Consolidated K-Series (Tables)

3 Months Ended

Mar. 31, 2016

Mortgage Loans on Real Estate [Line Items]

Schedule of Geographic Concentration of Credit Risk

The geographic concentrations of credit risk exceeding 5% of the total loan balances in our residential mortgage loans held in securitization trusts and real estate owned held in residential securitization trusts as of March 31, 2016 and December 31, 2015 are as follows:

	March 31, 2016		December 31, 2015
New York	34.1	%	35.6	%
Massachusetts	20.9	%	20.7	%
New Jersey	11.6	%	11.1	%
Florida	8.0	%	7.7	%
Connecticut	6.8	%	6.5	%

Consolidated K-Series

Mortgage Loans on Real Estate [Line Items]

Condensed Consolidated Balance Sheet of the Consolidated K-Series

The condensed consolidated balance sheets of the Consolidated K-Series at March 31, 2016 and December 31, 2015, respectively, are as follows (dollar amounts in thousands):

Balance Sheets	March 31, 2016		December 31, 2015
Assets
Multi-family loans held in securitization trusts	$	7,250,586	$	7,105,336
Receivables	24,492		24,579
Total Assets	$	7,275,078	$	7,129,915
Liabilities and Equity
Multi-family CDOs	$	6,957,293	$	6,818,901
Accrued expenses	24,396		24,483
Total Liabilities	6,981,689		6,843,384
Equity	293,389		286,531
Total Liabilities and Equity	$	7,275,078	$	7,129,915

Condensed Consolidated Statements of Operations of the Consolidated K-Series

The condensed consolidated statements of operations of the Consolidated K-Series for the three months ended March 31, 2016 and 2015, respectively, are as follows (dollar amounts in thousands):

	Three Months Ended March 31,
Statements of Operations	2016		2015
Interest income	$	63,532	$	66,300
Interest expense	57,200		60,095
Net interest income	6,332		6,205
Unrealized gain on multi-family loans and debt held in securitization trusts, net	818		13,628
Net Income	$	7,150	$	19,833

Multi-family loans held in securitization trusts

Mortgage Loans on Real Estate [Line Items]

Schedule of Geographic Concentration of Credit Risk

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 March 31, 2016 and December 31, 2015, respectively, are as follows:

	March 31, 2016		December 31, 2015
California	13.9	%	13.8	%
Texas	12.4	%	12.3	%
New York	8.1	%	8.0	%
Maryland	5.3	%	5.2	%