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Loans and Investments (Tables)

9 Months Ended

Sep. 30, 2018

Loans and Investments

Schedule of composition of company's structured business loan and investment portfolio

Our Structured Business loan and investment portfolio consists of ($ in thousands):

											Wtd. Avg.
											Remaining		Wtd. Avg.		Wtd. Avg.
					Percent of		Loan		Wtd. Avg.		Months to		First Dollar		Last Dollar
		September 30, 2018			Total		Count		Pay Rate (1)		Maturity		LTV Ratio (2)		LTV Ratio (3)
Bridge loans		$	2,919,582		92	%	170		6.70	%	19.6		0	%	74	%
Preferred equity investments			154,202		5	%	10		8.18	%	70.5		62	%	87	%
Mezzanine loans			96,333		3	%	11		10.49	%	19.5		25	%	71	%
			3,170,117		100	%	191		6.88	%	22.0		4	%	74	%
Allowance for loan losses			(60,951)
Unearned revenue			(11,477)
Loans and investments, net		$	3,097,689

		December 31, 2017
Bridge loans		$	2,422,105		91	%	150		6.10	%	20.9		0	%	72	%
Preferred equity investments			142,892		6	%	12		6.47	%	68.7		64	%	90	%
Mezzanine loans			87,541		3	%	8		10.78	%	24.8		20	%	63	%
			2,652,538		100	%	170		6.28	%	23.6		4	%	73	%
Allowance for loan losses			(62,783)
Unearned revenue			(10,628)
Loans and investments, net		$	2,579,127

(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.

Summary of the loan portfolio's weighted average internal risk ratings and LTV ratios by asset class

A summary of the loan portfolio’s weighted average internal risk ratings and LTV ratios by asset class is as follows ($ in thousands):

		September 30, 2018
							Wtd. Avg.		Wtd. Avg.		Wtd. Avg.
					Percentage of		Internal Risk		First Dollar		Last Dollar
Asset Class		UPB			Portfolio		Rating		LTV Ratio		LTV Ratio
Multifamily		$	2,378,771		75	%	pass/watch		4	%	74	%
Self Storage			301,830		10	%	pass/watch		0	%	72	%
Land			151,628		5	%	substandard		0	%	84	%
Office			127,055		4	%	special mention		0	%	66	%
Healthcare			107,775		3	%	pass/watch		0	%	81	%
Hotel			55,975		2	%	pass/watch		23	%	74	%
Retail			45,383		1	%	pass/watch		7	%	66	%
Commercial			1,700		<1	%	doubtful		63	%	63	%
Total		$	3,170,117		100	%	pass/watch		4	%	74	%

		December 31, 2017
Multifamily		$	1,925,529		73	%	pass/watch		4	%	72	%
Self Storage			301,830		11	%	pass		0	%	71	%
Land			132,828		5	%	substandard		0	%	90	%
Office			107,853		4	%	pass/watch		1	%	64	%
Healthcare			55,615		2	%	pass/watch		0	%	74	%
Hotel			90,725		3	%	special mention		37	%	81	%
Retail			36,458		1	%	pass/watch		8	%	66	%
Commercial			1,700		<1	%	doubtful		63	%	63	%
Total		$	2,652,538		100	%	pass/watch		4	%	73	%

Summary of the changes in the allowance for loan losses

A summary of the changes in the allowance for loan losses is as follows (in thousands):

		Three Months Ended September 30,						Nine Months Ended September 30,
		2018			2017			2018			2017
Allowance at beginning of period		$	58,733		$	81,256		$	62,783		$	83,712
Provision for loan losses			2,218			2,000			3,868			2,000
Recoveries of reserves			—			—			(2,527)			(2,456)
Charge-offs			—			—			(3,173)			—
Allowance at end of period		$	60,951		$	83,256		$	60,951		$	83,256

Summary of the company's impaired loans by asset class

A summary of our impaired loans by asset class is as follows (in thousands):

		September 30, 2018									Three Months Ended September 30, 2018						Nine Months Ended September 30, 2018
								Allowance for			Average Recorded			Interest Income			Average Recorded			Interest Income
Asset Class		UPB			Carrying Value (1)			Loan Losses			Investment (2)			Recognized			Investment (2)			Recognized
Land		$	134,215		$	127,886		$	57,751		$	133,387		$	26		$	132,651		$	75
Hotel			—			—			—			—			—			17,375			—
Office			2,274			2,274			1,500			2,277			33			2,281			93
Commercial			1,700			1,700			1,700			1,700			—			1,700			—
Total		$	138,189		$	131,860		$	60,951		$	137,364		$	59		$	154,007		$	168

		December 31, 2017									Three Months Ended September 30, 2017						Nine Months Ended September 30, 2017
Land		$	131,086		$	124,812		$	53,883		$	131,086		$	—		$	131,086		$	—
Hotel			34,750			34,750			5,700			34,750			—			34,750			371
Office			2,288			2,288			1,500			27,551			28			27,556			79
Commercial			1,700			1,700			1,700			1,700			—			1,700			—
Multifamily			—			—			—			—			—			1,271			22
Total		$	169,824		$	163,550		$	62,783		$	195,087		$	28		$	196,363		$	472

(1) Represents the UPB of five and four impaired loans (less unearned revenue and other holdbacks and adjustments) by asset class at September 30, 2018 and December 31, 2017, 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

A summary of our non-performing loans by asset class is as follows (in thousands):

		September 30, 2018									December 31, 2017
								Greater Than									Greater Than
		Carrying			Less Than 90			90 Days Past			Carrying			Less Than 90			90 Days Past
Asset Class		Value			Days Past Due			Due			Value			Days Past Due			Due
Commercial		$	1,700		$	—		$	1,700		$	1,700		$	—		$	1,700
Hotel			—			—			—			34,750			—			34,750
Office			831			—			831			—			—			—
Total		$	2,531		$	—		$	2,531		$	36,450		$	—		$	36,450

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