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v3.19.3.a.u2

Loans and Investments (Tables) | 12 Months Ended
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Dec. 31, 2019
Loans and Investments |
Schedule of composition of company's structured business loan and investment portfolio | The composition of our Structured Business loan and investment portfolio is as follows ($ in thousands):
|  |  |  |  |  |  |  |  |  |  |  |  | Wtd. Avg. |  | Wtd. Avg. |
|  |  |  |  |  |  |  |  |  |  | Wtd. Avg. |  | First |  | Last |
|  |  |  |  |  |  |  |  |  |  | Remaining |  | Dollar |  | Dollar |
|  | December 31, |  | Percent of |  | Loan |  | Wtd. Avg. |  | Months to |  | LTV |  | LTV |
|  | 2019 |  | Total |  | Count |  | Pay Rate (1) |  | Maturity |  | Ratio (2) |  | Ratio (3) |
Bridge loans (4) |  | $ | 3,836,832 |  | 90 | % | 217 |  | 5.77 | % | 18.0 |  | 0 | % | 75 | %
Mezzanine loans |  |  | 191,575 |  | 4 | % | 24 |  | 9.70 | % | 36.7 |  | 22 | % | 73 | %
Preferred equity investments |  |  | 181,058 |  | 4 | % | 10 |  | 7.62 | % | 68.8 |  | 69 | % | 89 | %
Other (5) |  |  | 70,146 |  | 2 | % | 21 |  | 2.88 | % | 84.8 |  | 0 | % | 70 | %
|  |  | 4,279,611 |  | 100 | % | 272 |  | 5.98 | % | 22.1 |  | 4 | % | 76 | %
Allowance for loan losses |  |  | (71,069) |  |  |  |  |  |  |  |  |  |  |  |  |
Unearned revenue |  |  | (18,582) |  |  |  |  |  |  |  |  |  |  |  |  |
Loans and investments, net |  | $ | 4,189,960 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | Wtd. Avg. |  | Wtd. Avg. |
|  |  |  |  |  |  |  |  |  |  | Wtd. Avg. |  | First |  | Last |
|  |  |  |  |  |  |  |  |  |  | Remaining |  | Dollar |  | Dollar |
|  | December 31, |  | Percent of |  | Loan |  | Wtd. Avg. |  | Months to |  | LTV |  | LTV |
|  | 2018 |  | Total |  | Count |  | Pay Rate (1) |  | Maturity |  | Ratio (2) |  | Ratio (3) |
Bridge loans |  | $ | 2,992,814 |  | 91 | % | 167 |  | 6.84 | % | 18.5 |  | 0 | % | 74 | %
Mezzanine loans |  |  | 108,867 |  | 3 | % | 13 |  | 10.57 | % | 22.1 |  | 28 | % | 72 | %
Preferred equity investments |  |  | 181,661 |  | 6 | % | 10 |  | 7.97 | % | 78.0 |  | 66 | % | 89 | %
|  |  | 3,283,342 |  | 100 | % | 190 |  | 7.02 | % | 22.0 |  | 5 | % | 75 | %
Allowance for loan losses |  |  | (71,069) |  |  |  |  |  |  |  |  |  |  |  |  |
Unearned revenue |  |  | (12,128) |  |  |  |  |  |  |  |  |  |  |  |  |
Loans and investments, net |  | $ | 3,200,145 |  |  |  |  |  |  |  |  |  |  |  |  |
(1)“Weighted Average Pay Rate” is a weighted average, based on the UPB of each loan in our portfolio, of the interest rate 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)Included within bridge loans are 11 single-family rental loans with an aggregate UPB of $66.7 million, of which $30.0 million was funded. (5)Included within other are 12 single-family rental permanent loans with an aggregate UPB of $41.6 million and 9 purchased loans with an aggregate UPB of $28.6 million .
