COMMERCIAL MORTGAGE LOANS HELD-FOR-INVESTMENT (Tables)

9 Months Ended

Sep. 30, 2019

Receivables [Abstract]

Summary of Commercial Mortgage Loans

The following tables summarize certain characteristics of the Company's investments in commercial mortgage loans as of September 30, 2019 and December 31, 2018:

						Weighted Average
Loan Type	Unpaid Principal Balance		Carrying Value		Loan Count	Floating Rate Loan %		Coupon(1)		Life (Years)(2)
September 30, 2019
Loans held-for-investment
Senior secured loans(3)	$	559,521,552	$	559,521,552	45	100.0	%	5.8	%	3.8
	559,521,552		559,521,552		45	100.0	%	5.8	%	3.8

						Weighted Average
Loan Type	Unpaid Principal Balance		Carrying Value		Loan Count	Floating Rate Loan %		Coupon(1)		Life (Years)(2)
December 31, 2018
Loans held-for-investment
Senior secured loans(3)	$	555,172,891	$	555,172,891	44	100.0	%	6.4	%	4.1
	555,172,891		555,172,891		44	100.0	%	6.4	%	4.1

(1) Average weighted by unpaid principal balance of loan. Weighted average coupon assumes applicable one-month LIBOR rate as of September 30, 2019 and December 31, 2018.

(2) The weighted average life of each loan is based on the expected repayment of principal assuming all extension options are exercised by the borrower.

(3) As of September 30, 2019, $553,190,459 of the outstanding senior secured loans were held in VIEs and $6,331,093 of the outstanding senior secured are held outside VIEs. As of December 31, 2018, $550,555,503 of the outstanding senior secured loans were held in VIEs and $4,617,388 of the outstanding senior secured loans were held outside VIEs.

Activity: For the nine months ended September 30, 2019, the loan portfolio activity was as follows:

	Commercial Mortgage Loans Held-for-Investment
Balance at December 31, 2018	$	555,172,891
Purchases	179,075,497
Proceeds from principal repayments	(174,726,836)
Balance at September 30, 2019	$	559,521,552

Summary of Loan Risk Ratings

The following tables present the principal balance and net book value of the loan portfolio based on the Company's internal risk ratings as of September 30, 2019 and December 31, 2018:

	September 30, 2019				December 31, 2018
Risk Rating	Number of Loans	Unpaid Principal Balance		Net Carrying Value	Number of Loans	Unpaid Principal Balance	Net Carrying Value
1	—	$	—	—	—	—	—
2	7	76,223,011		76,223,011	5	51,589,000	51,589,000
3	34	433,012,131		433,012,131	34	455,323,082	455,323,082
4	4	50,286,410		50,286,410	5	48,260,809	48,260,809
5	—	—		—	—	—	—
	45	$	559,521,552	559,521,552	44	555,172,891	555,172,891

Geographic Concentrations

The following tables present the geographic and property types of collateral underlying the Company's commercial mortgage loans as a percentage of the loans' carrying value as of September 30, 2019 and December 31, 2018:

Loans Held-for-Investment

	September 30, 2019		December 31, 2018
Geography
Southwest	39.3	%	30.2	%
South	22.8		22.6
Midwest	18.4		20.2
Mid-Atlantic	9.4		10.3
Various	6.0		5.9
West	4.1		10.8
Total	100.0	%	100.0	%

	September 30, 2019		December 31, 2018
Collateral Property Type
Multi-Family	92.0	%	87.2	%
Office	4.1		7.6
Retail	3.1		1.2
Mixed-Use	0.8		3.0
Self-Storage	—		1.0
Total	100.0	%	100.0	%