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MORTGAGE LOAN RECEIVABLES (Tables) | 3 Months Ended
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Mar. 31, 2019
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract] |
Schedule of mortgage loan receivables | December 31, 2018 ($ in thousands)
| Outstanding Face Amount |  | Carrying Value |  | Weighted Average Yield (1) |  | Remaining Maturity (years)
Mortgage loans held by consolidated subsidiaries | $ | 3,340,381 |  |  | $ | 3,318,390 |  |  | 7.84 | % |  | 1.32
Provision for loan losses | N/A |  |  | (17,900 | ) |  |  |  |
Mortgage loan receivables held for investment, net, at amortized cost | 3,340,381 |  |  | 3,300,490 |  |  |  |  |
Mortgage loan receivables held for sale | 181,905 |  |  | 182,439 |  |  | 5.46 | % |  | 9.75
Total | 3,522,286 |  |  | 3,482,929 |  |  | 7.76 | % |  | 1.77
(1) | December 31, 2018 LIBOR rates are used to calculate weighted average yield for floating rate loans.
(2) | Includes amounts relating to consolidated variable interest entities. See Note 3.
| Outstanding Face Amount |  | Carrying Value |  | Weighted Average Yield (1) |  | Remaining Maturity (years)
Mortgage loans held by consolidated subsidiaries(2) | $ | 3,321,828 |  |  | $ | 3,302,753 |  |  | 7.68 | % |  | 1.20
Mortgage loans transferred but not considered sold(3) | 15,350 |  |  | 15,504 |  |  | 5.29 | % |  | 9.78
Provision for loan losses | N/A |  |  | (18,200 | ) |  |  |  |
Mortgage loan receivables held for investment, net, at amortized cost | 3,337,178 |  |  | 3,300,057 |  |  |  |  |
Mortgage loan receivables held for sale | 189,334 |  |  | 189,525 |  |  | 5.53 | % |  | 9.56
Total | $ | 3,526,512 |  |  | $ | 3,489,582 |  |  | 7.57 | % |  | 1.69
(1) | March 31, 2019 London Interbank Offered Rate (“LIBOR”) rates are used to calculate weighted average yield for floating rate loans.
(2) | Includes amounts relating to consolidated variable interest entities. See Note 3.
(3) | We sell certain loans into securitizations; however, for a transfer of financial assets to be considered a sale, the transfer must meet the sale criteria of ASC 860 under which the Company must surrender control over the transferred assets which must qualify as recognized financial assets at the time of transfer. The assets must be isolated from the Company, even in bankruptcy or other receivership, the purchaser must have the right to pledge or sell the assets transferred and the Company may not have an option or obligation to reacquire the assets. If the sale criteria are not met, the transfer is considered to be a secured borrowing, the assets remain on the Company’s consolidated balance sheets and the sale proceeds are recognized as a liability. As of March 31, 2019, our portfolio included one of these loans with an outstanding face amount of $15.4 million and a carrying value of $15.5 million.
Summary of mortgage loan receivables by loan type | The following table summarizes mortgage loan receivables by loan type ($ in thousands):
| March 31, 2019 |  | December 31, 2018
| Outstanding Face Amount |  | Carrying Value |  | Outstanding Face Amount |  | Carrying Value
Mortgage loan receivables held for investment, net, at amortized cost: |  |  |  |  |  |  |  |  |  |  |
First mortgage loans | $ | 3,177,676 |  |  | $ | 3,159,154 |  |  | $ | 3,192,160 |  |  | $ | 3,170,788 |
Mezzanine loans | 144,152 |  |  | 143,599 |  |  | 148,221 |  |  | 147,602 |
Mortgage loans transferred but not considered sold(1)(2) | 15,350 |  |  | 15,504 |  |  | — |  |  | — |
Mortgage loan receivables held for investment, net, at amortized cost | 3,337,178 |  |  | 3,318,257 |  |  | 3,340,381 |  |  | 3,318,390 |
Mortgage loan receivables held for sale |  |  |  |  |  |  |  |  |  |  |
First mortgage loans | 189,334 |  |  | 189,525 |  |  | 181,905 |  |  | 182,439 |
Total mortgage loan receivables held for sale | 189,334 |  |  | 189,525 |  |  | 181,905 |  |  | 182,439 |
Provision for loan losses | N/A |  |  | (18,200 | ) |  | N/A |  |  | (17,900 | )
Total | $ | 3,526,512 |  |  | $ | 3,489,582 |  |  | $ | 3,522,286 |  |  | $ | 3,482,929 |
(1) | As more fully described earlier in this Note, as of March 31, 2019, included in mortgage loans transferred but not considered sold is one non-controlling loan interest with an outstanding face amount of $15.4 million and a carrying value of $15.5 million that was sold to the WFCM 2019-C49 securitization trust. This transaction is considered a financing for accounting purposes.
