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MORTGAGE LOAN RECEIVABLES (Tables)
 12 Months Ended
Dec. 31, 2015
Mortgage Loans on Real Estate [Abstract]  
Schedule of mortgage loan receivables
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.
December 31, 2015 ($ in thousands)
 
 
Outstanding
Face Amount
 
Carrying
Value
 
Weighted
Average
Yield (1)
 
Remaining
Maturity
(years)
 
 
 
 
 
 
 
 
Mortgage loan receivables held for investment, at amortized cost
$
1,749,556

 
$
1,742,345

 
7.56
%
 
1.38
Provision for loan losses
N/A

 
(3,700
)
 
 
 
 
Total mortgage loan receivables held for investment, at amortized cost
1,749,556

 
1,738,645

 
 
 
 
Mortgage loan receivables held for sale
571,638

 
571,764

 
4.56
%
 
6.20
Total
$
2,321,194

 
$
2,310,409

 
 

 
 
 
(1)         December 31, 2015 London Interbank Offered Rate (“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):
 
 
December 31, 2015
 
December 31, 2014
 
Outstanding
Face Amount
 
Carrying
Value
 
Outstanding
Face Amount
 
Carrying
Value
 
 
 
 
 
 
 
 
Mortgage loan receivables held for sale
 

 
 

 
 

 
 

First mortgage loans
$
571,638

 
$
571,764

 
$
417,955

 
$
417,955

Total mortgage loan receivables held for sale
571,638

 
571,764

 
417,955

 
417,955

Mortgage loan receivables held for investment, at amortized cost
 

 
 

 
 

 
 

First mortgage loans
1,462,228

 
1,456,212

 
1,373,476

 
1,361,754

Mezzanine loans
287,328

 
286,133

 
163,447

 
162,399

Total mortgage loan receivables held for investment, at amortized cost
1,749,556

 
1,742,345

 
1,536,923

 
1,524,153

 
 
 
 
 
 
 
 
Provision for loan losses
N/A

 
(3,700
)
 
N/A

 
(3,100
)
Total
$
2,321,194

 
$
2,310,409

 
$
1,954,878

 
$
1,939,008
Schedule of activity in loan portfolio
For the years ended December 31, 2015, 2014 and 2013, 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
$
1,521,053

 
$
417,955

Origination of mortgage loan receivables
963,023

 
2,594,141

Repayment of mortgage loan receivables
(752,452
)
 
(2,308
)
Proceeds from sales of mortgage loan receivables
—

 
(2,509,090
)
Non-cash disposition of loans
(4,620
)
 
—

Realized gain on sale of mortgage loan receivables
—

 
71,066

Accretion/amortization of discount, premium and other fees
12,241

 
—

Loan loss provision
(600
)
 
—

Balance, December 31, 2015
$
1,738,645

 
$
571,764


 
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
1,201,968

 
3,345,372

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

 
(3,523,689
)
Realized gain on sale of mortgage loan receivables
—

 
145,275

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

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

 
—

Loan loss provision
(600
)
 
—

Balance, December 31, 2014
$
1,521,053

 
$
417,955


 
Mortgage loan
receivables held
for investment, at
amortized cost
 
Mortgage loan
receivables held
for sale
 
 
 
 
Balance, December 31, 2012
$
326,318

 
$
623,333

Origination of mortgage loan receivables
486,072

 
2,013,674

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

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

 
146,708

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

Accretion/amortization of discount, premium and other fees
3,701

 
—

Loan loss provision
(600
)
 
—

Balance, December 31, 2013
$
539,078

 
$
440,490
Schedule of provision for loan losses
Provision for Loan Losses ($ in thousands)
 
Year Ended December 31,
 
2015
 
2014
 
2013
 
 
 
 
 
 
Provision for loan losses at beginning of period
$
3,100

 
$
2,500

 
$
1,900

Provision for loan losses
600

 
600

 
600

Provision for loan losses at end of period
$
3,700

 
$
3,100

 
$
2,500