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

__________


⁽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