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CONSOLIDATED VARIABLE INTEREST ENTITIES | 3 Months Ended
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Mar. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
CONSOLIDATED VARIABLE INTEREST ENTITIES | 3. CONSOLIDATED VARIABLE INTEREST ENTITIES FASB ASC Topic 810 — Consolidation (“ASC 810”), provides guidance on the identification of entities for which control is achieved through means other than voting rights (“variable interest entities” or “VIEs”) and the determination of which business enterprise, if any, should consolidate the VIEs. Generally, the consideration of whether an entity is a VIE applies when either: (1) the equity investors (if any) lack one or more of the essential characteristics of a controlling financial interest; (2) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support; or (3) the equity investors have voting rights that are not proportionate to their economic interests and the activities of the entity involve or are conducted on behalf of an investor with a disproportionately small voting interest. The Company consolidates VIEs in which it is considered to be the primary beneficiary. The primary beneficiary is the entity that has both of the following characteristics: (1) the power to direct the activities that, when taken together, most significantly impact the VIE’s performance; and (2) the obligation to absorb losses and right to receive the returns from the VIE that would be significant to the VIE. The Operating Partnership is a VIE and as such, substantially all of the consolidated balance sheet is a consolidated VIE. In addition, the Operating Partnership consolidates two collateralized loan obligation (“CLO”) VIEs with the following aggregate balance sheets ($ in thousands):
| March 31, 2019 |  | December 31, 2018
| Notes 4 & 8 |  | Notes 4 & 8
Mortgage loan receivables held for investment, net, at amortized cost | $ | 680,031 |  |  | 710,502 |
Accrued interest receivable | 3,740 |  |  | 3,921 |
Other assets(1) | 3,315 |  |  | 81,390 |
Total assets | $ | 687,086 |  |  | $ | 795,813 |
Senior and unsecured debt obligations | $ | 503,231 |  |  | $ | 607,440 |
Accrued expenses | 1,305 |  |  | 1,471 |
Other liabilities | 2 |  |  | 2 |
Total liabilities | 504,538 |  |  | 608,913 |
Net equity in VIEs (eliminated in consolidation) | 182,549 |  |  | 186,900 |
Total equity | 182,549 |  |  | 186,900 |
Total liabilities and equity | $ | 687,087 |  |  | $ | 795,813 |
(1) | Primarily consists of loan repayments in transit as of March 31, 2019.

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- Definition The entire disclosure for a variable interest entity (VIE), including but not limited to, judgments and assumptions in determining whether to consolidate and in identifying the primary beneficiary, gain (loss) recognized on the initial consolidation of the VIE, terms of arrangements, amounts and classification of the VIE's assets and liabilities, and the entity's maximum exposure to loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -URI http://asc.fasb.org/topic&trid=2197479 + Details
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