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Schedule IV - Mortgage Loans on Real Estate
 12 Months Ended
Dec. 31, 2014
Mortgage Loans on Real Estate [Abstract]  
Schedule IV - Mortgage Loans on Real Estate
Schedule IV-Mortgage Loans on Real Estate
Ladder Capital Corp
December 31, 2014
($ in thousands)
Type of Loan
 
Underlying Property Type
 
Interest Rates (1)
 
Effective Maturity Dates
 
Periodic Payment Terms (2)
 
Prior Liens
 
Face amount of Mortgages
 
Carrying Amount of Mortgages
 
Principal Amount of Mortgages Subject to Delinquent Principal or Interest
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
First Mortgages individually >3%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
First Mortgage
 
Hotel
 
9.38%
 
4/6/2015
 
P&I
 
—

 
$
96,722

 
$
96,524

 
$
—

 
First Mortgage
 
Hotel
 
5.25%
 
3/6/2016
 
P&I
 
—

 
71,265

 
70,735

 
—

 
First Mortgage
 
Office
 
5.16%
 
5/6/2016
 
P&I
 
—

 
135,991

 
135,260

 
—

 
First Mortgage
 
Multi-family
 
5.75%
 
5/6/2016
 
P&I
 
—

 
122,732

 
121,761

 
—

 
First Mortgage
 
Office
 
4.35%
 
8/6/2016
 
IO
 
—

 
64,000

 
63,730

 
—

 
First Mortgage
 
Hotel
 
5.50%
 
6/6/2017
 
P&I
 
—

 
73,341

 
72,847

 
—

 
First Mortgage
 
Mobile Home Park
 
5.00%
 
9/6/2017
 
P&I
 
—

 
97,500

 
96,504

 
—

 
First Mortgage
 
Retail
 
4.45%
 
12/6/2024
 
IO
 
—

 
80,000

 
80,000

 
—

 
First Mortgage
 
Healthcare
 
3.37%
 
1/6/2026
 
IO
 
—

 
98,290

 
98,290

 
—

 
First Mortgages individually <3%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
First Mortgage
 
Apartment, Condo, Hotel, Industrial, Multi-family, Office, Other Commercial, Retail, Self Storage
 
3.91% - 12.00%
 
2015 - 2033
 
 
 
—

 
951,590

 
944,058

 
8,073

(4)
   Total First Mortgages
 
 
 
 
 
 
 
$
—

 
$
1,791,431

 
$
1,779,709

 
$
8,073

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Subordinate Mortgages individually <3%
 
Hotel, Multi-family, Office, Retail
 
6.04% - 19.00%
 
2015 - 2025
 
 
 
1,193,237

 
163,447

 
162,399

 
—

 
   Subordinated Mortgages
 
 
 
 
 
 
 
$
1,193,237

 
$
163,447

 
$
162,399

 
$
—

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Mortgages
 
 
 
 
 
 
 
 
 
$
1,193,237

 
$
1,954,878

 
$
1,942,108

 
$
8,073

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Provision for Loan Losses
 
 
 
 
 
 
 
N/A
 
N/A

 
$
(3,100
)
 
N/A

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Mortgages after Provision for Loan Losses
 
 
 
 
 
$
1,193,237

 
$
1,954,878

 
$
1,939,008

(1)
$
8,073

 
 
(1)         Interest rates as of December 31, 2014

(2)         IO = Interest only
P&I = Principal and interest

(3) The aggregate cost for Federal income tax purposes is $1,962,379,356

(4) Loan was no originated by the Company but rather purchased at a discount


Reconciliation of mortgage loans on real estate:

The following tables reconcile mortgage loans on real estate from December 31, 2011 to December 31, 2014 ($ in thousands):

 
Mortgage loan
receivables held
for investment, at
amortized cost
 
Mortgage loan 
receivables held
for sale
 
Total Mortgage loan
receivables
 
 
 
 
 
 
Balance December 31, 2013
$
539,078

 
$
440,490

 
$
979,568

Origination of mortgage loan receivables
1,201,968

 
3,345,372

 
4,547,340

Repayment of mortgage loan receivables
(214,511
)
 
(1,293
)
 
(215,804
)
Proceeds from sales of mortgage loan receivables
—

 
(3,523,688
)
 
(3,523,688
)
Realized gain on sale of mortgage loan receivables
—

 
145,274

 
145,274

Transfer between held for investment and held for sale
(11,800
)
 
11,800

 
—

Accretion/amortization of discount, premium and other fees
6,918

 
—

 
6,918

Loan loss provision
(600
)
 
—

 
(600
)
Balance December 31, 2014
$
1,521,053

 
$
417,955

 
$
1,939,008


 
Mortgage loan
receivables held
for investment, at
amortized cost
 
Mortgage loan
receivables held
for sale
 
Total Mortgage loan
receivables
 
 
 
 
 
 
Balance December 31, 2012
$
326,319

 
$
623,333

 
$
949,652

Origination of mortgage loan receivables
486,072

 
2,013,674

 
2,499,746

Repayment of mortgage loan receivables
(268,093
)
 
(5,840
)
 
(273,933
)
Proceeds from sales of mortgage loan receivables
—

 
(2,345,705
)
 
(2,345,705
)
Realized gain on sale of mortgage loan receivables
—

 
146,708

 
146,708

Transfer between held for investment and held for sale
(8,320
)
 
8,320

 
—

Accretion/amortization of discount, premium and other fees
3,700

 
—

 
3,700

Loan loss provision
(600
)
 
—

 
(600
)
Balance December 31, 2013
$
539,078

 
$
440,490

 
$
979,568


 
Mortgage loan
receivables held
for investment, at
amortized cost
 
Mortgage loan
receivables held
for sale
 
Total Mortgage loan
receivables
 
 
 
 
 
 
Balance December 31, 2011
$
255,196

 
$
258,842

 
$
514,038

Origination of mortgage loan receivables
341,947

 
2,036,139

 
2,378,086

Repayment of mortgage loan receivables
(204,913
)
 
(75,655
)
 
(280,568
)
Proceeds from sales of mortgage loan receivables
—

 
(1,815,996
)
 
(1,815,996
)
Realized gain on sale of mortgage loan receivables
—

 
151,662

 
151,662

Transfer between held for investment and held for sale
(68,081
)
 
68,081

 
—

Accretion/amortization of discount, premium and other fees
2,619

 
260

 
2,879

Loan loss provision
(449
)
 
—

 
(449
)
Balance December 31, 2012
$
326,319

 
$
623,333

 
$
949,652