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MORTGAGE LOAN RECEIVABLES (Tables)
 12 Months Ended
Dec. 31, 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

 
6.83
%
 
2.58
 
(1)         December 31, 2015 LIBOR rates are used to calculate weighted average yield for floating rate loans.December 31, 2016 ($ in thousands)
 
 
Outstanding
Face Amount
 
Carrying
Value
 
Weighted
Average
Yield (1)
 
Remaining
Maturity
(years)
 
 
 
 
 
 
 
 
Mortgage loan receivables held for investment, at amortized cost
$
2,011,309

 
$
2,000,095

 
7.17
%
 
1.66
Provision for loan losses
N/A

 
(4,000
)
 
 
 
 
Total mortgage loan receivables held for investment, at amortized cost
2,011,309

 
1,996,095

 
 
 
 
Mortgage loan receivables held for sale
360,518

 
357,882

 
4.20
%
 
4.55
Total
$
2,371,827

 
$
2,353,977

 
6.73
%
 
2.10
 
(1)         December 31, 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):
 
 
December 31, 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
$
1,843,006

 
$
1,832,626

 
$
1,462,228

 
$
1,456,212

Mezzanine loans
168,303

 
167,469

 
287,328

 
286,133

Total mortgage loan receivables held for investment, at amortized cost
2,011,309

 
2,000,095

 
1,749,556

 
1,742,345

Mortgage loan receivables held for sale
 

 
 

 
 

 
 

First mortgage loans
360,518

 
357,882

 
571,638

 
571,764

Total mortgage loan receivables held for sale
360,518

 
357,882

 
571,638

 
571,764

 
 
 
 
 
 
 
 
Provision for loan losses
N/A

 
(4,000
)
 
N/A

 
(3,700
)
Total
$
2,371,827

 
$
2,353,977

 
$
2,321,194

 
$
2,310,409
Schedule of activity in loan portfolio For the years ended December 31, 2016, 2015 and 2014, the activity in our loan portfolio was as follows ($ in thousands):

 
Mortgage loan
receivables held
for investment, at
amortized cost (1)
 
Mortgage loan 
receivables held
for sale
 
 
 
 
Balance, December 31, 2015
$
1,738,645

 
$
571,764

Origination of mortgage loan receivables
969,401

(2)
1,128,651

Purchases of mortgage loan receivables
—

 
73,421

Repayment of mortgage loan receivables
(720,592
)
(3)
(1,768
)
Proceeds from sales of mortgage loan receivables(4)
—

 
(1,440,195
)
Realized gain on sale of mortgage loan receivables
—

 
26,009

Accretion/amortization of discount, premium and other fees
8,941

 
—

Loan loss provision
(300
)
 
—

Balance, December 31, 2016
$
1,996,095

 
$
357,882


 
Mortgage loan
receivables held
for investment, at
amortized cost (1)
 
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 loan via foreclosure
(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 (1)
 
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

 

(1)         Includes provision for loan losses of $4.0 million, $3.7 million and $3.1 million as of December 31, 2016, 2015 and 2014, respectively.
(2)         Includes $50.4 million of non-cash originations.
(3)         Includes $70.7 million of non-cash repayments.
(4)         Includes $2.6 million of unrealized losses on loans recorded as other than temporary impairments related to lower of cost or market adjustments for the year ended December 31, 2016.
Schedule of provision for loan losses Provision for Loan Losses ($ in thousands)
 
Year Ended December 31,
 
2016
 
2015
 
2014
 
 
 
 
 
 
Provision for loan losses at beginning of period
$
3,700

 
$
3,100

 
$
2,500

Provision for loan losses
300

 
600

 
600

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

 
$
3,700

 
$
3,100