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MORTGAGE LOAN RECEIVABLES (Tables) | 9 Months Ended
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Sep. 30, 2015
Mortgage Loans on Real Estate [Abstract] |
Schedule of mortgage loan receivables | September 30, 2015 ($ in thousands)
| Outstanding Face Amount |  | Carrying Value |  | Weighted Average Yield (1) |  | Remaining Maturity (years)
Mortgage loan receivables held for investment, at amortized cost | $ | 1,811,216 |  |  | $ | 1,798,362 |  |  | 7.61 | % |  | 1.58
Provision for loan losses | N/A |  |  | (3,550 | ) |  |  |  |
Total mortgage loan receivables held for investment, at amortized cost | 1,811,216 |  |  | 1,794,812 |  |  |  |  |
Mortgage loan receivables held for sale | 333,488 |  |  | 333,531 |  |  | 4.15 | % |  | 7.60
Total | $ | 2,144,704 |  |  | $ | 2,128,343 |  |  |  |  |  |
(1) September 30, 2015 LIBOR rates are used to calculate weighted average yield for floating rate loans. December 31, 2014 ($ in thousands)
| Outstanding Face Amount |  | Carrying Value |  | Weighted Average Yield (1) |  | Remaining Maturity (years)
Mortgage loan receivables held for investment, at amortized cost | $ | 1,536,923 |  |  | $ | 1,524,153 |  |  | 7.33 | % |  | 1.96
Provision for loan losses | N/A |  |  | (3,100 | ) |  |  |  |
Total mortgage loan receivables held for investment, at amortized cost | 1,536,923 |  |  | 1,521,053 |  |  |  |  |
Mortgage loan receivables held for sale | 417,955 |  |  | 417,955 |  |  | 4.31 | % |  | 9.72
Total | 1,954,878 |  |  | 1,939,008 |  |  |  |  |  |
(1) December 31, 2014 LIBOR rates are used to calculate weighted average yield for floating rate loans.
Summary of mortgage loan receivables by loan type | The following table summarizes mortgage loan receivables by loan type ($ in thousands):
| September 30, 2015 |  | December 31, 2014
| Outstanding Face Amount |  | Carrying Value |  | Outstanding Face Amount |  | Carrying Value
Mortgage loan receivables held for sale |  |  |  |  |  |  |  |  |  |  |
First mortgage loan | $ | 333,488 |  |  | $ | 333,531 |  |  | $ | 417,955 |  |  | $ | 417,955 |
Total mortgage loan receivables held for sale | 333,488 |  |  | 333,531 |  |  | 417,955 |  |  | 417,955 |
Mortgage loan receivables held for investment, at amortized cost |  |  |  |  |  |  |  |  |  |  |
First mortgage loan | 1,524,080 |  |  | 1,512,731 |  |  | 1,373,476 |  |  | 1,361,754 |
Mezzanine loan | 287,136 |  |  | 285,631 |  |  | 163,447 |  |  | 162,399 |
Total mortgage loan receivables held for investment, at amortized cost | 1,811,216 |  |  | 1,798,362 |  |  | 1,536,923 |  |  | 1,524,153 |
Provision for loan losses | N/A |  |  | (3,550 | ) |  | N/A |  |  | (3,100 | )
Total | $ | 2,144,704 |  |  | $ | 2,128,343 |  |  | $ | 1,954,878 |  |  | $ | 1,939,008 |
Schedule of activity in loan portfolio | For the nine months ended September 30, 2015 and 2014 the activity in our loan portfolio was as follows ($ in thousands):
| Mortgage loan receivables held for investment, at amortized cost |  | Mortgage loan receivables held for sale
Balance December 31, 2014 | $ | 1,521,054 |  |  | $ | 417,955 |
Origination of mortgage loan receivables | 840,652 |  |  | 1,781,355 |
Repayment of mortgage loan receivables | (575,028 | ) |  | (1,613 | )
Proceeds from sales of mortgage loan receivables | — |  |  | (1,923,883 | )
Realized gain on sale of mortgage loan receivables | — |  |  | 59,717 |
Transfer between held for investment and held for sale | — |  |  | — |
Accretion/amortization of discount, premium and other fees | 8,584 |  |  | — |
Loan loss provision | (450 | ) |  | — |
Balance September 30, 2015 | $ | 1,794,812 |  |  | $ | 333,531 |
| Mortgage loan receivables held for investment, at amortized cost |  | Mortgage loan receivables held for sale
Balance December 31, 2013 | $ | 539,078 |  |  | $ | 440,490 |
Origination of mortgage loan receivables | 951,438 |  |  | 2,027,845 |
Repayment of mortgage loan receivables | (159,329 | ) |  | (951 | )
Proceeds from sales of mortgage loan receivables | — |  |  | (2,379,818 | )
Realized gain on sale of mortgage loan receivables | — |  |  | 107,135 |
Transfer between held for investment and held for sale | (11,800 | ) |  | 11,800 |
Accretion/amortization of discount, premium and other fees | 4,342 |  |  | — |
Loan loss provision | (450 | ) |  | — |
Balance September 30, 2014 | $ | 1,323,279 |  |  | $ | 206,501 |
Schedule of provision for loan losses | Provision for Loan Losses ($ in thousands)
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2015 |  | 2014 |  | 2015 |  | 2014
Provision for loan losses at beginning of period | $ | 3,400 |  |  | $ | 2,800 |  |  | $ | 3,100 |  |  | $ | 2,500 |
Provision for loan losses | 150 |  |  | 150 |  |  | 450 |  |  | 450 |
Charge-offs | — |  |  | — |  |  | — |  |  | — |
Provision for loan losses at end of period | $ | 3,550 |  |  | $ | 2,950 |  |  | $ | 3,550 |  |  | $ | 2,950 |

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