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Loans Receivable (Tables) | 12 Months Ended
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Dec. 31, 2018
Receivables [Abstract] |
Company Loans Receivable | The following table provides a summary of the Company’s loans held for investment, including purchased credit-impaired ("PCI") loans:
|  | December 31, 2018 |  | December 31, 2017
($ in thousands) |  | Unpaid Principal Balance |  | Carrying Value |  | Weighted Average Coupon |  | Weighted Average Maturity in Years |  | Unpaid Principal Balance |  | Carrying Value |  | Weighted Average Coupon |  | Weighted Average Maturity in Years
Loans at amortized cost |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-PCI Loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed rate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage loans |  | $ | 643,973 |  |  | $ | 667,590 |  |  | 10.7 | % |  | 2.2 |  | $ | 1,081,030 |  |  | $ | 1,082,513 |  |  | 9.1 | % |  | 2.8
Securitized loans (1) |  | — |  |  | — |  |  | — | % |  | N/A |  | 35,566 |  |  | 36,603 |  |  | 5.9 | % |  | 16.8
Mezzanine loans |  | 357,590 |  |  | 354,326 |  |  | 12.5 | % |  | 1.5 |  | 459,433 |  |  | 456,463 |  |  | 12.2 | % |  | 2.3
Corporate loans |  | 108,944 |  |  | 107,796 |  |  | 12.3 | % |  | 5.8 |  | 46,840 |  |  | 46,592 |  |  | 9.9 | % |  | 10.0
|  | 1,110,507 |  |  | 1,129,712 |  |  |  |  |  |  | 1,622,869 |  |  | 1,622,171 |  |  |  |  |
Variable rate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage loans |  | 178,650 |  |  | 179,711 |  |  | 4.3 | % |  | 0.1 |  | 414,428 |  |  | 423,199 |  |  | 6.0 | % |  | 1.7
Securitized loans (1) |  | — |  |  | — |  |  | — | % |  | N/A |  | 461,489 |  |  | 462,203 |  |  | 6.4 | % |  | 3.5
Mezzanine loans |  | 27,772 |  |  | 27,417 |  |  | 13.4 | % |  | 2.5 |  | 34,391 |  |  | 34,279 |  |  | 9.8 | % |  | 1.3
|  | 206,422 |  |  | 207,128 |  |  |  |  |  |  | 910,308 |  |  | 919,681 |  |  |  |  |
|  | 1,316,929 |  |  | 1,336,840 |  |  |  |  |  |  | 2,533,177 |  |  | 2,541,852 |  |  |  |  |
PCI Loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage loans |  | 1,324,287 |  |  | 351,646 |  |  |  |  |  |  | 1,865,423 |  |  | 682,125 |  |  |  |  |
Securitized loans |  | — |  |  |  |  |  |  |  |  |  | 23,298 |  |  | 3,400 |  |  |  |  |
Mezzanine loans |  | 7,425 |  |  | 3,671 |  |  |  |  |  |  | 7,425 |  |  | 3,671 |  |  |  |  |
|  | 1,331,712 |  |  | 355,317 |  |  |  |  |  |  | 1,896,146 |  |  | 689,196 |  |  |  |  |
Allowance for loan losses |  |  |  |  | (32,940 | ) |  |  |  |  |  |  |  |  | (52,709 | ) |  |  |  |
|  | 2,648,641 |  |  | 1,659,217 |  |  |  |  |  |  | 4,429,323 |  |  | 3,178,339 |  |  |  |  |
Loans at fair value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Securitized loans (2) |  | — |  |  | — |  |  |  |  |  |  | 72,511 |  |  | 45,423 |  |  |  |  |
Total loans receivable |  | $ | 2,648,641 |  |  | $ | 1,659,217 |  |  |  |  |  |  | $ | 4,501,834 |  |  | $ | 3,223,762 |  |  |  |  |
__________
(1) | Represents loans held in securitization trusts consolidated by the Company (Note 15). The Company contributed its interests in three securitization trusts to Colony Credit in January 2018 and sold its interests in a remaining securitization trust to a third party in June 2018, resulting in the deconsolidation of these securitization trusts along with their underlying mortgage loans and bonds payable.
(2) | Represents loans held by a securitization trust that was consolidated by a N-Star CDO. The N-Star CDO was in turn consolidated by the Company at December 31, 2017. The Company had elected the fair value option and adopted the measurement alternative to value the loans receivable at the same fair value as the bonds payable issued by the consolidated securitization trust (Note 14). In May 2018, the Company sold its interests in the N-Star CDO and deconsolidated the N-Star CDO (Note 8) along with the securitization trust consolidated by the N-Star CDO.
