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Schedule IV - Mortgage Loans on Real Estate | 12 Months Ended
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Dec. 31, 2018
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract] |
Schedule IV - Mortgage Loans on Real Estate | SCHEDULE IV—MORTGAGE LOANS ON REAL ESTATE December 31, 2018
(Dollars in thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loan Type / Collateral / Location (1) |  | Number of Loans |  | Payment Terms (2) |  | Interest Rate Range (3) |  | Maturity Date Range (4) |  | Prior Liens (5) |  | Unpaid Principal Balance |  | Carrying Amount (6)(7) |  | Principal Amount Subject to Delinquent Principal or Interest (8)
Loans at amortized cost |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
First mortgage: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential—France |  | 1 |  |  | I/O |  | 15.0% |  | October 2020 |  | $ | — |  |  | $ | 19,254 |  |  | $ | 18,788 |  |  | $ | — |
Multifamily—Ireland |  | 1 |  |  | I/O |  | 3.1% |  | January 2018 |  | — |  |  | 83,220 |  |  | 83,218 |  |  | 83,220 |
Office—France |  | 1 |  |  | I/O |  | 4.0% |  | December 2018 |  | — |  |  | 866 |  |  | 732 |  |  | — |
Office—Ireland |  | 1 |  |  | I/O |  | 2.3% |  | January 2018 |  | — |  |  | 45,220 |  |  | 45,216 |  |  | 45,220 |
Office—Ireland |  | 1 |  |  | I/O |  | 12.5% |  | December 2021 |  | — |  |  | 125,594 |  |  | 125,594 |  |  | — |
Retail—Various, USA |  | 1 |  |  | I/O |  | 8.6% |  | May 2019 |  | — |  |  | 45,575 |  |  | 46,038 |  |  | — |
Retail—France |  | 1 |  |  | I/O |  | 3.5% |  | June 2018 |  | — |  |  | 2,497 |  |  | 2,920 |  |  | 2,497 |
Hospitality—France |  | 1 |  |  | I/O |  | 10.0% |  | December 2021 |  | — |  |  | 91,652 |  |  | 91,470 |  |  | — |
Hospitality—Spain |  | 1 |  |  | I/O |  | 11.0% |  | July 2019 |  | — |  |  | 42,692 |  |  | 44,392 |  |  | — |
Healthcare—UK |  | 5 |  |  | I/O |  | 7.5% |  | March 2022 |  | — |  |  | 48,330 |  |  | 48,330 |  |  | — |
Land—TX, USA |  | 1 |  |  | I/O |  | 14.0% |  | May 2019 |  | — |  |  | 34,745 |  |  | 34,639 |  |  | — |
Other—France |  | 3 |  |  | I/O |  | 3.5% - 15.0% |  | June 2018 to December 2020 |  | — |  |  | 6,743 |  |  | 6,866 |  |  | 1,633 |
|  | 18 |  |  |  |  |  |  |  |  | — |  |  | 546,388 |  |  | 548,203 |  |  | 132,570 |
Subordinated mortgage and mezzanine: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Multifamily—CA, USA |  | 2 |  |  | I/O |  | 13.4% |  | April 2021 to September 2021 |  | — |  |  | 27,772 |  |  | 27,417 |  |  | — |
Office—Various, USA |  | 2 |  |  | I/O |  | 8.0% - 12.0% |  | July 2019 to April 2025 |  | 78,000 |  |  | 31,027 |  |  | 28,107 |  |  | — |
Office—Ireland / France |  | 1 |  |  | I/O |  | 11.0% |  | January 2022 |  | 161,854 |  |  | 124,020 |  |  | 136,009 |  |  | — |
Retail—NC, USA |  | 1 |  |  | P&I |  | 5.7% |  | December 2018 |  | 74,712 |  |  | 37,766 |  |  | 21,500 |  |  | 37,766 |
Retail—Germany |  | 1 |  |  | I/O |  | 10.0% |  | June 2020 |  | 126,485 |  |  | 114,449 |  |  | 123,282 |  |  | — |
