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Loans and Investments (Tables) | 9 Months Ended
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Sep. 30, 2017
Loans and Investments |
Schedule of composition of structured loan and investment portfolio |
|  | September 30, 2017 |  | 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 |  | $ | 1,841,484,888 |  | 88 | % | 129 |  | 5.89 | % | 19.0 |  | 0 | % | 72 | %
Preferred equity investments |  | 155,306,620 |  | 7 | % | 11 |  | 6.92 | % | 68.3 |  | 62 | % | 88 | %
Mezzanine loans |  | 72,328,033 |  | 4 | % | 8 |  | 10.24 | % | 26.9 |  | 29 | % | 69 | %
Junior participation loan (4) |  | 25,256,582 |  | 1 | % | 1 |  | — |  | — |  | 100 | % | 100 | %
|  | 2,094,376,123 |  | 100 | % | 149 |  | 6.04 | % | 22.7 |  | 7 | % | 74 | %
Allowance for loan losses |  | (83,255,922 | ) |  |  |  |  |  |  |  |  |  |  |  |
Unearned revenue |  | (13,564,216 | ) |  |  |  |  |  |  |  |  |  |  |  |
Loans and investments, net |  | $ | 1,997,555,985 |  |  |  |  |  |  |  |  |  |  |  |  |
|  | December 31, 2016 |  |  |  |  |  |  |  |  |  |  |  |  |
Bridge loans |  | $ | 1,602,658,179 |  | 90 | % | 120 |  | 5.59 | % | 16.4 |  | 0 | % | 73 | %
Preferred equity investments |  | 68,120,639 |  | 4 | % | 10 |  | 6.83 | % | 23.8 |  | 42 | % | 91 | %
Mezzanine loans |  | 57,124,566 |  | 3 | % | 12 |  | 9.09 | % | 17.9 |  | 36 | % | 75 | %
Junior participation loans |  | 62,256,582 |  | 3 | % | 2 |  | 4.50 | % | 4.0 |  | 83 | % | 84 | %
|  | 1,790,159,966 |  | 100 | % | 144 |  | 5.71 | % | 16.3 |  | 6 | % | 75 | %
Allowance for loan losses |  | (83,711,575 | ) |  |  |  |  |  |  |  |  |  |  |  |
Unearned revenue |  | (10,716,040 | ) |  |  |  |  |  |  |  |  |  |  |  |
Loans and investments, net |  | $ | 1,695,732,351 |  |  |  |  |  |  |  |  |  |  |  |  |
| (1) |  | “Weighted Average Pay Rate” is a weighted average, based on the unpaid principal balance (“UPB”) 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 maturity are not included in the weighted average pay rate as shown in the table.
| (2) |  | The “First Dollar Loan-to-Value (“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.
| (4) |  | This loan is currently past its maturity and is fully reserved.
Summary of the loan portfolio's weighted average internal risk ratings and LTV ratios by asset class |
|  | September 30, 2017 |
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 |
Multifamily |  | $ | 1,556,114,399 |  | 75 | % | pass/watch |  | 5 | % | 73 | %
Land |  | 140,054,798 |  | 7 | % | substandard |  | 0 | % | 88 | %
Commercial |  | 133,230,000 |  | 6 | % | pass |  | 1 | % | 71 | %
Office |  | 133,143,446 |  | 6 | % | pass/watch |  | 19 | % | 71 | %
Hotel |  | 90,725,147 |  | 4 | % | special mention |  | 39 | % | 83 | %
Retail |  | 36,483,333 |  | 2 | % | pass/watch |  | 8 | % | 66 | %
Healthcare |  | 4,625,000 |  | <1 | % | special mention |  | 0 | % | 73 | %
Total |  | $ | 2,094,376,123 |  | 100 | % | pass/watch |  | 7 | % | 74 | %
|  | December 31, 2016 |
Multifamily |  | $ | 1,421,731,108 |  | 79 | % | special mention |  | 1 | % | 73 | %
Land |  | 137,255,369 |  | 8 | % | substandard |  | 2 | % | 92 | %
Commercial |  | 9,205,000 |  | <1 | % | special mention |  | 12 | % | 69 | %
Office |  | 141,710,156 |  | 8 | % | pass/watch |  | 43 | % | 73 | %
Hotel |  | 70,750,000 |  | 4 | % | special mention |  | 30 | % | 74 | %
Retail |  | 3,958,333 |  | <1 | % | special mention |  | 81 | % | 91 | %
Healthcare |  | 5,550,000 |  | <1 | % | special mention |  | 0 | % | 63 | %
Total |  | $ | 1,790,159,966 |  | 100 | % | special mention |  | 6 | % | 75 | %
Summary of the changes in the allowance for loan losses |
|  | Three Months Ended September 30, |  | Nine Months Ended September 30, |
|  | 2017 |  | 2016 |  | 2017 |  | 2016 |
Allowance at beginning of period |  | $ | 81,255,922 |  | $ | 83,831,575 |  | $ | 83,711,575 |  | $ | 86,761,575 |
Provision for loan losses |  | 2,000,000 |  | — |  | 2,000,000 |  | 59,005 |
Charge-offs |  | — |  | — |  | — |  | (2,959,005 | )
