MORTGAGE LOAN RECEIVABLES (Tables)

3 Months Ended

Mar. 31, 2014

March 31, 2014

						Weighted		Remaining
	Outstanding		Carrying			Average		Maturity
	Face Amount		Value			Yield		(years)

Mortgage loan receivables held for investment, at amortized cost	$	687,212,184	$	674,980,076	(1)	9.51	%	2.11
Mortgage loan receivables held for sale	162,554,033		162,107,043			5.46	%	7.43
Total	$	849,766,217	$	837,087,119

December 31, 2013

						Weighted		Remaining
	Outstanding		Carrying			Average		Maturity
	Face Amount		Value			Yield		(years)

Mortgage loan receivables held for investment, at amortized cost	$	549,573,788	$	539,078,182	(1)	9.76	%	2.14
Mortgage loan receivables held for sale	440,774,789		440,489,789			5.47	%	9.62
Total	$	990,348,577	$	978,967,971

(1) The carrying amount of loan receivables held for investment are presented net of provision for loan losses of $2,650,000 and $2,500,000 at March 31, 2014 and December 31, 2013, respectively.

Summary of mortgage loan receivables by loan type

	As of March 31, 2014				As of December 31, 2013
	Outstanding		Carrying		Outstanding		Carrying
	Face Amount		Value		Face Amount		Value
Mortgage loan receivables held for sale
First mortgage loan	$	162,554,033	$	162,107,043	$	440,774,789	$	440,489,789
Total mortgage loan receivables held for sale	162,554,033		162,107,043		440,774,789		440,489,789
Mortgage loan receivables held for investment, at amortized cost
First mortgage loan	546,093,172		537,577,880		420,672,555		413,564,066
Mezzanine loan	141,119,012		140,052,196		128,901,233		128,014,116
Total mortgage loan receivables held for investment, at amortized cost	687,212,184		677,630,076		549,573,788		541,578,182

Reserve for loan losses	—		2,650,000		—		2,500,000
Total	$	849,766,217	$	837,087,119	$	990,348,577	$	979,567,971

Schedule of activity in loan portfolio

	Mortgage loan receivables held for investment, at amortized cost			Mortgage loan receivables held for sale
Balance December 31, 2012	$	326,318,550		$	623,332,620
Origination of mortgage loan receivables	96,414,750			843,902,500
Repayment of mortgage loan receivables	(122,063,197		)	(545,079		)
Proceeds from sales of mortgage loan receivables	—			(947,119,454		)
Realized gain on sale of mortgage loan receivables	—			83,007,462
Transfer between held for investment and held for sale	(8,320,273		)	8,320,273
Accretion/amortization of discount, premium and other fees	1,007,628			—
Loan loss provision	(150,000		)	—
Balance March 31, 2013	$	293,207,458		$	610,898,322

Balance December 31, 2013	$	539,078,182		$	440,489,789
Origination of mortgage loan receivables	147,570,705			463,575,489
Repayment of mortgage loan receivables	(12,335,575		)	(316,067		)
Proceeds from sales of mortgage loan receivables	—			(783,762,354		)
Realized gain on sale of mortgage loan receivables	—			41,302,665
Transfer between held for investment and held for sale	—			—
Accretion/amortization of discount, premium and other fees	816,764			817,521
Loan loss provision	(150,000		)	—
Balance March 31, 2014	$	674,980,076		$	162,107,043

Schedule of reserve for loan losses

	Three Months Ended March 31,
	2014		2013

Reserve for loan losses at beginning of period	$	2,500,000	$	1,900,000
Reserve for loan losses	150,000		150,000
Charge-offs	—		—
Reserve for loan losses at end of period	$	2,650,000	$	2,050,000