the end of period | 1,054,335 | ||
VIE, Primary Beneficiary | Consolidated SLST | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance at beginning of period | 1,052,829 | 0 | |
Total losses (realized/unrealized) | |||
Included in earnings | 27 | ||
Purchases | 1,055,720 | ||
Paydowns | (89,484) | (2,918) | |
Charge-off | 0 | ||
Balance at the end of period | 1,052,829 | 0 | |
VIE, Primary Beneficiary | Consolidated K-Series | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance at beginning of period | 16,724,451 | 11,022,248 | 9,189,459 |
Total losses (realized/unrealized) | |||
Included in earnings | 35,018 | 443,796 | (211,738) |
Purchases | 6,253,739 | 2,182,330 | |
Paydowns | (147,376) | (992,075) | (137,803) |
Sales | (16,612,093) | ||
Charge-off | (3,257) | ||
Balance at the end of period | $ 0 | $ 16,724,451 | $ 11,022,248 |
Fair Value of Financial Instr_6
Fair Value of Financial Instruments - Significant Unobservable Outputs (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Preferred equity and mezzanine loan investments | $ 180,045,000 | |
Residential collateralized debt obligations, at fair value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateralized debt obligations, at fair value | $ 1,054,335,000 | 17,777,280,000 |
Residential Collateralized Debt Obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateralized debt obligations, at fair value | 569,323,000 | 40,429,000 |
Equity Method Investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 76,330,000 | 83,882,000 |
VIE, Primary Beneficiary | Residential collateralized debt obligations, at fair value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateralized debt obligations, at fair value | 1,054,335,000 | 17,777,280,000 |
VIE, Primary Beneficiary | Residential Collateralized Debt Obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateralized debt obligations, at fair value | 569,323,000 | 40,429,000 |
VIE, Primary Beneficiary | Consolidated SLST | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateralized debt obligations, at fair value | 1,054,335,000 | 1,052,829,000 |
Variable interest entity, primary beneficiary, maximum loss exposure, amount | 212,100,000 | 276,800,000 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Residential loans, fair value | 3,049,166,000 | |
Fair Value | 259,095,000 | 191,359,000 |
Collateralized debt obligations, at fair value | 15,256,000 | 0 |
Level 3 | Residential collateralized debt obligations, at fair value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateralized debt obligations, at fair value | 1,052,829,000 | |
Level 3 | Residential Collateralized Debt Obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateralized debt obligations, at fair value | 554,067,000 | 40,429,000 |
Level 3 | Multi Family Collateralized Debt Obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateralized debt obligations, at fair value | 0 | $ 16,724,451,000 |
Level 3 | Equity Method Investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 182,765,000 | |
Level 3 | VIE, Primary Beneficiary | Residential collateralized debt obligations, at fair value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateralized debt obligations, at fair value | 1,054,335,000 | |
Level 3 | VIE, Primary Beneficiary | Consolidated SLST | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Residential loans, fair value | $ 1,266,785,000 | |
Level 3 | Weighted Average | Measurement Input, Loss Severity | Valuation Technique, Discounted Cash Flow | Residential collateralized debt obligations, at fair value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt, measurement input | 0.211 | |
Level 3 | Weighted Average | Measurement Input Yield | Valuation Technique, Discounted Cash Flow | Residential collateralized debt obligations, at fair value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt, measurement input | 0.021 | |
Level 3 | Weighted Average | Discount Rate | Valuation Technique, Discounted Cash Flow | Equity Method Investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments, measurement input | 11.50% | |
Equity method investment, measurement input | 11.70% | |
Level 3 | Weighted Average | Measurement Input Collateral Prepayment Rate | Valuation Technique, Discounted Cash Flow | Residential collateralized debt obligations, at fair value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt, measurement input | 0.055 | |
Level 3 | Weighted Average | Measurement Input Collateral Default Rate | Valuation Technique, Discounted Cash Flow | Residential collateralized debt obligations, at fair value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt, measurement input | 0.020 | |
Level 3 | Weighted Average | Measurement Input Months To Assumed Redemption | Valuation Technique, Discounted Cash Flow | Equity Method Investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments, measurement input, assumed redemption period | 44 months | |
Residential mortgage loans, measurement input, redemption period | 40 months | |
Level 3 | Minimum | Measurement Input, Loss Severity | Valuation Technique, Discounted Cash Flow | Residential collateralized debt obligations, at fair value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt, measurement input | 0 | |
Level 3 | Minimum | Measurement Input Yield | Valuation Technique, Discounted Cash Flow | Residential collateralized debt obligations, at fair value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt, measurement input | 0.010 | |
Level 3 | Minimum | Discount Rate | Valuation Technique, Discounted Cash Flow | Equity Method Investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments, measurement input | 11.00% | |
Equity method investment, measurement input | 11.00% | |
Level 3 | Minimum | Measurement Input Collateral Prepayment Rate | Valuation Technique, Discounted Cash Flow | Residential collateralized debt obligations, at fair value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt, measurement input | 0.028 | |
Level 3 | Minimum | Measurement Input Collateral Default Rate | Valuation Technique, Discounted Cash Flow | Residential collateralized debt obligations, at fair value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt, measurement input | 0 | |
Level 3 | Minimum | Measurement Input Months To Assumed Redemption | Valuation Technique, Discounted Cash Flow | Equity Method Investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments, measurement input, assumed redemption period | 8 months | |
Residential mortgage loans, measurement input, redemption period | 9 months | |
Level 3 | Maximum | Measurement Input, Loss Severity | Valuation Technique, Discounted Cash Flow | Residential collateralized debt obligations, at fair value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt, measurement input | 0.237 | |
Level 3 | Maximum | Measurement Input Yield | Valuation Technique, Discounted Cash Flow | Residential collateralized debt obligations, at fair value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt, measurement input | 0.111 | |
Level 3 | Maximum | Discount Rate | Valuation Technique, Discounted Cash Flow | Equity Method Investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments, measurement input | 19.50% | |
Equity method investment, measurement input | 12.50% | |
Level 3 | Maximum | Measurement Input Collateral Prepayment Rate | Valuation Technique, Discounted Cash Flow | Residential collateralized debt obligations, at fair value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt, measurement input | 0.062 | |
Level 3 | Maximum | Measurement Input Collateral Default Rate | Valuation Technique, Discounted Cash Flow | Residential collateralized debt obligations, at fair value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt, measurement input | 0.076 | |
Level 3 | Maximum | Measurement Input Months To Assumed Redemption | Valuation Technique, Discounted Cash Flow | Equity Method Investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments, measurement input, assumed redemption period | 185 months | |
