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Loans and Investments (Tables) | 6 Months Ended
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Jun. 30, 2015
Loans and Investments |
Schedule of composition of loan and investment portfolio |
|  | June 30, 2015 |  | Percent of Total |  | Loan Count |  | Wtd. Avg. Pay Rate (1) |  | Wtd. Avg. Remaining Months to Maturity |  | Wtd. Avg. First Dollar LTV Ratio (2) |  | Wtd. Avg. Last Dollar LTV Ratio (3) |
Bridge loans |  | $ | 1,346,226,583 |  | 84 | % | 111 |  | 5.51 | % | 17.7 |  | 0 | % | 75 | %
Mezzanine loans |  | 61,952,792 |  | 4 | % | 14 |  | 9.44 | % | 44.8 |  | 47 | % | 82 | %
Junior participation loans |  | 94,256,582 |  | 6 | % | 3 |  | 4.05 | % | 8.1 |  | 92 | % | 90 | %
Preferred equity investments |  | 93,270,827 |  | 6 | % | 18 |  | 6.86 | % | 39.3 |  | 49 | % | 80 | %
|  | 1,595,706,784 |  | 100 | % | 146 |  | 5.65 | % | 19.4 |  | 10 | % | 76 | %
Unearned revenue |  | (9,577,179 | ) |  |  |  |  |  |  |  |  |  |  |  |
Allowance for loan losses |  | (117,563,544 | ) |  |  |  |  |  |  |  |  |  |  |  |
Loans and investments, net |  | $ | 1,468,566,061 |  |  |  |  |  |  |  |  |  |  |  |  |
|  | December 31, 2014 |  | Percent of Total |  | Loan Count |  | Wtd. Avg. Pay Rate (1) |  | Wtd. Avg. Remaining Months to Maturity |  | Wtd. Avg. First Dollar LTV Ratio (2) |  | Wtd. Avg. Last Dollar LTV Ratio (3) |
Bridge loans |  | $ | 1,273,439,238 |  | 80 | % | 101 |  | 5.19 | % | 19.8 |  | 0 | % | 74 | %
Mezzanine loans |  | 76,392,650 |  | 5 | % | 17 |  | 9.78 | % | 37.1 |  | 47 | % | 81 | %
Junior participation loans |  | 104,091,952 |  | 7 | % | 4 |  | 4.62 | % | 12.3 |  | 86 | % | 88 | %
Preferred equity investments |  | 133,505,658 |  | 8 | % | 17 |  | 6.11 | % | 45.5 |  | 62 | % | 84 | %
|  | 1,587,429,498 |  | 100 | % | 139 |  | 5.45 | % | 22.3 |  | 13 | % | 76 | %
Unearned revenue |  | (12,466,528 | ) |  |  |  |  |  |  |  |  |  |  |  |
Allowance for loan losses |  | (115,487,320 | ) |  |  |  |  |  |  |  |  |  |  |  |
Loans and investments, net |  | $ | 1,459,475,650 |  |  |  |  |  |  |  |  |  |  |  |  |
| (1) |  | “Weighted Average Pay Rate” is a weighted average, based on the unpaid principal balances of each loan in our portfolio, of the interest rate that is required to be paid monthly as stated in the individual loan agreements. Certain loans and investments that require an additional rate of interest “Accrual Rate” to be paid at the maturity are not included in the weighted average pay rate as shown in the table.
| (2) |  | The “First Dollar LTV Ratio” is calculated by comparing the total of our senior most dollar and all senior lien positions within the capital stack to the fair value of the underlying collateral to determine the point at which we will absorb a total loss of our position.
| (3) |  | The “Last Dollar LTV Ratio” is calculated by comparing the total of the carrying value of our loan and all senior lien positions within the capital stack to the fair value of the underlying collateral to determine the point at which we will initially absorb a loss.