Retail—UK |  | 1 |  |  | I/O |  | 12.0% |  | August 2019 |  | 118,314 |  |  | 64,161 |  |  | 64,161 |  |  | 64,161 |
Mixed Use—CA, USA |  | 1 |  |  | I/O |  | 12.9% |  | July 2020 |  | 254,297 |  |  | 262,402 |  |  | 262,061 |  |  | — |
|  | 9 |  |  |  |  |  |  |  |  | 813,662 |  |  | 661,597 |  |  | 662,537 |  |  | 101,927 |
(Dollars in thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loan Type / Collateral / Location (1) |  | Number of Loans |  | Payment Terms (2) |  | Interest Rate Range (3) |  | Maturity Date Range (4) |  | Prior Liens (5) |  | Unpaid Principal Balance |  | Carrying Amount (6)(7) |  | Principal Amount Subject to Delinquent Principal or Interest (8)
Purchased credit-impaired loans (9) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential—WI, USA |  | 1 |  |  |  |  |  |  |  |  |  |  | 444 |  |  | — |  |  | — |
Multifamily—Various, USA |  | 99 |  |  |  |  |  |  |  |  |  |  | 43,913 |  |  | 29,140 |  |  | 7,425 |
Multifamily—Ireland |  | 2 |  |  |  |  |  |  |  |  |  |  | 5,360 |  |  | 739 |  |  | — |
Industrial—Ireland |  | 3 |  |  |  |  |  |  |  |  |  |  | 89,477 |  |  | 14,740 |  |  | — |
Office—NC, USA |  | 1 |  |  |  |  |  |  |  |  |  |  | 475 |  |  | — |  |  | — |
Office—France |  | 1 |  |  |  |  |  |  |  |  |  |  | 6,032 |  |  | 4,578 |  |  | — |
Office—Ireland |  | 7 |  |  |  |  |  |  |  |  |  |  | 73,206 |  |  | 20,318 |  |  | — |
Office—Ireland |  | 1 |  |  |  |  |  |  |  |  |  |  | 182,569 |  |  | 168,940 |  |  | 182,569 |
Office—Spain |  | 1 |  |  |  |  |  |  |  |  |  |  | 9,585 |  |  | 4,733 |  |  | — |
Retail—VA, USA |  | 1 |  |  |  |  |  |  |  |  |  |  | 19,555 |  |  | 19,455 |  |  | — |
Retail—Ireland |  | 7 |  |  |  |  |  |  |  |  |  |  | 101,862 |  |  | 22,168 |  |  | — |
Hospitality—France |  | 1 |  |  |  |  |  |  |  |  |  |  | 16,259 |  |  | 17,581 |  |  | — |
Hospitality—Ireland |  | 7 |  |  |  |  |  |  |  |  |  |  | 55,293 |  |  | — |  |  | — |
Land—Ireland |  | 4 |  |  |  |  |  |  |  |  |  |  | 107,099 |  |  | 25,642 |  |  | — |
Other—NY, USA |  | 1 |  |  |  |  |  |  |  |  |  |  | 3,216 |  |  | 2,628 |  |  | — |
Other—Bahamas |  | 1 |  |  |  |  |  |  |  |  |  |  | 25,397 |  |  | 2,997 |  |  | 25,397 |
Other—Ireland |  | 38 |  |  |  |  |  |  |  |  |  |  | 591,970 |  |  | 7,022 |  |  | — |
|  | 176 |  |  |  |  |  |  |  |  | — |  |  | 1,331,712 |  |  | 340,681 |  |  | 215,391 |
Corporate loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
N/A (10) |  | 2 |  |  | I/O |  | 8.0% - 13.0% |  | March 2019 to January 2027 |  | — |  |  | 41,935 |  |  | 41,608 |  |  | — |
N/A (10) |  | 1 |  |  | I/O |  | 14.0% |  | January 2025 |  | — |  |  | 67,009 |  |  | 66,188 |  |  | — |
|  | 3 |  |  |  |  |  |  |  |  | — |  |  | 108,944 |  |  | 107,796 |  |  | — |
Total |  | 206 |  |  |  |  |  |  |  |  | $ | 813,662 |  |  | $ | 2,648,641 |  |  | $ | 1,659,217 |  |  | $ | 449,888 |
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(1) | Loans with carrying amounts that are individually less than 3% of the total carrying amount have been aggregated according to collateral type and location.