Summary of the loan portfolio's weighted average internal risk ratings and LTV ratios by asset class | A summary of the loan portfolio’s weighted average internal risk ratings and LTV ratios by asset class is as follows ($ in thousands):
|  | December 31, 2019 |
|  |  |  |  |  | Wtd. Avg. |  | Wtd. Avg. |  | Wtd. Avg. |
|  |  |  | Percentage |  | Internal |  | First Dollar |  | Last Dollar |
Asset Class |  | UPB |  | of Portfolio |  | Risk Rating |  | LTV Ratio |  | LTV Ratio |
Multifamily |  | $ | 3,429,278 |  | 80 | % | pass/watch |  | 4 | % | 76 | %
Land |  |  | 221,489 |  | 5 | % | special mention |  | 0 | % | 87 | %
Healthcare |  |  | 203,694 |  | 5 | % | pass/watch |  | 0 | % | 76 | %
Hotel |  |  | 142,300 |  | 3 | % | pass/watch |  | 10 | % | 60 | %
Office |  |  | 134,007 |  | 3 | % | special mention |  | 3 | % | 67 | %
Single-Family Rental |  |  | 71,592 |  | 2 | % | pass |  | 0 | % | 71 | %
Retail |  |  | 49,258 |  | 1 | % | special mention |  | 6 | % | 62 | %
Self Storage |  |  | 26,293 |  | 1 | % | pass/watch |  | 24 | % | 53 | %
Other |  |  | 1,700 |  | <1 | % | doubtful |  | 63 | % | 63 | %
Total |  | $ | 4,279,611 |  | 100 | % | pass/watch |  | 4 | % | 76 | %
|  | December 31, 2018 |
Multifamily |  | $ | 2,427,920 |  | 74 | % | pass/watch |  | 5 | % | 75 | %
Land |  |  | 151,628 |  | 5 | % | substandard |  | 0 | % | 90 | %
Healthcare |  |  | 122,775 |  | 4 | % | pass/watch |  | 0 | % | 77 | %
Hotel |  |  | 100,075 |  | 3 | % | pass/watch |  | 13 | % | 66 | %
Office |  |  | 132,047 |  | 4 | % | special mention |  | 3 | % | 68 | %
Retail |  |  | 45,367 |  | 1 | % | pass/watch |  | 6 | % | 65 | %
Self Storage |  |  | 301,830 |  | 9 | % | pass/watch |  | 0 | % | 72 | %
Other |  |  | 1,700 |  | <1 | % | doubtful |  | 63 | % | 63 | %
Total |  | $ | 3,283,342 |  | 100 | % | pass/watch |  | 5 | % | 75 | %
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):
|  | Year Ended December 31,
|  | 2019 |  | 2018 |  | 2017
Allowance at beginning of period |  | $ | 71,069 |  | $ | 62,783 |  | $ | 83,712
Provision for loan losses |  |  | — |  |  | 13,986 |  |  | 2,000
Charge-offs |  |  | — |  |  | (3,173) |  |  | (20,473)
Recoveries of reserves |  |  | — |  |  | (2,527) |  |  | (2,456)
Allowance at end of period |  | $ | 71,069 |  | $ | 71,069 |  | $ | 62,783
Summary of the company's impaired loans by asset class | A summary of our impaired loans by asset class is as follows (in thousands):
|  |  |  |  |  |  |  |  |  |  | Year Ended December 31,
|  | December 31, 2019 |  | 2019
|  |  |  |  |  |  |  |  | Average |  | Interest
|  |  |  |  | Carrying |  | Allowance for |  | Recorded |  | Income
Asset Class |  | UPB |  | Value (1) |  | Loan Losses |  | Investment (2) |  | Recognized
Land |  | $ | 134,215 |  | $ | 126,800 |  | $ | 67,869 |  | $ | 134,215 |  | $ | 107
Office |  |  | 2,226 |  |  | 2,226 |  |  | 1,500 |  |  | 2,246 |  |  | 132
Commercial |  |  | 1,700 |  |  | 1,700 |  |  | 1,700 |  |  | 1,700 |  |  | —
Total |  | $ | 138,141 |  | $ | 130,726 |  | $ | 71,069 |  | $ | 138,161 |  | $ | 239
|  |  |  |  |  |  |  |  |  |  | Year Ended December 31,
|  | December 31, 2018 |  | 2018
Land |  | $ | 134,215 |  | $ | 127,869 |  | $ | 67,869 |  | $ | 132,651 |  | $ | 103
Hotel |  |  | — |  |  | — |  |  | — |  |  | 17,375 |  |  | —
Office |  |  | 2,266 |  |  | 2,266 |  |  | 1,500 |  |  | 2,277 |  |  | 127
Commercial |  |  | 1,700 |  |  | 1,700 |  |  | 1,700 |  |  | 1,700 |  |  | —
Total |  | $ | 138,181 |  | $ | 131,835 |  | $ | 71,069 |  | $ | 154,003 |  | $ | 230
| (1) |  | Represents the UPB of five impaired loans (less unearned revenue and other holdbacks and adjustments) by asset class at both December 31, 2019 and 2018.
| (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):
|  | December 31, 2019 |  | December 31, 2018
|  |  |  |  | Less Than |  | Greater Than |  |  |  |  | Less Than |  | Greater Than
|  | Carrying |  | 90 Days |  | 90 Days |  | Carrying |  | 90 Days |  | 90 Days
Asset Class |  | Value |  | Past Due |  | Past Due |  | Value |  | Past Due |  | Past Due
Commercial |  | $ | 1,700 |  | $ | — |  | $ | 1,700 |  | $ | 1,700 |  | $ | — |  | $ | 1,700
Retail |  |  | 990 |  |  | — |  |  | 990 |  |  | — |  |  | — |  |  | —
Office |  |  | 833 |  |  | — |  |  | 833 |  |  | 832 |  |  | — |  |  | 832
Total |  | $ | 3,523 |  | $ | — |  | $ | 3,523 |  | $ | 2,532 |  | $ | — |  | $ | 2,532

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