Residential mortgage loans, measurement input, redemption period | 59 months | |
Residential Loans And Residential Loans Held In Securitization Trusts | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Residential loans, fair value | $ 1,639,327,000 | |
Residential Loans And Residential Loans Held In Securitization Trusts | Level 3 | Valuation Technique Liquidation Model | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Residential loans, fair value | $ 143,054,000 | |
Residential Loans And Residential Loans Held In Securitization Trusts | Level 3 | Weighted Average | Measurement Input Lifetime CPR | Valuation Technique, Discounted Cash Flow | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Residential loans, measurement input | 8.50% | |
Residential Loans And Residential Loans Held In Securitization Trusts | Level 3 | Weighted Average | Measurement Input Lifetime CDR | Valuation Technique, Discounted Cash Flow | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Residential loans, measurement input | 1.00% | |
Residential Loans And Residential Loans Held In Securitization Trusts | Level 3 | Weighted Average | Measurement Input, Loss Severity | Valuation Technique, Discounted Cash Flow | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Residential loans, measurement input | 13.70% | |
Residential Loans And Residential Loans Held In Securitization Trusts | Level 3 | Weighted Average | Measurement Input Yield | Valuation Technique, Discounted Cash Flow | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Residential loans, measurement input | 5.30% | |
Residential Loans And Residential Loans Held In Securitization Trusts | Level 3 | Weighted Average | Measurement Input Yield | Valuation Technique Liquidation Model | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Residential loans, measurement input | 7.20% | |
Residential Loans And Residential Loans Held In Securitization Trusts | Level 3 | Weighted Average | Measurement Input Annual Home Price Appreciation | Valuation Technique Liquidation Model | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Residential loans, measurement input | 0.00% | |
Residential Loans And Residential Loans Held In Securitization Trusts | Level 3 | Weighted Average | Measurement Input Liquidation Timeline Period | Valuation Technique Liquidation Model | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Residential loans, measurement input, liquidation timeline, months | 29 months | |
Residential Loans And Residential Loans Held In Securitization Trusts | Level 3 | Weighted Average | Measurement Input, Appraised Value | Valuation Technique Liquidation Model | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Residential loans, fair value | $ 578,738 | |
Residential Loans And Residential Loans Held In Securitization Trusts | Level 3 | Minimum | Measurement Input Lifetime CPR | Valuation Technique, Discounted Cash Flow | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Residential loans, measurement input | 0.00% | |
Residential Loans And Residential Loans Held In Securitization Trusts | Level 3 | Minimum | Measurement Input Lifetime CDR | Valuation Technique, Discounted Cash Flow | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Residential loans, measurement input | 0.00% | |
Residential Loans And Residential Loans Held In Securitization Trusts | Level 3 | Minimum | Measurement Input, Loss Severity | Valuation Technique, Discounted Cash Flow | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Residential loans, measurement input | 0.00% | |
Residential Loans And Residential Loans Held In Securitization Trusts | Level 3 | Minimum | Measurement Input Yield | Valuation Technique, Discounted Cash Flow | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Residential loans, measurement input | 2.40% | |
Residential Loans And Residential Loans Held In Securitization Trusts | Level 3 | Minimum | Measurement Input Yield | Valuation Technique Liquidation Model | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Residential loans, measurement input | 7.00% | |
Residential Loans And Residential Loans Held In Securitization Trusts | Level 3 | Minimum | Measurement Input Annual Home Price Appreciation | Valuation Technique Liquidation Model | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Residential loans, measurement input | 0.00% | |
Residential Loans And Residential Loans Held In Securitization Trusts | Level 3 | Minimum | Measurement Input Liquidation Timeline Period | Valuation Technique Liquidation Model | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Residential loans, measurement input, liquidation timeline, months | 9 months | |
Residential Loans And Residential Loans Held In Securitization Trusts | Level 3 | Minimum | Measurement Input, Appraised Value | Valuation Technique Liquidation Model | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Residential loans, fair value | $ 12,430 | |
Residential Loans And Residential Loans Held In Securitization Trusts | Level 3 | Maximum | Measurement Input Lifetime CPR | Valuation Technique, Discounted Cash Flow | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Residential loans, measurement input | 64.60% | |
Residential Loans And Residential Loans Held In Securitization Trusts | Level 3 | Maximum | Measurement Input Lifetime CDR | Valuation Technique, Discounted Cash Flow | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Residential loans, measurement input | 23.00% | |
Residential Loans And Residential Loans Held In Securitization Trusts | Level 3 | Maximum | Measurement Input, Loss Severity | Valuation Technique, Discounted Cash Flow | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Residential loans, measurement input | 100.00% | |
Residential Loans And Residential Loans Held In Securitization Trusts | Level 3 | Maximum | Measurement Input Yield | Valuation Technique, Discounted Cash Flow | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Residential loans, measurement input | 27.30% | |
Residential Loans And Residential Loans Held In Securitization Trusts | Level 3 | Maximum | Measurement Input Yield | Valuation Technique Liquidation Model | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Residential loans, measurement input | 16.30% | |
Residential Loans And Residential Loans Held In Securitization Trusts | Level 3 | Maximum | Measurement Input Annual Home Price Appreciation | Valuation Technique Liquidation Model | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Residential loans, measurement input | 7.30% | |
Residential Loans And Residential Loans Held In Securitization Trusts | Level 3 | Maximum | Measurement Input Liquidation Timeline Period | Valuation Technique Liquidation Model | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Residential loans, measurement input, liquidation timeline, months | 57 months | |
Residential Loans And Residential Loans Held In Securitization Trusts | Level 3 | Maximum | Measurement Input, Appraised Value | Valuation Technique Liquidation Model | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Residential loans, fair value | $ 3,650,000 | |
Multi-family loans | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Preferred equity and mezzanine loan investments | $ 163,593,000 |
Fair Value of Financial Instr_7
Fair Value of Financial Instruments - Changes in Unrealized Gains (Losses) Included in Earnings for Level 3 (Details) - Level 3 - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Consolidated SLST | VIE, Primary Beneficiary | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Multi-family loans held in securitization trusts, at fair value | $ 33,479 | $ 300 | $ 0 |
Change in unrealized gains (losses) – liabilities | (65,552) | (383) | 0 |
Consolidated K-Series | VIE, Primary Beneficiary | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Multi-family loans held in securitization trusts, at fair value | 0 | 586,993 | (85,115) |
