Consolidated K-Series (Tables)

12 Months Ended

Dec. 31, 2015

Variable Interest Entity [Line Items]

Schedule of Geographic Concentration Risk Exceeding 5%

The geographic concentrations of credit risk exceeding 5% of the total loan balances in our residential mortgage loans held in securitization trusts and REO held in residential securitization trusts at December 31, 2015 and 2014 are as follows:

	December 31, 2015		December 31, 2014
New York	35.6	%	36.1	%
Massachusetts	20.7	%	24.0	%
New Jersey	11.1	%	10.9	%
Florida	7.7	%	6.2	%
Connecticut	6.5	%	5.9	%

Multi-family loans held in securitization trusts

Variable Interest Entity [Line Items]

Schedule of Geographic Concentration Risk Exceeding 5%

The geographic concentrations of credit risk exceeding 5% of the total loan balances related to our CMBS investments included in investment securities available for sale and multi-family loans held in securitization trusts as of December 31, 2015 and December 31, 2014, respectively, are as follows:

	December 31, 2015		December 31, 2014
California	13.8	%	13.5	%
Texas	12.3	%	12.5	%
New York	8.0	%	7.7	%
Maryland	5.2	%	5.2	%

Consolidated K-Series

Variable Interest Entity [Line Items]

Condensed Balance Sheet

The condensed consolidated balance sheets of the Consolidated K-Series at December 31, 2015 and December 31, 2014, respectively, are as follows (dollar amounts in thousands):

Balance Sheets	December 31, 2015		December 31, 2014
Assets
Multi-family loans held in securitization trusts	$	7,105,336	$	8,365,514
Receivables	24,579		29,809
Total Assets	$	7,129,915	$	8,395,323
Liabilities and Equity
Multi-family CDOs	$	6,818,901	$	8,048,053
Accrued expenses	24,483		29,354
Total Liabilities	6,843,384		8,077,407
Equity	286,531		317,916
Total Liabilities and Equity	$	7,129,915	$	8,395,323

Condensed Income Statement

The condensed consolidated statements of operations of the Consolidated K-Series for the years ended December 31, 2015, 2014, and 2013 respectively, are as follows (dollar amounts in thousands):

	Years Ended December 31,
Statements of Operations	2015		2014		2013
Interest income	$	257,417	$	301,877	$	228,631
Interest expense	232,971		275,916		210,229
Net interest income	24,446		25,961		18,402
Unrealized gain on multi-family loans and debt held in securitization trusts, net	12,368		56,931		31,495
Net Income	$	36,814	$	82,892	$	49,897