Summary of the loan portfolio's weighted average internal risk ratings and LTV ratios by asset class |
|  | June 30, 2015 |
Asset Class |  | Unpaid Principal Balance |  | Percentage of Portfolio |  | Wtd. Avg. Internal Risk Rating |  | Wtd. Avg. First Dollar LTV Ratio |  | Wtd. Avg. Last Dollar LTV Ratio |
Multi-family |  | $ | 1,093,772,546 |  | 68.5 | % | 2.9 |  | 7 | % | 74 | %
Office |  | 207,730,937 |  | 13.0 | % | 3.3 |  | 27 | % | 82 | %
Land |  | 188,844,968 |  | 11.8 | % | 3.6 |  | 4 | % | 85 | %
Hotel |  | 66,250,000 |  | 4.2 | % | 3.5 |  | 32 | % | 83 | %
Other |  | 39,108,333 |  | 2.5 | % | 2.6 |  | 9 | % | 66 | %
Total |  | $ | 1,595,706,784 |  | 100.0 | % | 3.1 |  | 10 | % | 76 | %
|  | December 31, 2014 |
Asset Class |  | Unpaid Principal Balance |  | Percentage of Portfolio |  | Wtd. Avg. Internal Risk Rating |  | Wtd. Avg. First Dollar LTV Ratio |  | Wtd. Avg. Last Dollar LTV Ratio |
Multi-family |  | $ | 1,157,462,400 |  | 72.9 | % | 2.9 |  | 10 | % | 73 | %
Office |  | 230,491,164 |  | 14.5 | % | 3.3 |  | 29 | % | 79 | %
Land |  | 128,367,601 |  | 8.1 | % | 3.9 |  | 6 | % | 88 | %
Hotel |  | 66,250,000 |  | 4.2 | % | 3.5 |  | 32 | % | 83 | %
Other |  | 4,858,333 |  | 0.3 | % | 2.9 |  | 69 | % | 75 | %
Total |  | $ | 1,587,429,498 |  | 100.0 | % | 3.1 |  | 13 | % | 76 | %
Summary of the changes in the allowance for loan losses |
|  | Three Months Ended June 30, |  | Six Months Ended June 30, |
|  | 2015 |  | 2014 |  | 2015 |  | 2014 |
Allowance at beginning of the period |  | $ | 116,470,000 |  | $ | 116,743,412 |  | $ | 115,487,320 |  | $ | 122,277,411 |
Provision for loan losses |  | 1,110,629 |  | 3,950,000 |  | 2,110,629 |  | 4,950,000 |
Charge-offs |  | — |  | (832,737 | ) | — |  | (6,501,079 | )
Recoveries of reserves |  | (17,085 | ) | (4,800,687 | ) | (34,405 | ) | (5,666,344 | )
Allowance at end of the period |  | $ | 117,563,544 |  | $ | 115,059,988 |  | $ | 117,563,544 |  | $ | 115,059,988 |
Summary of charge-offs and recoveries |
|  | Three Months Ended June 30, |  | Six Months Ended June 30, |
|  | 2015 |  | 2014 |  | 2015 |  | 2014 |
Charge-offs: |  |  |  |  |  |  |  |  |
Multi-family |  | $ | — |  | $ | (832,737 | ) | $ | — |  | $ | (6,501,079 | )
Total |  | $ | — |  | $ | (832,737 | ) | $ | — |  | $ | (6,501,079 | )
Recoveries: |  |  |  |  |  |  |  |  |
Multi-family |  | $ | (17,085 | ) | $ | (4,800,687 | ) | $ | (34,405 | ) | $ | (5,666,344 | )
Total |  | $ | (17,085 | ) | $ | (4,800,687 | ) | $ | (34,405 | ) | $ | (5,666,344 | )
Net Recoveries (Charge-offs) |  | $ | 17,085 |  | $ | 3,967,950 |  | $ | 34,405 |  | $ | (834,735 | )
Ratio of net recoveries (charge-offs) during the period to average loans and investments outstanding during the period |  | 0.0 | % | 0.2 | % | 0.0 | % | (0.1 | )%
Summary of the company's impaired loans by asset class |
|  | June 30, 2015 |  | Three Months Ended June 30, 2015 |  | Six Months Ended June 30, 2015 |
Asset Class |  | Unpaid Principal Balance |  | Carrying Value (1) |  | Allowance for Loan Losses |  | Average Recorded Investment (2) |  | Interest Income Recognized |  | Average Recorded Investment (2) |  | Interest Income Recognized |