Change in unrealized gains (losses) – liabilities | 0 | (563,031) | 122,696 |
Distressed And Other Residential Mortgage Loans At Fair Value | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Multi-family loans held in securitization trusts, at fair value | 16,449 | 44,470 | 4,333 |
Residential Mortgage Loans Held In Securitization Trust, At Fair Value | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Multi-family loans held in securitization trusts, at fair value | 17,785 | 0 | 0 |
Investments in unconsolidated entities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Multi-family loans held in securitization trusts, at fair value | 256 | 5,374 | 6,091 |
Multi-family loans | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Multi-family loans held in securitization trusts, at fair value | $ (682) | $ 0 | $ 0 |
Fair Value of Financial Instr_8
Fair Value of Financial Instruments - Assets Measured at Fair Value on a Nonrecurring Basis (Details) - Residential loans held in securitization trusts – impaired loans, net - Fair Value, Measurements, Nonrecurring $ in Thousands | Dec. 31, 2019USD ($) |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Loans held in securitization trusts | $ 5,256 |
Level 1 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Loans held in securitization trusts | 0 |
Level 2 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Loans held in securitization trusts | 0 |
Level 3 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Loans held in securitization trusts | $ 5,256 |
Fair Value of Financial Instr_9
Fair Value of Financial Instruments - Gains (Losses) Incurred for Assets Measured at Fair Value (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Residential loans held in securitization trusts – impaired loans, net | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Gains (losses) for assets measured at fair value on a non-recurring basis | $ (24) | $ (165) |
Fair Value of Financial Inst_10
Fair Value of Financial Instruments - Carrying Value and Estimated Fair Value of the Company's Financial Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Financial Assets: | |||
Cash and cash equivalents | $ 293,183 | $ 118,763 | $ 103,724 |
Residential loans, carrying value | 3,049,166 | 2,961,396 | |
Investment securities, available for sale | 311,284 | 1,760,812 | |
Equity investments | 259,095 | 189,965 | |
Derivative assets | 0 | 15,878 | |
Financial Liabilities: | |||
Outstanding Borrowings | 2,352,102 | ||
Subordinated debentures | 45,000 | 45,000 | |
Convertible notes | 135,327 | 132,955 | |
Residential Collateralized Debt Obligations | |||
Financial Liabilities: | |||
Collateralized debt obligations, at fair value | 569,323 | 40,429 | |
Residential Collateralized Debt Obligations | VIE, Primary Beneficiary | |||
Financial Liabilities: | |||
Collateralized debt obligations, at fair value | 569,323 | 40,429 | |
Residential collateralized debt obligations, at fair value | |||
Financial Liabilities: | |||
Collateralized debt obligations, at fair value | 1,054,335 | 17,777,280 | |
Residential collateralized debt obligations, at fair value | VIE, Primary Beneficiary | |||
Financial Liabilities: | |||
Collateralized debt obligations, at fair value | 1,054,335 | 17,777,280 | |
Level 1 | |||
Financial Assets: | |||
Cash and cash equivalents | 293,183 | 118,763 | |
Cash and cash equivalents, estimated fair value | 293,183 | 118,763 | |
Level 2 | |||
Financial Assets: | |||
Investment securities, available for sale | 724,726 | 2,006,140 | |
Derivative assets | 0 | 15,878 | |
Financial Liabilities: | |||
Convertible notes | 135,327 | 132,955 | |
Convertible debt, fair value | 137,716 | 140,865 | |
Level 2 | Portfolio investments | |||
Financial Liabilities: | |||
Outstanding Borrowings | 405,531 | 3,105,416 | |
Level 3 | |||
Financial Assets: | |||
Preferred equity and mezzanine loan investments | 163,593 | 180,045 | |
Preferred equity and mezzanine loan investments, estimated fair value | 163,593 | 182,465 | |
Equity investments | 259,095 | 189,965 | |
Equity investments, estimated fair value | 259,095 | 191,359 | |
Mortgage loans held for sale, carrying amount | 0 | 2,406 | |
Mortgage loans held for sale, estimated fair value | 0 | 2,482 | |
Financial Liabilities: | |||
Collateralized debt obligations, at fair value | 15,256 | 0 | |
Collateralized debt obligations, fair value | 15,472 | 0 | |
Subordinated debentures | 45,000 | 45,000 | |
Subordinated debentures, fair value | 36,871 | 41,592 | |
Level 3 | Residential Collateralized Debt Obligations | |||
Financial Liabilities: | |||
Collateralized debt obligations, at fair value | 554,067 | 40,429 | |
Collateralized debt obligations, fair value | 561,329 | 38,888 | |
Level 3 | Multi Family Collateralized Debt Obligations | |||
Financial Liabilities: | |||
Collateralized debt obligations, at fair value | 0 | 16,724,451 | |
Collateralized debt obligations, fair value | 0 | 16,724,451 | |
Level 3 | Residential collateralized debt obligations, at fair value | |||
Financial Liabilities: | |||
Collateralized debt obligations, at fair value | 1,052,829 | ||
Collateralized debt obligations, fair value | 1,054,335 | ||
Level 3 | Residential collateralized debt obligations, at fair value | VIE, Primary Beneficiary | |||
Financial Liabilities: | |||
Collateralized debt obligations, at fair value | 1,054,335 | ||
Level 3 | Residential loans, at fair value | |||
Financial Assets: | |||
Residential loans, carrying value | 3,049,166 | 2,758,640 | |
Residential mortgage loans at fair value | 3,049,166 | 2,758,640 | |
Level 3 | Residential Mortgage Loans | |||
Financial Assets: | |||
Residential loans, carrying value | 0 | 202,756 | |
Residential mortgage loans at fair value | 0 | 208,471 | |
Level 3 | Multi-family loans held in securitization trusts | |||
Financial Assets: | |||
Residential loans, carrying value | 0 | 17,816,746 | |
Residential mortgage loans at fair value | $ 0 | $ 17,816,746 |
Stockholders_ Equity - Narrativ
Stockholders’ Equity - Narrative (Details) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | |||||||
Oct. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2020USD ($)directorquarter$ / sharesshares | Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2018USD ($)$ / sharesshares | Nov. 27, 2019USD ($)shares | Mar. 29, 2019USD ($) | Mar. 28, 2019shares | Sep. 10, 2018USD ($) | Aug. 10, 2017USD ($)$ / shares | |
Class of Stock [Line Items] | |||||||||
Preferred stock, shares authorized (in shares) | 200,000,000 | 200,000,000 | |||||||
Preferred stock, par value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | |||||||
Preferred stock, shares outstanding (in shares) | 20,872,888 | 20,872,888 | |||||||
Preferred stock, shares issued (in shares) | 20,872,888 | 20,872,888 | |||||||
Liquidation preference (USD per share) | $ / shares | $ 25 | ||||||||
Preferred stock, redemption price per share (USD per share) | $ / shares | $ 25 | ||||||||
Preferred stock redemption period | 120 days | ||||||||
Common stock dividend per share (in dollars per share) | $ / shares | $ 0.225 | $ 0.80 | $ 0.80 | ||||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | |||||||
Stock issued (in shares) | 30,900,000 | ||||||||
Common stock issuance, net | $ | $ 511,924 | $ 804,398 | $ 260,091 | ||||||
Preferred stock issuance proceeds, net | $ | $ 0 | $ 215,073 | $ 0 | ||||||
Ordinary Income | |||||||||
Class of Stock [Line Items] | |||||||||
Common stock dividend per share (in dollars per share) | $ / shares | $ 0.180 | $ 0.42 | $ 0.37 | ||||||
Capital Gain Distribution | |||||||||
Class of Stock [Line Items] | |||||||||
Common stock dividend per share (in dollars per share) | $ / shares | $ 0.045 | 0.13 | 0.12 | ||||||
Return of Capital | |||||||||
Class of Stock [Line Items] | |||||||||
Common stock dividend per share (in dollars per share) | $ / shares | $ 0.25 | $ 0.31 | |||||||
Preferred Equity Distribution Agreement | |||||||||