(2) | First mortgage loans.
For the three months ended March 31, 2019 and 2018, the activity in our loan portfolio was as follows ($ in thousands):
| Mortgage loan receivables held for investment, net, at amortized cost: |  |
| Mortgage loans held by consolidated subsidiaries |  | Mortgage loans transferred but not considered sold |  | Provision for loan losses |  | Mortgage loan receivables held for sale
Balance, December 31, 2018 | $ | 3,318,390 |  |  | $ | — |  |  | $ | (17,900 | ) |  | $ | 182,439 |
Origination of mortgage loan receivables | 224,418 |  |  | — |  |  | — |  |  | 175,256 |
Repayment of mortgage loan receivables | (245,444 | ) |  | — |  |  | — |  |  | (321 | )
Proceeds from sales of mortgage loan receivables | — |  |  | — |  |  | — |  |  | (159,424 | )
Realized gain on sale of mortgage loan receivables | — |  |  | — |  |  | — |  |  | 7,079 |
Transfer between held for investment and held for sale(1) | — |  |  | 15,504 |  |  | — |  |  | (15,504 | )
Accretion/amortization of discount, premium and other fees | 5,389 |  |  | — |  |  | — |  |  | — |
Loan loss provision | — |  |  | — |  |  | (300 | ) |  | — |
Balance, March 31, 2019 | $ | 3,302,753 |  |  | $ | 15,504 |  |  | $ | (18,200 | ) |  | $ | 189,525 |
(1) | As more fully described earlier in this Note, during the three months ended March 31, 2019, the Company reclassified from mortgage loan receivables held for sale to mortgage loan receivables held for investment, net, at amortized cost, one loan with a combined outstanding face amount of $15.4 million, a combined book value of $15.5 million (fair value at date of reclassification) and a remaining maturity of 9.8 years which was sold to the WFCM 2019-C49 securitization trust. This transaction is considered a financing for accounting purposes. This transfer has been reflected as a non-cash item on the consolidated statement of cash flows for the three months ended March 31, 2019.
| Mortgage loan receivables held for investment, net, at amortized cost: |  |
| Mortgage loans held by consolidated subsidiaries |  | Provision for loan losses |  | Mortgage loan receivables held for sale
Balance, December 31, 2017 | $ | 3,282,462 |  |  | $ | (4,000 | ) |  | $ | 230,180 |
Origination of mortgage loan receivables | 434,632 |  |  | — |  |  | 532,878 |
Repayment of mortgage loan receivables(1) | (249,105 | ) |  | — |  |  | (133 | )
Proceeds from sales of mortgage loan receivables(2) | — |  |  | — |  |  | (438,774 | )
Realized gain on sale of mortgage loan receivables(3) | — |  |  | — |  |  | 4,888 |
Transfer between held for investment and held for sale(4) | 55,403 |  |  | — |  |  | (55,403 | )
Accretion/amortization of discount, premium and other fees | 4,794 |  |  | — |  |  | — |
Loan loss provision | — |  |  | (3,000 | ) |  | — |
Balance, March 31, 2018 | $ | 3,528,186 |  |  | $ | (7,000 | ) |  | $ | 273,636 |
(1) | Includes $54.8 million of non-cash repayment of mortgage loan receivables held for investment.
(2) | Includes $11.1 million of non-cash proceeds from sales.
(3) | Includes $0.5 million of realized losses on loans related to lower of cost or market adjustments for the three months ended March 31, 2018.
(4) | During the three months ended March 31, 2018, the Company reclassified from mortgage loan receivables held for sale to mortgage loan receivables held for investment, net, at amortized cost, a loan with an outstanding face amount of $57.6 million, a book value of $55.4 million (fair value at date of reclassification) and a remaining maturity of 2.5 years. The loan had been recorded at lower of cost or market prior to its reclassification. The discount to fair value is the result of an increase in market interest rates since the loan’s origination and not a deterioration in credit of the borrower or collateral coverage and the Company expects to collect all amounts due under the loan.
Schedule of provision for loan losses | Provision for Loan Losses and Non-Accrual Status ($ in thousands)
| Three Months Ended March 31,
| 2019 |  | 2018
Provision for loan losses at beginning of period | $ | 17,900 |  |  | $ | 4,000 |
Provision for loan losses | 300 |  |  | 3,000 |
Provision for loan losses at end of period | $ | 18,200 |  |  | $ | 7,000 |
| March 31, 2019 |  | December 31, 2018
Principal balance of loans on non-accrual status | $ | 36,850 |  |  | $ | 36,850 |

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