Summary of Past Due Loans | The following table provides an aging summary of non-PCI loans held for investment at carrying values before allowance for loan losses, excluding loans carried at fair value:
(In thousands) | Current or Less Than 30 Days Past Due |  | 30-59 Days Past Due |  | 60-89 Days Past Due |  | 90 Days or More Past Due and Nonaccrual |  | Total Non-PCI Loans
December 31, 2018 | $ | 1,052,303 |  |  | $ | — |  |  | $ | 44,392 |  |  | $ | 240,145 |  |  | $ | 1,336,840 |
December 31, 2017 | 2,268,599 |  |  | 145,986 |  |  | 9,410 |  |  | 117,857 |  |  | 2,541,852 |
Impaired Loans | The following table summarizes non-PCI impaired loans:
|  | Unpaid Principal Balance |  | Gross Carrying Value |  | Allowance for Loan Losses
(In thousands) |  |  | With Allowance for Loan Losses |  | Without Allowance for Loan Losses |  | Total |
December 31, 2018 |  | $ | 280,337 |  |  | $ | 75,179 |  |  | $ | 206,628 |  |  | $ | 281,807 |  |  | $ | 18,304 |
December 31, 2017 |  | 383,594 |  |  | 138,136 |  |  | 248,759 |  |  | 386,895 |  |  | 7,424 |
The average carrying value and interest income recognized on non-PCI impaired loans were as follows.
|  | Year Ended December 31,
(In thousands) |  | 2018 |  | 2017 |  | 2016
Average carrying value before allowance for loan losses |  | $ | 282,325 |  |  | $ | 202,397 |  |  | $ | 90,447 |
Total interest income recognized during the period impaired |  | 7,127 |  |  | 10,192 |  |  | 3,929 |
Cash basis interest income recognized |  | 1,190 |  |  | — |  |  | — |
Loans Acquired Through Consolidation of Investment Entities | In January 2017, the Company acquired additional PCI loans through the Merger as well as part of a loan portfolio secured by commercial properties in Ireland. Information about these PCI loans at the time of their acquisition is presented below:
(In thousands) |  | January 2017
Contractually required payments including interest |  | $ | 1,154,596 |
Less: Nonaccretable difference |  | (878,257 | )
Cash flows expected to be collected |  | 276,339 |
Less: Accretable yield |  | (23,594 | )
Fair value of loans acquired |  | $ | 252,745 |
Changes in Accretable Yield for the PCI loans | Changes in accretable yield of PCI loans were as follows:
|  | Year Ended December 31,
(In thousands) |  | 2018 |  | 2017 |  | 2016
Beginning accretable yield |  | $ | 42,435 |  |  | $ | 52,572 |  |  | $ | 66,639 |
Additions |  | — |  |  | 23,594 |  |  | 22,493 |
Dispositions |  | (5,484 | ) |  | — |  |  | — |
Changes in accretable yield |  | 1,882 |  |  | 25,720 |  |  | 31,171 |
Accretion recognized in earnings |  | (27,911 | ) |  | (61,809 | ) |  | (65,911 | )
Deconsolidation |  | (991 | ) |  | — |  |  | — |
Effect of changes in foreign exchange rates |  | (311 | ) |  | 2,358 |  |  | (1,820 | )
Ending accretable yield |  | $ | 9,620 |  |  | $ | 42,435 |  |  | $ | 52,572 |
Impairment and Allowance for Loan Losses | The allowance for loan losses and related carrying values of loans held for investment, excluding loans carried at fair value, were as follows:
|  | December 31, 2018 |  | December 31, 2017
(In thousands) |  | Allowance for Loan Losses |  | Carrying Value |  | Allowance for Loan Losses |  | Carrying Value
Non-PCI loans |  | $ | 18,304 |  |  | $ | 75,179 |  |  | $ | 7,424 |  |  | $ | 138,136 |
PCI loans |  | 14,636 |  |  | 54,440 |  |  | 45,285 |  |  | 169,789 |
|  | $ | 32,940 |  |  | $ | 129,619 |  |  | $ | 52,709 |  |  | $ | 307,925 |
Changes in allowance for loan losses is presented below:
|  | Year Ended December 31,
(In thousands) |  | 2018 |  | 2017 |  | 2016
Allowance for loan losses at January 1 |  | $ | 52,709 |  |  | $ | 67,980 |  |  | $ | 37,571 |
Contribution to Colony Credit (Note 4) |  | (518 | ) |  | — |  |  | — |
Deconsolidation |  | (5,983 | ) |  | — |  |  | — |
Provision for loan losses, net |  | 43,034 |  |  | 19,741 |  |  | 34,864 |
Charge-off |  | (56,302 | ) |  | (35,012 | ) |  | (4,455 | )
Allowance for loan losses at December 31 |  | $ | 32,940 |  |  | $ | 52,709 |  |  | $ | 67,980 |
Provision For Loan Losses By Loan Type | Provision for loan losses by loan type is as follows:
|  | Year Ended December 31,
(In thousands) |  | 2018 |  | 2017 |  | 2016
Non-PCI loans |  | $ | 22,557 |  |  | $ | 7,534 |  |  | $ | 5,815 |
PCI loans (1) |  | 20,477 |  |  | 12,207 |  |  | 29,190 |
Total provision for loan losses, net |  | $ | 43,034 |  |  | $ | 19,741 |  |  | $ | 35,005 |
__________
(1) | Net of recoveries in provision for loan losses on PCI loans of $4.1 million and $6.3 million for the year ended December 31, 2018 and 2017, respectively. There were no recoveries in provision for loan losses on PCI loans for the year ended December 31, 2016.

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