Class of Stock [Line Items] | |||||||||
Stock issued (in shares) | 0 | 1,972,888 | |||||||
Preferred Stock, value, subscriptions (up to) | $ | $ 50,000 | ||||||||
Preferred stock issuance proceeds, net | $ | $ 48,400 | ||||||||
Preferred stock, available for future issuance | $ | $ 82,400 | ||||||||
Preferred Equity Distribution Agreement | Minimum | |||||||||
Class of Stock [Line Items] | |||||||||
Sale of stock, Price per share (in dollars per share) | $ / shares | $ 24.88 | ||||||||
Equity Distribution Agreements | |||||||||
Class of Stock [Line Items] | |||||||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.01 | ||||||||
Common stock subscriptions (up to) | $ | $ 177,100 | $ 100,000 | |||||||
Stock issued (in shares) | 0 | 2,260,200 | 14,588,631 | ||||||
Sale of stock, Price per share (in dollars per share) | $ / shares | $ 6.12 | ||||||||
Common stock issuance, net | $ | $ 13,600 | $ 89,000 | |||||||
Common stock reserved for future issuance | $ | $ 72,500 | ||||||||
Preferred Stock, value, subscriptions (up to) | $ | $ 131,500 | ||||||||
Equity Distribution Agreements | Minimum | |||||||||
Class of Stock [Line Items] | |||||||||
Sale of stock, Price per share (in dollars per share) | $ / shares | $ 6.19 | ||||||||
Series B Preferred Stock | |||||||||
Class of Stock [Line Items] | |||||||||
Preferred stock, shares authorized (in shares) | 6,000,000 | ||||||||
Preferred stock, shares outstanding (in shares) | 3,156,087 | ||||||||
Preferred stock, shares issued (in shares) | 3,156,087 | ||||||||
Preferred stock, dividend rate (as a percent) | 7.75% | ||||||||
Series C Preferred Stock | |||||||||
Class of Stock [Line Items] | |||||||||
Preferred stock, shares authorized (in shares) | 6,600,000 | ||||||||
Preferred stock, shares outstanding (in shares) | 4,181,807 | ||||||||
Preferred stock, shares issued (in shares) | 4,181,807 | ||||||||
Preferred stock, dividend rate (as a percent) | 7.875% | ||||||||
Preferred stock, shares subscribed but unissued (in shares) | 2,460,000 | ||||||||
Series D Preferred Stock | |||||||||
Class of Stock [Line Items] | |||||||||
Preferred stock, shares authorized (in shares) | 8,400,000 | ||||||||
Preferred stock, shares outstanding (in shares) | 6,123,495 | ||||||||
Preferred stock, shares issued (in shares) | 6,123,495 | ||||||||
Preferred stock, dividend rate (as a percent) | 8.00% | ||||||||
Preferred stock, shares subscribed but unissued (in shares) | 2,650,000 | ||||||||
Series E Preferred Stock | |||||||||
Class of Stock [Line Items] | |||||||||
Preferred stock, shares authorized (in shares) | 9,900,000 | ||||||||
Preferred stock, par value (in dollars per share) | $ / shares | $ 0.01 | ||||||||
Preferred stock, shares outstanding (in shares) | 7,411,499 | ||||||||
Preferred stock, shares issued (in shares) | 7,411,499 | ||||||||
Preferred stock, dividend rate (as a percent) | 7.875% | ||||||||
Preferred stock, shares subscribed but unissued (in shares) | 3,000,000 | ||||||||
Series E Preferred Stock | Underwritten Public Offering | |||||||||
Class of Stock [Line Items] | |||||||||
Shares issued in transaction (in shares) | 6,900,000 | ||||||||
Liquidation preference (USD per share) | $ / shares | $ 25 | ||||||||
Proceeds from sale of stock | $ | $ 166,700 | ||||||||
Preferred Stock | |||||||||
Class of Stock [Line Items] | |||||||||
Preferred stock, shares authorized (in shares) | 30,900,000 | 30,900,000 | |||||||
Preferred stock, par value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | |||||||
Preferred stock, shares outstanding (in shares) | 20,872,888 | 20,872,888 | |||||||
Minimum number of quarters without dividends that result in voting rights | quarter | 6 | ||||||||
Number of additional directors elected | director | 2 |
Stockholders_ Equity - Summary
Stockholders’ Equity - Summary of Preferred Stock Issued and Outstanding (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Class of Stock [Line Items] | ||
Preferred Stock, Shares Authorized | 200,000,000 | 200,000,000 |
Shares Authorized (in shares) | 30,900,000 | |
Preferred stock, shares issued (in shares) | 20,872,888 | 20,872,888 |
Preferred stock, shares outstanding (in shares) | 20,872,888 | 20,872,888 |
Carrying Value | $ 504,765 | $ 504,765 |
Liquidation Preference | $ 521,822 | |
Liquidation preference (USD per share) | $ 25 | |
Series B Preferred Stock | ||
Class of Stock [Line Items] | ||
Preferred Stock, Shares Authorized | 6,000,000 | |
Preferred stock, shares issued (in shares) | 3,156,087 | |
Preferred stock, shares outstanding (in shares) | 3,156,087 | |
Carrying Value | $ 76,180 | |
Liquidation Preference | $ 78,902 | |
Contractual Rate | 7.75% | |
Series C Preferred Stock | ||
Class of Stock [Line Items] | ||
Preferred Stock, Shares Authorized | 6,600,000 | |
Preferred stock, shares issued (in shares) | 4,181,807 | |
Preferred stock, shares outstanding (in shares) | 4,181,807 | |
Carrying Value | $ 101,102 | |
Liquidation Preference | $ 104,545 | |
Contractual Rate | 7.875% | |
Series D Preferred Stock | ||
Class of Stock [Line Items] | ||
Preferred Stock, Shares Authorized | 8,400,000 | |
Preferred stock, shares issued (in shares) | 6,123,495 | |
Preferred stock, shares outstanding (in shares) | 6,123,495 | |
Carrying Value | $ 148,134 | |
Liquidation Preference | $ 153,087 | |
Contractual Rate | 8.00% | |
Series D Preferred Stock | LIBOR | ||
Class of Stock [Line Items] | ||
Preferred Stock, Dividend Payment Rate, Basis Spread On Variable Rate | 0.00057% | |
Series E Preferred Stock | ||
Class of Stock [Line Items] | ||
Preferred Stock, Shares Authorized | 9,900,000 | |
Preferred stock, shares issued (in shares) | 7,411,499 | |
Preferred stock, shares outstanding (in shares) | 7,411,499 | |
Carrying Value | $ 179,349 | |
Liquidation Preference | $ 185,288 | |
Contractual Rate | 7.875% | |
Series E Preferred Stock | LIBOR | ||
Class of Stock [Line Items] | ||
Preferred Stock, Dividend Payment Rate, Basis Spread On Variable Rate | 0.06429% |
Stockholders_ Equity - Dividend
Stockholders’ Equity - Dividends on Preferred Stock (Details) - $ / shares | Jan. 15, 2021 | Oct. 15, 2020 | Jul. 15, 2020 | Jan. 15, 2020 | Oct. 15, 2019 | Jul. 15, 2019 | Apr. 15, 2019 | Jan. 15, 2019 | Oct. 15, 2018 | Jul. 15, 2018 | Apr. 15, 2018 |
Series B Preferred Stock | |||||||||||
Dividends Payable [Line Items] | |||||||||||
Cash Dividend Per Share (in dollars per share) | $ 0.484375 | $ 0.968750 | $ 0.484375 | $ 0.484375 | $ 0.484375 | $ 0.484375 | $ 0.484375 | $ 0.484375 | $ 0.484375 | $ 0.484375 | |
Series C Preferred Stock | |||||||||||
Dividends Payable [Line Items] | |||||||||||
Cash Dividend Per Share (in dollars per share) | 0.4921875 | 0.9843750 | 0.4921875 | 0.4921875 | 0.4921875 | 0.4921875 | 0.4921875 | 0.4921875 | 0.4921875 | 0.4921875 | |
Series D Preferred Stock | |||||||||||
Dividends Payable [Line Items] | |||||||||||
Cash Dividend Per Share (in dollars per share) | 0.50 | 1 | 0.50 | $ 0.50 | $ 0.50 | $ 0.50 | $ 0.50 | $ 0.50 | $ 0.50 | $ 0.50 | |
Series E Preferred Stock | |||||||||||
Dividends Payable [Line Items] | |||||||||||
Cash Dividend Per Share (in dollars per share) | $ 0.4921875 | $ 0.9843750 | $ 0.4757800 | ||||||||
Subsequent Event | Series B Preferred Stock | |||||||||||
Dividends Payable [Line Items] | |||||||||||
Cash Dividend Per Share (in dollars per share) | $ 0.484375 | ||||||||||
Subsequent Event | Series C Preferred Stock | |||||||||||
Dividends Payable [Line Items] | |||||||||||
Cash Dividend Per Share (in dollars per share) | 0.4921875 | ||||||||||
Subsequent Event | Series D Preferred Stock | |||||||||||
Dividends Payable [Line Items] | |||||||||||
Cash Dividend Per Share (in dollars per share) | 0.50 | ||||||||||
Subsequent Event | Series E Preferred Stock | |||||||||||
Dividends Payable [Line Items] | |||||||||||
Cash Dividend Per Share (in dollars per share) | $ 0.4921875 |
Stockholders_ Equity - Divide_2
Stockholders’ Equity - Dividends on Common Stock (Details) - $ / shares | 3 Months Ended | |||||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | |
