Mortgage Loans Held for Investment, at Fair Value (Tables)

12 Months Ended

Dec. 31, 2014

Mortgage Loans Held for Investment, at Fair Value [Abstract]

Schedule of Mortgage Loan Acquisitions

Acquisition Date	Aggregate Unpaid Principal Balance		Loan Repurchase Facilities Used
	(in millions)
Year ended December31, 2013:
March 22, 2013	$	17.7	$	—
May 30, 2013		—		—	(1)
May 31, 2013		134.5		78.5
July 25, 2013		162.4		98.7
August 28, 2013		98.2		54.8
Year ended December31, 2014:
March 27, 2014		100.4		60.6

(1)

On May 30, 2013, the Company entered into the Citi Loan Repurchase Facility and utilized $10.6 million of the Citi Loan Repurchase Facility to finance its then existing residential mortgage loan portfolio. 

Schedule of Information about Investments in Mortgage Loans

2014

	Unpaid Principal Balance		Premium (Discount)			Amortized Cost		Gross Unrealized(1)						Fair Value		Weighted Average
								Gains		Losses						Coupon			Yield(2)
Mortgage Loans Held for Investment
Performing
Fixed	$	265,306,697	$	(51,501,092)		$	213,805,605	$	26,732,362		$	(1,383,524		$	239,154,443		4.50	%		7.28	%
ARM		162,858,201		(21,343,046	)		141,515,155		9,568,296			(1,441,035	)		149,642,416		3.59			7.10
Total performing		428,164,898		(72,844,138	)		355,320,760		36,300,658			(2,824,559	)		388,796,859		4.15			7.21
Non-performing(3)		35,945,165		(6,039,073	)		29,906,092		840,097			(4,369,886	)		26,376,303		5.48			7.13
Total Mortgage Loans Held for Investment	$	464,110,063	$	(78,883,211)		$	385,226,852	$	37,140,755		$	(7,194,445		$	415,173,162		4.26	%		7.20	%

(1)

The Company has elected the fair value option pursuant to ASC 825 for these mortgage loans held for investment. The Company recorded a gain of $22.8 million for the year ended December 31, 2014 as change in unrealized gain or loss on mortgage loans held for investment in the consolidated statements of operations.

(2)

Unleveraged yield.

(3)

Loans that are delinquent for 60 days or more are considered non-performing.

2013

								Gross Unrealized(1)							Weighted Average
	Unpaid Principal Balance		Premium (Discount)			Amortized Cost		Gains		Losses			Fair Value		Coupon			Yield(2)
Mortgage Loans Held for Investment
Performing
Fixed	$	212,701,494	$	(43,530,581)		$	169,170,913	$	7,842,598	$	(3,558,171)		$	173,455,340		4.56	%		7.05	%
ARM		170,178,466		(25,617,563	)		144,560,903		5,088,302		(1,556,430	)		148,092,775		3.76			6.67
Total performing		382,879,960		(69,148,144	)		313,731,816		12,930,900		(5,114,601	)		321,548,115		4.20			6.88
Non-performing(3)		15,948,537		(5,031,293	)		10,917,244		456,024		(1,135,841	)		10,237,427		5.06			8.03
Total Mortgage Loans Held for Investment	$	398,828,497	$	(74,179,437)		$	324,649,060	$	13,386,924	$	(6,250,442)		$	331,785,542		4.24	%		6.91	%

(1)

The Company has elected the fair value option pursuant to ASC 825 for its mortgage loans held for investment. The Company recorded a gain of $7.1 million for the year ended December31, 2013, as change in unrealized gain or loss on mortgage loans in the consolidated statements of operations.

(2)

Unleveraged yield.

(3)

Loans that are delinquent for 60 days or more are considered non-performing.

	Unpaid Principal Balance		Premium (Discount)		Amortized Cost		Gross Unrealized(1)				Fair Value		Weighted Average
							Gains		Losses				Coupon			Yield(2)
Performing
Fixed	$	766,965	$	16,173	$	783,138	$	3,538	$	—	$	786,676		4.38	%		4.20	%
Total Mortgage Loans Held for Investment	$	766,965	$	16,173	$	783,138	$	3,538	$	—	$	786,676		4.38	%		4.20	%

(1)

The Company has elected the fair value option pursuant to ASC 825 for these mortgage loans held for investment. The Company recorded a gain of $3,538 as change in unrealized gain or loss on mortgage loans held for investment in the consolidated statements of operations.

(2)

Unleveraged yield.

Schedule of Difference Between Fair Value and Aggregate Unpaid Principal Balance

	December31, 2014							December31, 2013
	Fair Value		Unpaid Principal Balance		Difference			Fair Value		Unpaid Principal Balance		Difference
Loan Type
Performing loans:
Fixed	$	239,154,443	$	265,306,697	$	(26,152,254)		$	173,455,340	$	212,701,494	$	(39,246,154)
ARM		149,642,416		162,858,201		(13,215,785	)		148,092,775		170,178,466		(22,085,691	)
Total performing loans		388,796,859		428,164,898		(39,368,039	)		321,548,115		382,879,960		(61,331,845	)
Non-performing loans		26,376,303		35,945,165		(9,568,862	)		10,237,427		15,948,537		(5,711,110	)
Total	$	415,173,162	$	464,110,063	$	(48,936,901)		$	331,785,542	$	398,828,497	$	(67,042,955)

Schedule of Change in Accretable Yield

	December31, 2014	December31, 2013
Accretable yield, beginning of year	$ 223,401,697	$ —
Acquisitions	55,532,098	222,899,189
Accretion	(26,137,006)	(10,470,435)
Reclassifications from nonaccretable difference	14,713,116	10,972,942
Accretable yield, end of year	$ 267,509,905	$ 223,401,697

Schedule of Concentrations of Credit Risk

	December31, 2014			December31, 2013
Concentration
Percentage of fair value of mortgage loans with unpaid principal balance to current property value in excess of 100%		55.7	%		73.6	%
Percentage of fair value of mortgage loans secured by properties in the following states:
Each representing 10% or more of fair value:
California		26.2	%		25.6	%
Florida		16.6	%		17.8	%
Additional state representing more than 5% of fair value:
Georgia		5.7	%		6.8	%
New York		5.1	%		—