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MORTGAGE LOAN RECEIVABLES (Tables)
 9 Months Ended
Sep. 30, 2016
Mortgage Loans on Real Estate [Abstract]  
Schedule of mortgage loan receivables
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.
September 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
$
1,654,554

 
$
1,647,035

 
7.09
%
 
1.70
Provision for loan losses
N/A

 
(4,000
)
 
 
 
 
Total mortgage loan receivables held for investment, at amortized cost
1,654,554

 
1,643,035

 
 
 
 
Mortgage loan receivables held for sale
783,441

 
784,186

 
4.40
%
 
7.54
Total
$
2,437,995

 
$
2,427,221

 
 

 
 
 
(1)         September 30, 2016 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):
 
 
September 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
$
1,484,063

 
$
1,477,440

 
$
1,462,228

 
$
1,456,212

Mezzanine loans
170,491

 
169,595

 
287,328

 
286,133

Total mortgage loan receivables held for investment, at amortized cost
1,654,554

 
1,647,035

 
1,749,556

 
1,742,345

Mortgage loan receivables held for sale
 

 
 

 
 

 
 

First mortgage loans
783,441

 
784,186

 
571,638

 
571,764

Total mortgage loan receivables held for sale
783,441

 
784,186

 
571,638

 
571,764

 
 
 
 
 
 
 
 
Provision for loan losses
N/A

 
(4,000
)
 
N/A

 
(3,700
)
Total
$
2,437,995

 
$
2,427,221

 
$
2,321,194

 
$
2,310,409
Schedule of activity in loan portfolio
For the nine months ended September 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
531,000

(1)
887,164

Repayment of mortgage loan receivables
(632,825
)
(1)
(1,161
)
Proceeds from sales of mortgage loan receivables
—

 
(703,846
)
Realized gain on sale of mortgage loan receivables
—

 
30,265

Accretion/amortization of discount, premium and other fees
6,515

 
—

Loan loss provision
(300
)
 
—

Balance, September 30, 2016
$
1,643,035

 
$
784,186

 
(1)         Includes $50.4 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
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

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

 
—

Loan loss provision
(450
)
 
—

Balance, September 30, 2015
$
1,794,812

 
$
333,531
Schedule of provision for loan losses
Provision for Loan Losses ($ in thousands)
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2016
 
2015
 
2016
 
2015
 
 
 
 
 
 
 
 
Provision for loan losses at beginning of period
$
4,000

 
$
3,400

 
$
3,700

 
$
3,100

Provision for loan losses
—

 
150

 
300

 
450

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

 
$
3,550

 
$
4,000

 
$
3,550