Stockholders' Equity Note [Abstract] | ||||||||||||
Dividends declared per common share (in dollars per share) | $ 0.10 | $ 0.075 | $ 0.05 | $ 0 | $ 0.20 | $ 0.20 | $ 0.20 | $ 0.20 | $ 0.200 | $ 0.200 | $ 0.200 | $ 0.200 |
Stockholders_ Equity - Schedule
Stockholders’ Equity - Schedule of Company's Public Offering of Common Stock (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |||||||||||
Feb. 29, 2020 | Jan. 31, 2020 | Nov. 30, 2019 | Sep. 30, 2019 | Jul. 31, 2019 | May 31, 2019 | Mar. 31, 2019 | Jan. 31, 2019 | Nov. 30, 2018 | Aug. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Class of Stock [Line Items] | |||||||||||||
Stock issued (in shares) | 30,900,000 | ||||||||||||
Net Proceeds | $ 511,924 | $ 804,398 | $ 260,091 | ||||||||||
Common Stock | Underwritten Public Offering | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Stock issued (in shares) | 50,600,000 | 34,500,000 | 28,750,000 | 28,750,000 | 23,000,000 | 20,700,000 | 17,250,000 | 14,490,000 | 14,375,000 | 14,375,000 | |||
Net Proceeds | $ 305,274 | $ 206,650 | $ 172,150 | $ 173,093 | $ 137,500 | $ 123,102 | $ 101,160 | $ 83,772 | $ 85,261 | $ 85,980 |
Stockholders_ Equity - Equity D
Stockholders’ Equity - Equity Distribution Agreements (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Nov. 27, 2019 | Mar. 29, 2019 | Sep. 10, 2018 | Aug. 10, 2017 | |
Class of Stock [Line Items] | |||||||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | |||||
Stock issued (in shares) | 30,900,000 | ||||||
Proceeds from issuance of common stock | $ 511,924 | $ 804,398 | $ 260,091 | ||||
Equity Distribution Agreements | |||||||
Class of Stock [Line Items] | |||||||
Common stock, par value (in dollars per share) | $ 0.01 | ||||||
Common stock subscriptions (up to) | $ 177,100 | $ 100,000 | |||||
Stock issued (in shares) | 0 | 2,260,200 | 14,588,631 | ||||
Sale of stock, Price per share (in dollars per share) | $ 6.12 | ||||||
Proceeds from issuance of common stock | $ 13,600 | $ 89,000 | |||||
Common stock reserved for future issuance | $ 72,500 | ||||||
Preferred Stock, value, subscriptions (up to) | $ 131,500 | ||||||
Equity Distribution Agreements | Minimum | |||||||
Class of Stock [Line Items] | |||||||
Sale of stock, Price per share (in dollars per share) | $ 6.19 | ||||||
Preferred Equity Distribution Agreement | |||||||
Class of Stock [Line Items] | |||||||
Stock issued (in shares) | 0 | 1,972,888 | |||||
Preferred Stock, value, subscriptions (up to) | $ 50,000 | ||||||
Preferred Equity Distribution Agreement | Minimum | |||||||
Class of Stock [Line Items] | |||||||
Sale of stock, Price per share (in dollars per share) | $ 24.88 |
Earnings Per Share - Basic and
Earnings Per Share - Basic and Diluted Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Basic (Loss) Earnings per Common Share | |||||||||||
Net (loss) income attributable to Company | $ 80,419 | $ 101,641 | $ 117,813 | $ (588,383) | $ 65,483 | $ 41,379 | $ 22,735 | $ 44,139 | $ (288,510) | $ 173,736 | $ 102,886 |
Less: Preferred Stock dividends | (41,186) | (28,901) | (23,700) | ||||||||
NET (LOSS) INCOME ATTRIBUTABLE TO COMPANY'S COMMON STOCKHOLDERS | $ 70,123 | $ 91,344 | $ 107,517 | $ (598,680) | $ 55,308 | $ 34,835 | $ 16,478 | $ 38,214 | $ (329,696) | $ 144,835 | $ 79,186 |
Weighted average common shares outstanding-basic (in shares) | 377,744 | 377,744 | 377,465 | 350,912 | 275,121 | 234,043 | 200,691 | 174,421 | 371,004 | 221,380 | 127,243 |
Basic (Loss) Earnings per Common Share (in dollars per share) | $ 0.19 | $ 0.24 | $ 0.28 | $ (1.71) | $ 0.20 | $ 0.15 | $ 0.08 | $ 0.22 | $ (0.89) | $ 0.65 | $ 0.62 |
Diluted (Loss) Earnings per Common Share: | |||||||||||
Net (loss) income attributable to Company | $ 80,419 | $ 101,641 | $ 117,813 | $ (588,383) | $ 65,483 | $ 41,379 | $ 22,735 | $ 44,139 | $ (288,510) | $ 173,736 | $ 102,886 |
Less: Preferred Stock dividends | (41,186) | (28,901) | (23,700) | ||||||||
Add back: Interest expense on Convertible Notes for the period, net of tax | 0 | 10,662 | 10,475 | ||||||||
Net (loss) income attributable to Company’s common stockholders | $ (329,696) | $ 155,497 | $ 89,661 | ||||||||
Weighted average common shares outstanding-diluted (in shares) | 377,744 | 377,744 | 377,465 | 350,912 | 275,121 | 234,043 | 200,691 | 174,421 | 371,004 | 221,380 | 127,243 |
Net effect of assumed Convertible Notes conversion to common shares | 0 | 19,695 | 19,695 | ||||||||
Net effect of assumed PSUs vested | 0 | 1,521 | 512 | ||||||||
Diluted weighted average common shares outstanding | 399,009 | 399,709 | 399,982 | 350,912 | 296,347 | 255,537 | 202,398 | 194,970 | 371,004 | 242,596 | 147,450 |
Diluted (Loss) Earnings per Common Share | $ 0.18 | $ 0.23 | $ 0.28 | $ (1.71) | $ 0.20 | $ 0.15 | $ 0.08 | $ 0.21 | $ (0.89) | $ 0.64 | $ 0.61 |
Stock Based Compensation - Narr
Stock Based Compensation - Narrative (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | |||
Jun. 30, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock issued (in shares) | 30,900,000 | ||||
Restricted Stock | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares outstanding, unvested restricted stock (in shares) | 1,603,766 | 837,123 | 507,536 | 422,928 | |
Non-cash compensation expense | $ 3.8 | $ 2.2 | $ 1.3 | ||
Forfeitures (in shares) | 0 | 1,575 | 5,120 | ||
Unrecognized compensation expense | $ 5.9 | $ 3.1 | |||
Weighted average period to recognize the unrecognized compensation expense | 1 year 9 months 18 days | ||||
Fair value of shares vested | $ 1.8 | $ 1.3 | $ 1.1 | ||
Requisite service period | 3 years | ||||
Performance Shares | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares outstanding, unvested restricted stock (in shares) | 2,902,014 | 2,018,518 | 842,792 | 0 | |
Award vesting period | 3 years | ||||
Expected term for expected volatility rate | 3 years | ||||
Restricted Stock Units (RSUs) | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares outstanding, unvested restricted stock (in shares) | 441,746 | 0 | |||
Non-cash compensation expense | $ 0.9 | ||||
Unrecognized compensation expense | $ 1.8 | ||||
Weighted average period to recognize the unrecognized compensation expense | 2 years | ||||
Requisite service period | 3 years | ||||
2017 Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Additional shares authorized (In shares) | 7,600,000 | ||||
Maximum shares issuable (in shares) | 13,170,000 | ||||
Common shares reserved for issuance (in shares) | 5,540,536 | 9,053,166 | |||
2017 Plan | Non-employee director | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock issued (in shares) | 228,750 | ||||
2017 Plan | Non-employee director | Director | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock issued (in shares) | 507,821 | ||||
2017 Plan | Employee | Employee | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock issued (in shares) | 1,881,380 | ||||
2017 Plan | Restricted Stock | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares outstanding, unvested restricted stock (in shares) | 1,603,766 | 755,286 | |||
2017 Plan | Restricted Stock | Employee | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock issued (in shares) | 827,126 | ||||
2017 Plan | Performance Shares | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Common shares reserved for issuance (in shares) | 4,798,517 | 3,060,958 | |||
Non-cash compensation expense | $ 5 | $ 2.9 | $ 0.9 | ||
Unrecognized compensation expense | $ 5.7 | $ 4.5 | $ 2.6 | ||
Weighted average period to recognize the unrecognized compensation expense | 1 year 8 months 12 days | ||||
Award vesting period | 3 years | ||||
Fair value assumptions, expected term | 3 years | ||||
2017 Plan | Performance Shares | Relative TSR performance Is Less than the 30th percentile | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award vesting rights (as a percent) | 0.00% | ||||
