MORTGAGE LOANS, NET	9 Months Ended
Sep. 30, 2017
Mortgage Loans on Real Estate [Abstract]
MORTGAGE LOANS, NET	MORTGAGE LOANS, NET Lending Activities The Company did not originate any loans during the nine months ended September 30, 2017 or 2016. During the nine months ended September 30, 2017, the Company purchased one new mezzanine loan from a related party (as described in Note 11) at a discount for $7.0 million, with a face value of $7.6 million and incurred and expensed costs related to underwriting the loan of $0.2 million. The loan is collateralized by a pledge of 100% of the direct equity interests in the owner of an office building located in St. Louis, Missouri. The loan had an original maturity date of September 9, 2016 with three one-year extensions, the second of which was exercised by the borrower, thereby extending the maturity date to September 9, 2018. The loan has an annual interest rate of 9.5% plus one-month LIBOR. The discount is being amortized over the term of the loan using the effective interest method. As further discussed in Note 5, at September 30, 2017, the Company consolidated certain partnerships which had previously been accounted for as equity method investments. As a result of the consolidation of such partnerships, one mortgage loan with a principal and interest balance of $0.4 million due from one of the partnerships was eliminated in consolidation. As of September 30, 2017, the Company had three loans outstanding with an aggregate average principal and interest balance of $6.8 million, one of which was a performing loan with an outstanding principal and accrued interest balance of $7.7 million and bearing an interest rate of 9.5% plus one month LIBOR as of September 30, 2017. As of December 31, 2016, the Company had three loans with an aggregate average principal and interest balance of $4.4 million, one of which was performing with an outstanding principal and accrued interest balance of $0.4 million and bearing an interest rate of 11.0%. As of September 30, 2017 and December 31, 2016, the Company had two non-performing loans which have been fully reserved and have a zero carrying value. During the nine months ended September 30, 2017 and 2016, we recorded mortgage interest income of $0.4 million and $0.3 million, respectively. During the three months ended September 30, 2017 and 2016 we recorded mortgage interest income of $0.4 million and $19.0 thousand, respectively. As of September 30, 2017 and December 31, 2016, the valuation allowance was $12.7 million and represented 63.8% and 97.1%, respectively, of the total outstanding loan principal and interest balances. Loan Sales and Payoffs We did not sell any mortgage loans during the nine months ended September 30, 2017. During the nine months ended September 30, 2016, the Company sold one loan with a carrying value of $3.1 million for a net loss of $0.1 million. During the nine months ended September 30, 2017, we did not collect any mortgage payments. During the nine months ended September 30, 2016, we collected mortgage loan payoffs totaling $7.6 million. Given the non-performing status of our legacy loans, we do not expect to receive any loan payoffs on loans that are past their respective maturity dates. We may find it necessary to foreclose, modify, extend, make protective advances, or sell such loans in order to protect collateral, maximize return, or generate additional liquidity.

MORTGAGE LOANS, NET

Lending Activities

The Company did not originate any loans during the nine months ended September 30, 2017 or 2016. During the nine months ended September 30, 2017, the Company purchased one new mezzanine loan from a related party (as described in Note 11) at a discount for $7.0 million, with a face value of $7.6 million and incurred and expensed costs related to underwriting the loan of $0.2 million. The loan is collateralized by a pledge of 100% of the direct equity interests in the owner of an office building located in St. Louis, Missouri. The loan had an original maturity date of September 9, 2016 with three one-year extensions, the second of which was exercised by the borrower, thereby extending the maturity date to September 9, 2018. The loan has an annual interest rate of 9.5% plus one-month LIBOR. The discount is being amortized over the term of the loan using the effective interest method.

As further discussed in Note 5, at September 30, 2017, the Company consolidated certain partnerships which had previously been accounted for as equity method investments. As a result of the consolidation of such partnerships, one mortgage loan with a principal and interest balance of $0.4 million due from one of the partnerships was eliminated in consolidation.

As of September 30, 2017, the Company had three loans outstanding with an aggregate average principal and interest balance of $6.8 million, one of which was a performing loan with an outstanding principal and accrued interest balance of $7.7 million and bearing an interest rate of 9.5% plus one month LIBOR as of September 30, 2017. As of December 31, 2016, the Company had three loans with an aggregate average principal and interest balance of $4.4 million, one of which was performing with an outstanding principal and accrued interest balance of $0.4 million and bearing an interest rate of 11.0%. As of September 30, 2017 and December 31, 2016, the Company had two non-performing loans which have been fully reserved and have a zero carrying value. During the nine months ended September 30, 2017 and 2016, we recorded mortgage interest income of $0.4 million and $0.3 million, respectively. During the three months ended September 30, 2017 and 2016 we recorded mortgage interest income of $0.4 million and $19.0 thousand, respectively. As of September 30, 2017 and December 31, 2016, the valuation allowance was $12.7 million and represented 63.8% and 97.1%, respectively, of the total outstanding loan principal and interest balances.

Loan Sales and Payoffs

We did not sell any mortgage loans during the nine months ended September 30, 2017. During the nine months ended September 30, 2016, the Company sold one loan with a carrying value of $3.1 million for a net loss of $0.1 million.

During the nine months ended September 30, 2017, we did not collect any mortgage payments. During the nine months ended September 30, 2016, we collected mortgage loan payoffs totaling $7.6 million.

Given the non-performing status of our legacy loans, we do not expect to receive any loan payoffs on loans that are past their respective maturity dates. We may find it necessary to foreclose, modify, extend, make protective advances, or sell such loans in order to protect collateral, maximize return, or generate additional liquidity.