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MORTGAGE LOAN RECEIVABLES (Tables)
 9 Months Ended
Sep. 30, 2015
Mortgage Loans on Real Estate [Abstract]  
Schedule of mortgage loan receivables
September 30, 2015 ($ in thousands)
 
 
Outstanding
Face Amount
 
Carrying
Value
 
Weighted
Average
Yield (1)
 
Remaining
Maturity
(years)
 
 
 
 
 
 
 
 
Mortgage loan receivables held for investment, at amortized cost
$
1,811,216

 
$
1,798,362

 
7.61
%
 
1.58
Provision for loan losses
N/A

 
(3,550
)
 
 
 
 
Total mortgage loan receivables held for investment, at amortized cost
1,811,216

 
1,794,812

 
 
 
 
Mortgage loan receivables held for sale
333,488

 
333,531

 
4.15
%
 
7.60
Total
$
2,144,704

 
$
2,128,343

 
 

 
 
 
(1)         September 30, 2015 LIBOR rates are used to calculate weighted average yield for floating rate loans.

December 31, 2014 ($ in thousands)
 
 
Outstanding
Face Amount
 
Carrying
Value
 
Weighted
Average
Yield (1)
 
Remaining
Maturity
(years)
 
 
 
 
 
 
 
 
Mortgage loan receivables held for investment, at amortized cost
$
1,536,923

 
$
1,524,153

 
7.33
%
 
1.96
Provision for loan losses
N/A

 
(3,100
)
 
 
 
 
Total mortgage loan receivables held for investment, at amortized cost
1,536,923

 
1,521,053

 
 
 
 
Mortgage loan receivables held for sale
417,955

 
417,955

 
4.31
%
 
9.72
Total
1,954,878

 
1,939,008

 
 

 
 
 
(1)         December 31, 2014 LIBOR rates are used to calculate weighted average yield for floating rate loans.
Summary of mortgage loan receivables by loan type
The following table summarizes mortgage loan receivables by loan type ($ in thousands):
 
 
September 30, 2015
 
December 31, 2014
 
Outstanding
Face Amount
 
Carrying
Value
 
Outstanding
Face Amount
 
Carrying
Value
 
 
 
 
 
 
 
 
Mortgage loan receivables held for sale
 

 
 

 
 

 
 

First mortgage loan
$
333,488

 
$
333,531

 
$
417,955

 
$
417,955

Total mortgage loan receivables held for sale
333,488

 
333,531

 
417,955

 
417,955

Mortgage loan receivables held for investment, at amortized cost
 

 
 

 
 

 
 

First mortgage loan
1,524,080

 
1,512,731

 
1,373,476

 
1,361,754

Mezzanine loan
287,136

 
285,631

 
163,447

 
162,399

Total mortgage loan receivables held for investment, at amortized cost
1,811,216

 
1,798,362

 
1,536,923

 
1,524,153

 
 
 
 
 
 
 
 
Provision for loan losses
N/A

 
(3,550
)
 
N/A

 
(3,100
)
Total
$
2,144,704

 
$
2,128,343

 
$
1,954,878

 
$
1,939,008
Schedule of activity in loan portfolio
For the nine months ended September 30, 2015 and 2014 the activity in our loan portfolio was as follows ($ in thousands):

 
Mortgage loan
receivables held
for investment, at
amortized cost
 
Mortgage loan 
receivables held
for sale
 
 
 
 
Balance December 31, 2014
$
1,521,054

 
$
417,955

Origination of mortgage loan receivables
840,652

 
1,781,355

Repayment of mortgage loan receivables
(575,028
)
 
(1,613
)
Proceeds from sales of mortgage loan receivables
—

 
(1,923,883
)
Realized gain on sale of mortgage loan receivables
—

 
59,717

Transfer between held for investment and held for sale
—

 
—

Accretion/amortization of discount, premium and other fees
8,584

 
—

Loan loss provision
(450
)
 
—

Balance September 30, 2015
$
1,794,812

 
$
333,531


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

 
$
440,490

Origination of mortgage loan receivables
951,438

 
2,027,845

Repayment of mortgage loan receivables
(159,329
)
 
(951
)
Proceeds from sales of mortgage loan receivables
—

 
(2,379,818
)
Realized gain on sale of mortgage loan receivables
—

 
107,135

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

Accretion/amortization of discount, premium and other fees
4,342

 
—

Loan loss provision
(450
)
 
—

Balance September 30, 2014
$
1,323,279

 
$
206,501
Schedule of provision for loan losses
Provision for Loan Losses ($ in thousands)
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2015
 
2014
 
2015
 
2014
 
 
 
 
 
 
 
 
Provision for loan losses at beginning of period
$
3,400

 
$
2,800

 
$
3,100

 
$
2,500

Provision for loan losses
150

 
150

 
450

 
450

Charge-offs
—

 
—

 
—

 
—

Provision for loan losses at end of period
$
3,550

 
$
2,950

 
$
3,550

 
$
2,950