(2) | Payment terms: P&I = Periodic payment of principal and interest; I/O = Periodic payment of interest only with principal at maturity
(3) | Variable rate loans are determined based on the applicable index in effect at December 31, 2018.
(4) | Represents contractual maturity that does not contemplate exercise of extension option.
(5) | Prior liens represent loan amounts owned by third parties that are senior to the Company’s subordinated or mezzanine positions and are approximate.
(6) | Carrying amounts at December 31, 2018 are presented net of $32.9 million of allowance for loan losses.
(7) | The aggregate cost basis of loans held for investment for federal income tax purposes was approximately $1.7 billion at December 31, 2018.
(8) | Represents principal balance of loans which are 90 days or more past due as to principal or interest. For purchased credit-impaired loans, amounts represent principal balance of loans on nonaccrual status for which the Company is not able to determine a reasonable expectation of cash flows to be collected.
(9) | Purchased credit-impaired loans are acquired loans with evidence of credit quality deterioration for which it is probable at acquisition that the Company will collect less than the contractually required payments. Payment terms, stated interest rate and contractual maturity are not presented as they are not meaningful for purchased credit-impaired loans.
(10) | Corporate loans are either unsecured or secured by the assets of the parent entities that own the underlying real estate operations but are not secured by mortgages on the real estate.
Activity in loans held for investment is summarized below:
|  | Year Ended December 31,
(In thousands) |  | 2018 |  | 2017 |  | 2016
Balance at January 1 |  | $ | 3,223,762 |  |  | $ | 3,430,608 |  |  | $ | 4,046,093 |
Loans acquired in Merger |  | — |  |  | 359,541 |  |  | — |
Loan acquisitions and originations |  | 386,532 |  |  | 991,239 |  |  | 551,456 |
Paid-in-kind interest added to loan principal |  | 52,234 |  |  | 56,131 |  |  | 43,864 |
Discount and net loan fee amortization |  | 14,524 |  |  | 43,877 |  |  | 27,038 |
Loan repayments |  | (166,267 | ) |  | (902,190 | ) |  | (735,162 | )
Payments received from PCI loans |  | (187,140 | ) |  | (419,232 | ) |  | (197,453 | )
Accretion on PCI loans |  | 27,911 |  |  | 61,809 |  |  | 65,911 |
Transfer to loans held for sale |  | — |  |  | (50,894 | ) |  | (56,357 | )
Carrying value of loans sold |  | (111,864 | ) |  | — |  |  | (118,068 | )
Transfer to real estate assets upon foreclosure |  | (47,097 | ) |  | (515,055 | ) |  | (128,124 | )
Loans receivable contributed to Colony Credit (Note 4) |  | (1,287,994 | ) |  | — |  |  | — |
Deconsolidation of loans receivable in securitization trusts |  | (149,447 | ) |  | — |  |  | — |
Provision for loan losses |  | (43,034 | ) |  | (19,741 | ) |  | (34,864 | )
Other loss |  | — |  |  | (2,309 | ) |  | — |
Consolidation of loans receivable held by investment entities and securitization trusts (Notes 3 and 6) |  | — |  |  | 58,296 |  |  | — |
Effect of changes in foreign exchange rates |  | (52,903 | ) |  | 131,682 |  |  | (33,726 | )
Balance at December 31 |  | $ | 1,659,217 |  |  | $ | 3,223,762 |  |  | $ | 3,430,608 |

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- Definition The entire disclosure for investment in mortgage loan on real estate by entity with substantial portion of business acquiring and holding investment real estate or interest in real estate. Includes, but is not limited to, information for each mortgage loan receivable equaling or exceeding three percent of carrying amount of mortgage. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 12 -Subsection 29 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 948 -SubTopic 310 -Section S99 -Paragraph 1 -Subparagraph (SX 210.12-29) -URI http://asc.fasb.org/extlink&oid=6589523&loc=d3e617274-123014 + Details
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