Annual report pursuant to Section 13 and 15(d)

Residential Mortgage Loans Held-for-Investment in Securitization Trusts, at Fair Value (Notes)

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Residential Mortgage Loans Held-for-Investment in Securitization Trusts, at Fair Value (Notes)
12 Months Ended
Dec. 31, 2015
Residential Mortgage Loans Held-for-Investment [Abstract]  
Residential Mortgage Loans Held-for-Investment [Text Block]
Residential Mortgage Loans Held-for-Investment in Securitization Trusts, at Fair Value
The Company purchases subordinated debt and excess servicing rights from securitization trusts sponsored by either third parties or the Company’s subsidiaries. The underlying residential mortgage loans held by the trusts, which are consolidated on the Company’s consolidated balance sheets, are classified as residential mortgage loans held-for-investment in securitization trusts and carried at fair value as a result of a fair value option election. See Note 3 - Variable Interest Entities for additional information regarding consolidation of the securitization trusts. The following table presents the carrying value of the Company’s residential mortgage loans held-for-investment in securitization trusts as of December 31, 2015 and December 31, 2014:
(in thousands)
December 31,
2015
 
December 31,
2014
Unpaid principal balance
$
3,143,515

 
$
1,699,748

Fair value adjustment
30,212

 
44,998

Carrying value
$
3,173,727

 
$
1,744,746