2017 Plan | Performance Shares | Relative TSR performance Is equal to the 50th percentile | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award vesting rights (as a percent) | 100.00% | ||||
2017 Plan | Restricted Stock Units (RSUs) | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Common shares reserved for issuance (in shares) | 441,746 | ||||
2010 Stock Incentive Plan | Restricted Stock | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares outstanding, unvested restricted stock (in shares) | 0 |
Stock Based Compensation - Non-
Stock Based Compensation - Non-vested Restricted Stock Options and PSUs (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Restricted Stock | |||
Number of Non-vested Restricted Shares | |||
Non-vested shares, beginning balance (in shares) | 837,123 | 507,536 | 422,928 |
Granted (in shares) | 1,054,254 | 536,242 | 289,792 |
Vested (in shares) | (287,611) | (205,080) | (200,064) |
Forfeited (in shares) | 0 | (1,575) | (5,120) |
Non-vested shares, ending balance (in shares) | 1,603,766 | 837,123 | 507,536 |
Weighted Average Per Share Grant Date Fair Value | |||
Non-vested shares, beginning balance (in dollars per share) | $ 6.18 | $ 5.91 | $ 6.36 |
Granted (in dollars per share) | 6.33 | 6.30 | 5.63 |
Vested (in dollars per share) | 6.22 | 5.85 | 6.55 |
Forfeited (in dollars per share) | 0 | 6.35 | 6.25 |
Non-vested shares, ending balance (in dollars per share) | $ 6.27 | $ 6.18 | $ 5.91 |
PSUs | |||
Number of Non-vested Restricted Shares | |||
Non-vested shares, beginning balance (in shares) | 2,018,518 | 842,792 | 0 |
Granted (in shares) | 883,496 | 1,175,726 | 842,792 |
Vested (in shares) | 0 | 0 | 0 |
Non-vested shares, ending balance (in shares) | 2,902,014 | 2,018,518 | 842,792 |
Weighted Average Per Share Grant Date Fair Value | |||
Non-vested shares, beginning balance (in dollars per share) | $ 4.09 | $ 4.20 | $ 0 |
Granted (in dollars per share) | 7.03 | 4.01 | 4.20 |
Vested (in dollars per share) | 0 | 0 | 0 |
Non-vested shares, ending balance (in dollars per share) | $ 4.98 | $ 4.09 | $ 4.20 |
Restricted Stock Units (RSUs) | |||
Number of Non-vested Restricted Shares | |||
Non-vested shares, beginning balance (in shares) | 0 | ||
Granted (in shares) | 441,746 | ||
Vested (in shares) | 0 | ||
Non-vested shares, ending balance (in shares) | 441,746 | 0 | |
Weighted Average Per Share Grant Date Fair Value | |||
Non-vested shares, beginning balance (in dollars per share) | $ 0 | ||
Granted (in dollars per share) | 6.23 | ||
Vested (in dollars per share) | 0 | ||
Non-vested shares, ending balance (in dollars per share) | $ 6.23 | $ 0 |
Income Taxes - Income Tax Provi
Income Taxes - Income Tax Provision (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Current income tax provision (benefit) | |||||||||||
Federal | $ 1,225 | $ (65) | $ (273) | ||||||||
State | 151 | 43 | (7) | ||||||||
Total current income tax provision (benefit) | 1,376 | (22) | (280) | ||||||||
Deferred income tax benefit | |||||||||||
Federal | (244) | (245) | (480) | ||||||||
State | (151) | (152) | (297) | ||||||||
Total deferred income tax benefit | (395) | (397) | (777) | ||||||||
Total income tax provision (benefit) | $ 65 | $ (772) | $ 1,927 | $ (239) | $ (172) | $ (187) | $ (134) | $ 74 | $ 981 | $ (419) | $ (1,057) |
Income Taxes - Income Tax Recon
Income Taxes - Income Tax Reconciliation (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||||||||||
(Benefit) provision at statutory rate | $ (60,381) | $ 36,397 | $ 21,384 | ||||||||
Provision at statutory rate (as a percent) | 21.00% | 21.00% | 21.00% | ||||||||
Non-taxable REIT income | $ 58,783 | $ (37,199) | $ (23,720) | ||||||||
Non-taxable REIT income (as a percent) | (20.40%) | (21.50%) | (23.30%) | ||||||||
State and local tax provision (benefit) | $ 150 | $ 43 | $ (7) | ||||||||
State and local tax provision (as a percent) | (0.10%) | 0.00% | 0.00% | ||||||||
Other | $ (45) | $ (620) | $ (2,601) | ||||||||
Other (as a percent) | 0.00% | (0.40%) | (2.60%) | ||||||||
Valuation allowance | $ 2,474 | $ 960 | $ 3,887 | ||||||||
Valuation allowance (as a percent) | (0.90%) | 0.60% | 3.80% | ||||||||
Total income tax provision (benefit) | $ 65 | $ (772) | $ 1,927 | $ (239) | $ (172) | $ (187) | $ (134) | $ 74 | $ 981 | $ (419) | $ (1,057) |
Total provision (as a percent) | (0.40%) | (0.30%) | (1.10%) |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Asset (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Deferred tax assets | ||
Net operating loss carryforward | $ 6,024 | $ 3,975 |
Capital loss carryover | 4,442 | 739 |
GAAP/Tax basis differences | 814 | 3,699 |
Total deferred tax assets | 11,280 | 8,413 |
Deferred tax liabilities | ||
Deferred tax liabilities | 2 | 5 |
Valuation allowance | (9,503) | (7,029) |
Total net deferred tax asset | $ 1,775 | $ 1,379 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards, not subject to expiration | $ 15.2 |
Operating loss carryforwards, subject to expiration | 0.9 |
Change in the valuation for the current year | 2.5 |
Taxable REIT Subsidiaries | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforward | 16.1 |
Capital losses | $ 13 |
Net Interest Income (Details)
Net Interest Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Total interest income | $ 46,220 | $ 45,358 | $ 47,970 | $ 210,613 | $ 199,772 | $ 179,602 | $ 167,258 | $ 147,982 | $ 350,161 | $ 694,614 | $ 455,799 |
Derivatives | 868 | 711 | 831 | ||||||||
Interest expense | 20,264 | 19,829 | 19,444 | 163,531 | 155,773 | 147,631 | 141,567 | 121,779 | 223,068 | 566,750 | 377,071 |
Total net interest income | $ 25,956 | $ 25,529 | $ 28,526 | $ 47,082 | $ 43,999 | $ 31,971 | $ 25,691 | $ 26,203 | 127,093 | 127,864 | 78,728 |
Convertible notes | |||||||||||
Interest expense | 10,997 | 10,813 | 10,643 | ||||||||
Subordinated debentures | |||||||||||
Subordinated debentures | 2,187 | 2,865 | 2,743 | ||||||||
VIE, Primary Beneficiary | |||||||||||
Total net interest income | 1,819 | ||||||||||
Residential Loans | |||||||||||
Interest income | 69,170 | 63,031 | 19,659 | ||||||||
Consolidated SLST | VIE, Primary Beneficiary | |||||||||||
Interest income | 45,194 | 4,764 | 0 | ||||||||
Interest expense | 31,663 | 2,945 | 0 | ||||||||
Residential loans held in securitization trusts | |||||||||||
Interest income | 12,612 | 3,222 | 8,910 | ||||||||
Total residential loans | |||||||||||
Interest income | 126,976 | 71,017 | 28,569 | ||||||||
Preferred equity and mezzanine loan investments | |||||||||||
Interest income | 20,899 | 20,899 | 21,036 | ||||||||
Consolidated K-Series | VIE, Primary Beneficiary | |||||||||||
Interest income | 151,841 | 535,226 | 358,712 | ||||||||
Interest expense | 129,762 | 457,130 | 313,102 | ||||||||
Total multi-family loans | |||||||||||
Interest income | 172,740 | 556,125 | 379,748 | ||||||||
Investment securities available for sale | |||||||||||
Investment securities available for sale | 49,925 | 65,486 | 47,147 | ||||||||
Other | |||||||||||
Other | 520 | 1,986 | 335 | ||||||||
Repurchase agreements | |||||||||||
Repurchase agreements and other interest bearing liabilities | 37,334 | 90,110 | 43,219 | ||||||||
Residential loan securitizations | |||||||||||
Interest expense | 6,967 | 1,682 | 3,623 | ||||||||
Non-Agency RMBS and CMBS re-securitizations | |||||||||||
Interest expense | 3,290 | 494 | 2,910 | ||||||||
Total collateralized debt obligations | |||||||||||
Interest expense | $ 171,682 | $ 462,251 | $ 319,635 |
Quarterly Financial Data (una_3
Quarterly Financial Data (unaudited) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||
Interest income | $ 46,220 | $ 45,358 | $ 47,970 | $ 210,613 | $ 199,772 | $ 179,602 | $ 167,258 | $ 147,982 | $ 350,161 | $ 694,614 | $ 455,799 | ||||
Interest expense | 20,264 | 19,829 | 19,444 | 163,531 | 155,773 | 147,631 | 141,567 | 121,779 | 223,068 | 566,750 | 377,071 | ||||
Total net interest income | 25,956 | 25,529 | 28,526 | 47,082 | 43,999 | 31,971 | 25,691 | 26,203 | 127,093 | 127,864 | 78,728 | ||||
Non-interest (loss) income: | |||||||||||||||
