Loans Held for Investment (Tables)

3 Months Ended

Mar. 31, 2019

Receivables [Abstract]

Schedule of Loan Investment Portfolio

The following tables present an overview of the loan investment portfolio as of March 31, 2019 and December 31, 2018 (dollars in thousands):

	March 31, 2019
Loans Receivable	Outstanding Principal		Unamortized Premium (Discount), Loan Origination Fees, net			Carrying Amount
Senior loans	$	4,732,962	$	(20,828	)	$	4,712,134
Subordinated and mezzanine loans		—		—			—
Subtotal before allowance		4,732,962		(20,828	)		4,712,134
Allowance for loan losses		—		—			—
Total	$	4,732,962	$	(20,828	)	$	4,712,134

	December 31, 2018
Loans Receivable	Outstanding Principal		Unamortized Premium (Discount), Loan Origination Fees, net			Carrying Amount
Senior loans	$	4,313,591	$	(19,804	)	$	4,293,787
Subordinated and mezzanine loans		—		—			—
Subtotal before allowance		4,313,591		(19,804	)		4,293,787
Allowance for loan losses		—		—			—
Total	$	4,313,591	$	(19,804	)	$	4,293,787

Summary of Loan Portfolio Activity

For the three months ended March 31, 2019, loan portfolio activity was as follows (dollars in thousands):

	Carrying Value
Balance at December 31, 2018	$	4,293,787
Additions during the period:
Loans originated		628,460
Additional fundings		57,394
Amortization of discount and origination fees		3,628
Deductions during the period:
Collection of principal		(271,135	)
Balance at March 31, 2019	$	4,712,134

Summary of Carrying Values and Results of Internal Risk Rating Review

The table below summarizes the carrying values and results of the Company’s internal risk rating review performed as of March 31, 2019 and December 31, 2018 (dollars in thousands):

	Carrying Value
Rating	March 31, 2019		December 31, 2018
1	$	—	$	29,923
2		1,161,728		959,314
3		3,416,582		3,099,401
4		133,824		205,149
5		—		—
Totals	$	4,712,134	$	4,293,787
Weighted Average Risk Rating(1)		2.8		2.8

(1) Weighted Average Risk Rating calculated based on unpaid principal balance at period end.