Multi-family |  | $ | 39,205,489 |  | $ | 39,285,454 |  | $ | 36,935,489 |  | $ | 39,214,032 |  | $ | 73,892 |  | $ | 39,222,692 |  | $ | 143,981 |
Office |  | 36,086,582 |  | 31,013,198 |  | 24,472,444 |  | 36,086,582 |  | 282,192 |  | 36,086,582 |  | 557,045 |
Land |  | 124,056,631 |  | 119,598,388 |  | 52,455,611 |  | 123,196,757 |  | — |  | 122,933,516 |  | — |
Hotel |  | 34,750,000 |  | 34,488,888 |  | 3,700,000 |  | 34,750,000 |  | 260,898 |  | 34,750,000 |  | 518,028 |
Total |  | $ | 234,098,702 |  | $ | 224,385,928 |  | $ | 117,563,544 |  | $ | 233,247,371 |  | $ | 616,982 |  | $ | 232,992,790 |  | $ | 1,219,054 |
|  | December 31, 2014 |  | Three Months Ended June 30, 2014 |  | Six Months Ended June 30, 2014 |
Asset Class |  | Unpaid Principal Balance |  | Carrying Value (1) |  | Allowance for Loan Losses |  | Average Recorded Investment (2) |  | Interest Income Recognized |  | Average Recorded Investment (2) |  | Interest Income Recognized |
Multi-family |  | $ | 39,239,894 |  | $ | 39,232,710 |  | $ | 36,469,894 |  | $ | 54,400,857 |  | $ | 218,529 |  | $ | 57,667,857 |  | $ | 432,270 |
Office |  | 36,086,582 |  | 30,498,273 |  | 23,972,444 |  | 40,586,582 |  | 511,501 |  | 40,586,582 |  | 786,296 |
Land |  | 121,810,400 |  | 117,621,457 |  | 51,344,982 |  | 117,409,169 |  | — |  | 117,230,555 |  | — |
Hotel |  | 34,750,000 |  | 34,249,959 |  | 3,700,000 |  | 17,500,000 |  | 171,374 |  | 17,500,000 |  | 171,374 |
Total |  | $ | 231,886,876 |  | $ | 221,602,399 |  | $ | 115,487,320 |  | $ | 229,896,608 |  | $ | 901,404 |  | $ | 232,984,994 |  | $ | 1,389,940 |
| (1) |  | Represents the UPB of impaired loans less unearned revenue and other holdbacks and adjustments by asset class and was comprised of 10 loans at both June 30, 2015 and December 31, 2014.
| (2) |  | Represents an average of the beginning and ending UPB of each asset class.
Summary of the company's non-performing loans by asset class |
|  | June 30, 2015 |  | December 31, 2014 |
Asset Class |  | Carrying Value |  | Less Than 90 Days Past Due |  | Greater Than 90 Days Past Due |  | Carrying Value |  | Less Than 90 Days Past Due |  | Greater Than 90 Days Past Due |
Multi-family |  | $ | 32,765,799 |  | $ | — |  | $ | 32,765,799 |  | $ | 32,765,799 |  | $ | 765,799 |  | $ | 32,000,000 |
Office |  | 8,277,720 |  | — |  | 8,277,720 |  | 8,277,757 |  | — |  | 8,277,757 |
Total |  | $ | 41,043,519 |  | $ | — |  | $ | 41,043,519 |  | $ | 41,043,556 |  | $ | 765,799 |  | $ | 40,277,757 |
Summary of loan modifications and extensions by asset class that the entity considered to be troubled debt restructurings by asset class |
|  | Three Months Ended June 30, 2015 |  | Six Months Ended June 30, 2015 |
Asset Class |  | Number of Loans |  | Original Unpaid Principal Balance |  | Original Rate of Interest |  | Modified Unpaid Principal Balance |  | Modified Weighted Average Rate of Interest |  | Number of Loans |  | Original Unpaid Principal Balance |  | Original Weighted Average Rate of Interest |  | Modified Unpaid Principal Balance |  | Modified Weighted Average Rate of Interest |
Multifamily |  | 4 |  | $ | 29,416,456 |  | 4.95 | % | $ | 29,416,456 |  | 4.95 | % | 5 |  | $ | 35,609,122 |  | 5.12 | % | $ | 35,609,122 |  | 5.12 | %

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