Realized loss on de-consolidation of Consolidated K-Series | 0 | 0 | 0 | (54,118) | (54,118) | 0 | 0 | ||||||||
Unrealized (losses) gains, net | 1,861 | (1,067) | (934) | (147,918) | 86 | 6,102 | 4,448 | 22,006 | (148,058) | 32,642 | (7,775) | ||||
Income from equity investments | 12,098 | 9,966 | 4,112 | 494 | 10,910 | 3,874 | 3,517 | 5,325 | 26,670 | 23,626 | 10,585 | ||||
Impairment of goodwill | 0 | 0 | 0 | (25,222) | (25,222) | 0 | 0 | ||||||||
Loss on extinguishment of collateralized debt obligations | 0 | 0 | 0 | (2,857) | 0 | (2,857) | 0 | ||||||||
(Recovery of) provision for loan losses | 175 | 244 | 1,296 | 1,065 | 0 | 2,780 | 1,257 | ||||||||
Other income (loss) | 763 | 431 | (1,638) | 1,541 | 515 | 64 | (777) | 2,618 | |||||||
Total non-interest (loss) income | 67,271 | 90,528 | 104,412 | (622,003) | 33,626 | 21,396 | 8,561 | 30,865 | (359,792) | 94,448 | 66,480 | ||||
General and administrative expenses | 9,656 | 10,159 | 11,761 | 10,652 | 9,129 | 8,238 | 9,716 | 8,711 | 42,228 | 35,794 | 27,872 | ||||
Operating expenses | 3,524 | 3,265 | 2,313 | 3,233 | 3,380 | 4,050 | 2,678 | 3,933 | 12,335 | 14,041 | 13,598 | ||||
Total general, administrative and operating expenses | 13,180 | 13,424 | 14,074 | 13,885 | 12,509 | 12,288 | 12,394 | 12,644 | 54,563 | 49,835 | 41,470 | ||||
(Loss) income from operations before income taxes | 80,047 | 102,633 | 118,864 | (588,806) | 65,116 | 41,079 | 21,858 | 44,424 | |||||||
Income tax (benefit) expense | 65 | (772) | 1,927 | (239) | (172) | (187) | (134) | 74 | 981 | (419) | (1,057) | ||||
Net (loss) income | 79,982 | 103,405 | 116,937 | (588,567) | 65,288 | 41,266 | 21,992 | 44,350 | (288,243) | 172,896 | 104,795 | ||||
Net loss (income) attributable to non-controlling interest in consolidated variable interest entities | 437 | (1,764) | 876 | 184 | 195 | 113 | 743 | (211) | (267) | 840 | (1,909) | ||||
NET (LOSS) INCOME ATTRIBUTABLE TO COMPANY | 80,419 | 101,641 | 117,813 | (588,383) | 65,483 | 41,379 | 22,735 | 44,139 | (288,510) | 173,736 | 102,886 | ||||
Preferred stock dividends | (10,296) | (10,297) | (10,296) | (10,297) | (10,175) | (6,544) | (6,257) | (5,925) | |||||||
NET (LOSS) INCOME ATTRIBUTABLE TO COMPANY'S COMMON STOCKHOLDERS | $ 70,123 | $ 91,344 | $ 107,517 | $ (598,680) | $ 55,308 | $ 34,835 | $ 16,478 | $ 38,214 | $ (329,696) | $ 144,835 | $ 79,186 | ||||
Basic earnings per common share (in USD per share) | $ 0.19 | $ 0.24 | $ 0.28 | $ (1.71) | $ 0.20 | $ 0.15 | $ 0.08 | $ 0.22 | $ (0.89) | $ 0.65 | $ 0.62 | ||||
Diluted earnings per common share (in USD per share) | 0.18 | 0.23 | 0.28 | (1.71) | 0.20 | 0.15 | 0.08 | 0.21 | $ (0.89) | $ 0.64 | $ 0.61 | ||||
Dividends declared per common share (in dollars per share) | $ 0.10 | $ 0.075 | $ 0.05 | $ 0 | $ 0.20 | $ 0.20 | $ 0.20 | $ 0.20 | $ 0.200 | $ 0.200 | $ 0.200 | $ 0.200 | |||
Weighted average shares outstanding-basic (in shares) | 377,744 | 377,744 | 377,465 | 350,912 | 275,121 | 234,043 | 200,691 | 174,421 | 371,004 | 221,380 | 127,243 | ||||
Weighted average shares outstanding-diluted (in shares) | 399,009 | 399,709 | 399,982 | 350,912 | 296,347 | 255,537 | 202,398 | 194,970 | 371,004 | 242,596 | 147,450 | ||||
Unrealized (losses) gains, net | $ 52,549 | $ 81,198 | $ 102,872 | $ (396,780) | $ 21,940 | $ 11,112 | $ 77 | $ 2,708 | $ (160,161) | $ 35,837 | $ 52,781 |
Schedule IV - Mortgage Loans _2
Schedule IV - Mortgage Loans on Real Estate (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020USD ($)loans | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2020USD ($) | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Carrying Value | $ 3,049,166 | $ 12,707,625 | $ 10,157,126 | $ 3,049,166 |
Principal Amount of Loans Subject to Delinquent Principal or Interest | 406,293 | |||
Reconciliation of Balance Sheet Reported Amounts of Mortgage Loans on Real Estate | ||||
Beginning balance | 20,780,548 | 12,707,625 | 10,157,126 | |
Additions during period: | ||||
Purchases | 569,557 | 8,762,553 | 2,983,295 | |
Accretion of purchase discount | 5,265 | 11,234 | 19,940 | |
Change in realized and unrealized gains | 101,957 | 638,557 | 4,096 | |
Deductions during period: | ||||
Repayments of principal | (674,337) | (1,052,812) | (182,163) | |
Collection of interest | 0 | (11,429) | (21,754) | |
Transfer to investment securities available for sale (2) | (237,297) | 0 | 0 | |
Transfer to REO | (8,509) | (6,105) | (7,998) | |
Cost of loans sold | (17,478,478) | (213,871) | (109,000) | |
Provision for loan loss | 0 | 2,780 | (1,235) | |
Change in realized and unrealized losses | 0 | 0 | (85,115) | |
Amortization of premium | (15,352) | (57,984) | (49,567) | |
Balance at end of period | 3,049,166 | 20,780,548 | 12,707,625 | |
Cumulative Effect, Period of Adoption, Adjustment | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Carrying Value | 5,812 | 0 | 0 | |
Reconciliation of Balance Sheet Reported Amounts of Mortgage Loans on Real Estate | ||||
Beginning balance | $ 5,812 | 0 | 0 | |
Deductions during period: | ||||
Balance at end of period | $ 5,812 | $ 0 | ||
Residential Loans Held in Securitization Trusts | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Number of Loans | loans | 1,204 | |||
Carrying Value | $ 64,247 | 64,247 | ||
Principal Amount of Loans Subject to Delinquent Principal or Interest | 8,744 | |||
Deductions during period: | ||||
Balance at end of period | $ 64,247 | |||
Residential Loans Held in Securitization Trusts | Minimum | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 1.63% | |||
Residential Loans Held in Securitization Trusts | Maximum | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 13.33% | |||
Mortgage Loans Under $100,000 | First mortgage loans | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Number of Loans | loans | 1,335 | |||
Carrying Value | $ 66,968 | 66,968 | ||
Principal Amount of Loans Subject to Delinquent Principal or Interest | 6,285 | |||
Deductions during period: | ||||
Balance at end of period | $ 66,968 | |||
Mortgage Loans Under $100,000 | First mortgage loans | Minimum | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 1.38% | |||
Mortgage Loans Under $100,000 | First mortgage loans | Maximum | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 14.99% | |||
Mortgage Loans Under $100,000 | Second mortgage loans | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Number of Loans | loans | 421 | |||
Carrying Value | $ 18,222 | 18,222 | ||
Principal Amount of Loans Subject to Delinquent Principal or Interest | 579 | |||
Deductions during period: | ||||
Balance at end of period | $ 18,222 | |||
Mortgage Loans Under $100,000 | Second mortgage loans | Minimum | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 5.75% | |||
Mortgage Loans Under $100,000 | Second mortgage loans | Maximum | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 9.00% | |||
Mortgage Loans Under $100,000 | Business Purpose Loans | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Number of Loans | loans | 176 | |||
Carrying Value | $ 20,610 | 20,610 | ||
Principal Amount of Loans Subject to Delinquent Principal or Interest | 160 | |||
Deductions during period: | ||||
Balance at end of period | $ 20,610 | |||
Mortgage Loans Under $100,000 | Business Purpose Loans | Minimum | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 7.75% | |||
Mortgage Loans Under $100,000 | Business Purpose Loans | Maximum | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 15.00% | |||
Mortgage Loans Under $100,000 | Residential Loans Held in Securitization Trusts | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Number of Loans | loans | 1,591 | |||
Carrying Value | $ 181,487 | 181,487 | ||
Principal Amount of Loans Subject to Delinquent Principal or Interest | 21,816 | |||
Deductions during period: | ||||
Balance at end of period | $ 181,487 | |||
Mortgage Loans Under $100,000 | Residential Loans Held in Securitization Trusts | Minimum | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 1.88% | |||