Recoveries of reserves |  | — |  | (15,000 | ) | (2,455,653 | ) | (45,000 | )
Allowance at end of period |  | $ | 83,255,922 |  | $ | 83,816,575 |  | $ | 83,255,922 |  | $ | 83,816,575 |
Summary of the company's impaired loans by asset class |
|  | September 30, 2017 |  | Three Months Ended September 30, 2017 |  | Nine Months Ended September 30, 2017 |
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 |
Land |  | $ | 131,085,948 |  | $ | 125,325,106 |  | $ | 53,883,478 |  | $ | 131,085,948 |  | $ | — |  | $ | 131,085,948 |  | $ | — |
Hotel |  | 34,750,000 |  | 34,750,000 |  | 5,700,000 |  | 34,750,000 |  | — |  | 34,750,000 |  | 370,877 |
Office |  | 27,549,082 |  | 22,764,944 |  | 21,972,444 |  | 27,551,332 |  | 27,728 |  | 27,555,832 |  | 79,065 |
Commercial |  | 1,700,000 |  | 1,700,000 |  | 1,700,000 |  | 1,700,000 |  | — |  | 1,700,000 |  | — |
Multifamily |  | — |  | — |  | — |  | — |  | — |  | 1,271,058 |  | 22,063 |
Total |  | $ | 195,085,030 |  | $ | 184,540,050 |  | $ | 83,255,922 |  | $ | 195,087,280 |  | $ | 27,728 |  | $ | 196,362,838 |  | $ | 472,005 |
|  | December 31, 2016 |  | Three Months Ended September 30, 2016 |  | Nine Months Ended September 30, 2016 |
Land |  | $ | 131,085,948 |  | $ | 125,925,677 |  | $ | 53,883,478 |  | $ | 130,012,569 |  | $ | — |  | $ | 128,740,618 |  | $ | — |
Hotel |  | 34,750,000 |  | 34,496,296 |  | 3,700,000 |  | 34,750,000 |  | 291,542 |  | 34,750,000 |  | 857,459 |
Office |  | 27,562,582 |  | 22,778,444 |  | 21,972,444 |  | 27,569,332 |  | 23,601 |  | 27,573,832 |  | 69,763 |
Commercial |  | 1,700,000 |  | 1,700,000 |  | 1,700,000 |  | 1,700,000 |  | — |  | 1,700,000 |  | — |
Multifamily |  | 2,542,115 |  | 2,450,618 |  | 2,455,653 |  | 2,654,615 |  | 22,937 |  | 5,004,615 |  | 134,142 |
Total |  | $ | 197,640,645 |  | $ | 187,351,035 |  | $ | 83,711,575 |  | $ | 196,686,516 |  | $ | 338,080 |  | $ | 197,769,065 |  | $ | 1,061,364 |
| (1) |  | Represents the UPB of six and eight impaired loans (less unearned revenue and other holdbacks and adjustments) by asset class at September 30, 2017 and December 31, 2016, respectively.
| (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 |
|  | September 30, 2017 |  | December 31, 2016 |
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 |
Hotel |  | $ | 34,750,000 |  | $ | — |  | $ | 34,750,000 |  | $ | — |  | $ | — |  | $ | — |
Office |  | 20,472,444 |  | — |  | 20,472,444 |  | 20,472,444 |  | — |  | 20,472,444 |
Multifamily |  | 2,601,528 |  | — |  | 2,601,528 |  | 680,653 |  | — |  | 680,653 |
Commercial |  | 1,700,000 |  | — |  | 1,700,000 |  | 1,700,000 |  | — |  | 1,700,000 |
Retail |  | 990,667 |  | — |  | 990,667 |  | — |  | — |  | — |
Total |  | $ | 60,514,639 |  | $ | — |  | $ | 60,514,639 |  | $ | 22,853,097 |  | $ | — |  | $ | 22,853,097 |
Summary of loan modifications, refinancings and/or extensions by asset class that the entity considered to be troubled debt restructurings by asset class |
Three Months Ended September 30, 2017 |  | Nine Months Ended September 30, 2017 |
Asset Class |  | Number of Loans |  | Original Unpaid Principal Balance |  | Original Wtd. Avg. Rate of Interest |  | Modified Unpaid Principal Balance |  | Modified Wtd. Avg. Rate of Interest |  | Number of Loans |  | Original Unpaid Principal Balance |  | Original Wtd. Avg. Rate of Interest |  | Modified Unpaid Principal Balance |  | Modified Wtd. Avg. Rate of Interest |
Hotel |  | — |  | $ | — |  | — |  | $ | — |  | — |  | 1 |  | $ | 34,750,000 |  | 4.01 | % | $ | 34,750,000 |  | 4.01 | %
Three Months Ended September 30, 2016 |  | Nine Months Ended September 30, 2016 |
Multifamily |  | 1 |  | $ | 14,646,456 |  | 5.33 | % | $ | 14,646,456 |  | 5.33 | % | 1 |  | $ | 14,646,456 |  | 5.33 | % | $ | 14,646,456 |  | 5.33 | %
Office |  | 1 |  | 2,315,000 |  | 4.03 | % | 2,315,000 |  | 4.03 | % | 1 |  | 2,315,000 |  | 4.03 | % | 2,315,000 |  | 4.03 | %
|  | 2 |  | $ | 16,961,456 |  | 5.15 | % | $ | 16,961,456 |  | 5.15 | % | 2 |  | $ | 16,961,456 |  | 5.15 | % | $ | 16,961,456 |  | 5.15 | %

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