XML 43 R30.htm IDEA: XBRL DOCUMENT v3.5.0.2
MORTGAGE LOAN RECEIVABLES (Tables)
 6 Months Ended
Jun. 30, 2016
Mortgage Loans on Real Estate [Abstract]  
Schedule of mortgage loan receivables
June 30, 2016 ($ in thousands)
 
 
Outstanding
Face Amount
 
Carrying
Value
 
Weighted
Average
Yield (1)
 
Remaining
Maturity
(years)
 
 
 
 
 
 
 
 
Mortgage loan receivables held for investment, at amortized cost
$
1,553,562

 
$
1,547,883

 
7.38
%
 
1.51
Provision for loan losses
N/A

 
(4,000
)
 
 
 
 
Total mortgage loan receivables held for investment, at amortized cost
1,553,562

 
1,543,883

 
 
 
 
Mortgage loan receivables held for sale
583,089

 
583,453

 
4.39
%
 
7.38
Total
$
2,136,651

 
$
2,127,336

 
 

 
 
 
(1)         June 30, 2016 London Interbank Offered Rate (“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 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):
 
 
June 30, 2016
 
December 31, 2015
 
Outstanding
Face Amount
 
Carrying
Value
 
Outstanding
Face Amount
 
Carrying
Value
 
 
 
 
 
 
 
 
Mortgage loan receivables held for investment, at amortized cost
 

 
 

 
 

 
 

First mortgage loans
$
1,389,095

 
$
1,384,280

 
$
1,462,228

 
$
1,456,212

Mezzanine loans
164,467

 
163,603

 
287,328

 
286,133

Total mortgage loan receivables held for investment, at amortized cost
1,553,562

 
1,547,883

 
1,749,556

 
1,742,345

Mortgage loan receivables held for sale
 

 
 

 
 

 
 

First mortgage loans
583,089

 
583,453

 
571,638

 
571,764

Total mortgage loan receivables held for sale
583,089

 
583,453

 
571,638

 
571,764

 
 
 
 
 
 
 
 
Provision for loan losses
N/A

 
(4,000
)
 
N/A

 
(3,700
)
Total
$
2,136,651

 
$
2,127,336

 
$
2,321,194

 
$
2,310,409
Schedule of activity in loan portfolio
For the six months ended June 30, 2016 and 2015, 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, 2015
$
1,738,645

 
$
571,764

Origination of mortgage loan receivables
211,359

(1)
361,324

Repayment of mortgage loan receivables
(410,735
)
(1)
(699
)
Proceeds from sales of mortgage loan receivables
—

 
(359,561
)
Realized gain on sale of mortgage loan receivables
—

 
10,625

Accretion/amortization of discount, premium and other fees
4,914

 
—

Loan loss provision
(300
)
 
—

Balance, June 30, 2016
$
1,543,883

 
$
583,453

 
(1)         Includes $36.9 million of non-cash originations and repayments.

 
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
653,662

 
1,132,259

Repayment of mortgage loan receivables
(439,216
)
 
(542
)
Proceeds from sales of mortgage loan receivables
—

 
(1,086,513
)
Realized gain on sale of mortgage loan receivables
—

 
44,551

Accretion/amortization of discount, premium and other fees
5,608

 
—

Loan loss provision
(300
)
 
—

Balance, June 30, 2015
$
1,740,808

 
$
507,710
Schedule of provision for loan losses
Provision for Loan Losses ($ in thousands)
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2016
 
2015
 
2016
 
2015
 
 
 
 
 
 
 
 
Provision for loan losses at beginning of period
$
3,850

 
$
3,250

 
$
3,700

 
$
3,100

Provision for loan losses
150

 
150

 
300

 
300

Provision for loan losses at end of period
$
4,000

 
$
3,400

 
$
4,000

 
$
3,400