Mortgage Loans Under $100,000 | Residential Loans Held in Securitization Trusts | Maximum | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 12.80% | |||
Mortgage Loans Between $100,000 - $199,999 | First mortgage loans | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Number of Loans | loans | 1,323 | |||
Carrying Value | $ 163,575 | 163,575 | ||
Principal Amount of Loans Subject to Delinquent Principal or Interest | 13,176 | |||
Deductions during period: | ||||
Balance at end of period | $ 163,575 | |||
Mortgage Loans Between $100,000 - $199,999 | First mortgage loans | Minimum | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 2.00% | |||
Mortgage Loans Between $100,000 - $199,999 | First mortgage loans | Maximum | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 11.84% | |||
Mortgage Loans Between $100,000 - $199,999 | Second mortgage loans | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Number of Loans | loans | 50 | |||
Carrying Value | $ 6,212 | 6,212 | ||
Principal Amount of Loans Subject to Delinquent Principal or Interest | 0 | |||
Deductions during period: | ||||
Balance at end of period | $ 6,212 | |||
Mortgage Loans Between $100,000 - $199,999 | Second mortgage loans | Minimum | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 6.25% | |||
Mortgage Loans Between $100,000 - $199,999 | Second mortgage loans | Maximum | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 9.13% | |||
Mortgage Loans Between $100,000 - $199,999 | Business Purpose Loans | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Number of Loans | loans | 290 | |||
Carrying Value | $ 53,684 | 53,684 | ||
Principal Amount of Loans Subject to Delinquent Principal or Interest | 1,218 | |||
Deductions during period: | ||||
Balance at end of period | $ 53,684 | |||
Mortgage Loans Between $100,000 - $199,999 | Business Purpose Loans | Minimum | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 7.85% | |||
Mortgage Loans Between $100,000 - $199,999 | Business Purpose Loans | Maximum | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 14.50% | |||
Mortgage Loans Between $100,000 - $199,999 | Residential Loans Held in Securitization Trusts | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Number of Loans | loans | 782 | |||
Carrying Value | $ 150,240 | 150,240 | ||
Principal Amount of Loans Subject to Delinquent Principal or Interest | 20,409 | |||
Deductions during period: | ||||
Balance at end of period | $ 150,240 | |||
Mortgage Loans Between $100,000 - $199,999 | Residential Loans Held in Securitization Trusts | Minimum | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 1.75% | |||
Mortgage Loans Between $100,000 - $199,999 | Residential Loans Held in Securitization Trusts | Maximum | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 11.44% | |||
Mortgage Loans Between $200,000 - $299,999 | First mortgage loans | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Number of Loans | loans | 616 | |||
Carrying Value | $ 134,048 | 134,048 | ||
Principal Amount of Loans Subject to Delinquent Principal or Interest | 12,380 | |||
Deductions during period: | ||||
Balance at end of period | $ 134,048 | |||
Mortgage Loans Between $200,000 - $299,999 | First mortgage loans | Minimum | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 0.00% | |||
Mortgage Loans Between $200,000 - $299,999 | First mortgage loans | Maximum | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 11.38% | |||
Mortgage Loans Between $200,000 - $299,999 | Second mortgage loans | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Number of Loans | loans | 18 | |||
Carrying Value | $ 3,953 | 3,953 | ||
Principal Amount of Loans Subject to Delinquent Principal or Interest | 0 | |||
Deductions during period: | ||||
Balance at end of period | $ 3,953 | |||
Mortgage Loans Between $200,000 - $299,999 | Second mortgage loans | Minimum | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 6.25% | |||
Mortgage Loans Between $200,000 - $299,999 | Second mortgage loans | Maximum | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 8.63% | |||
Mortgage Loans Between $200,000 - $299,999 | Business Purpose Loans | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Number of Loans | loans | 175 | |||
Carrying Value | $ 46,937 | 46,937 | ||
Principal Amount of Loans Subject to Delinquent Principal or Interest | 2,187 | |||
Deductions during period: | ||||
Balance at end of period | $ 46,937 | |||
Mortgage Loans Between $200,000 - $299,999 | Business Purpose Loans | Minimum | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 7.85% | |||
Mortgage Loans Between $200,000 - $299,999 | Business Purpose Loans | Maximum | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 12.50% | |||
Mortgage Loans Between $200,000 - $299,999 | Residential Loans Held in Securitization Trusts | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Number of Loans | loans | 832 | |||
Carrying Value | $ 295,477 | 295,477 | ||
Principal Amount of Loans Subject to Delinquent Principal or Interest | 52,553 | |||
Deductions during period: | ||||
Balance at end of period | $ 295,477 | |||
Mortgage Loans Between $200,000 - $299,999 | Residential Loans Held in Securitization Trusts | Minimum | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 1.38% | |||
Mortgage Loans Between $200,000 - $299,999 | Residential Loans Held in Securitization Trusts | Maximum | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 9.79% | |||
Mortgage Loans Over $299,999 | First mortgage loans | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Number of Loans | loans | 753 | |||
Carrying Value | $ 326,591 | 326,591 | ||
Principal Amount of Loans Subject to Delinquent Principal or Interest | 25,432 | |||
Deductions during period: | ||||
Balance at end of period | $ 326,591 | |||
Mortgage Loans Over $299,999 | First mortgage loans | Minimum | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 1.88% | |||
Mortgage Loans Over $299,999 | First mortgage loans | Maximum | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 9.63% | |||
Mortgage Loans Over $299,999 | Business Purpose Loans | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Number of Loans | loans | 339 | |||
Carrying Value | $ 250,130 | 250,130 | ||
Principal Amount of Loans Subject to Delinquent Principal or Interest | 4,615 | |||
Deductions during period: | ||||
Balance at end of period | $ 250,130 | |||
Mortgage Loans Over $299,999 | Business Purpose Loans | Minimum | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 7.00% | |||
Mortgage Loans Over $299,999 | Business Purpose Loans | Maximum | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 12.99% | |||
First mortgage loans | Consolidated SLST | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Number of Loans | loans | 7,645 | |||
Carrying Value | $ 1,266,785 | 1,266,785 | ||
Deductions during period: | ||||
Balance at end of period | $ 1,266,785 | |||
First mortgage loans | Consolidated SLST | Financial Asset, Equal to or Greater than 90 Days Past Due | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Principal Amount of Loans Subject to Delinquent Principal or Interest | $ 236,739 | |||
First mortgage loans | Consolidated SLST | Minimum | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 1.38% | |||
First mortgage loans | Consolidated SLST | Maximum | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 10.50% |
Uncategorized Items - nymt-2020
Label | Element | Value |
Common Stock [Member] | ||
Dividends Payable | us-gaap_DividendsPayableCurrentAndNoncurrent | $ 31,118,000 |
Dividends Payable | us-gaap_DividendsPayableCurrentAndNoncurrent | 58,274,000 |
Dividends Payable | us-gaap_DividendsPayableCurrentAndNoncurrent | 37,774,000 |
Preferred Stock [Member] | ||
Dividends Payable | us-gaap_DividendsPayableCurrentAndNoncurrent | 10,297,000 |
Dividends Payable | us-gaap_DividendsPayableCurrentAndNoncurrent | 10,175,000 |
Dividends Payable | us-gaap_DividendsPayableCurrentAndNoncurrent | $ 5,925,000 |