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MORTGAGE LOAN RECEIVABLES (Tables) | 3 Months Ended
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Mar. 31, 2020
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract] |
Schedule of mortgage loan receivables |
| Outstanding Face Amount |  | Carrying Value |  | Weighted Average Yield (1) |  | Remaining Maturity (years)
Mortgage loan receivables held for investment, net, at amortized cost: |  |  |  |  |  |  |
Mortgage loans held by consolidated subsidiaries: |  |  |  |  |  |  |
First mortgage loans | $ | 3,330,918 |  |  | $ | 3,310,167 |  |  | 6.72 | % |  | 1.22
Mezzanine loans | 122,975 |  |  | 122,612 |  |  | 10.84 | % |  | 3.16
Total mortgage loans held by consolidated subsidiaries | 3,453,893 |  |  | 3,432,779 |  |  | 6.86 | % |  | 1.29
Current expected credit losses | N/A |  |  | (49,457 | ) |  |  |  |
Total mortgage loan receivables held for investment, net, at amortized cost | 3,453,893 |  |  | 3,383,322 |  |  |  |  |
Mortgage loan receivables held for sale: |  |  |  |  |  |  |
First mortgage loans | 154,833 |  |  | 146,713 |  |  | 3.94 | % |  | 9.96
Total | $ | 3,608,726 |  |  | $ | 3,530,035 |  |  | 6.84 | % |  | 1.66
(1) | March 31, 2020 LIBOR rates are used to calculate weighted average yield for floating rate loans.
| Outstanding Face Amount |  | Carrying Value |  | Weighted Average Yield (1) |  | Remaining Maturity (years)
Mortgage loan receivables held for investment, net, at amortized cost: |  |  |  |  |  |  |
Mortgage loans held by consolidated subsidiaries: |  |  |  |  |  |  |
First mortgage loans | $ | 3,147,275 |  |  | $ | 3,127,173 |  |  | 6.77 | % |  | 1.35
Mezzanine loans | 130,322 |  |  | 129,863 |  |  | 10.97 | % |  | 3.26
Total mortgage loans held by consolidated subsidiaries | 3,277,597 |  |  | 3,257,036 |  |  | 6.94 | % |  | 1.43
Allowance for loan losses | N/A |  |  | (20,500 | ) |  |  |  |
Total mortgage loan receivables held for investment, net, at amortized cost | 3,277,597 |  |  | 3,236,536 |  |  |  |  |
Mortgage loan receivables held for sale: |  |  |  |  |  |  |
First mortgage loans | 122,748 |  |  | 122,325 |  |  | 4.20 | % |  | 9.99
Total | $ | 3,400,345 |  |  | $ | 3,358,861 |  |  | 6.88 | % |  | 1.75
(1) | December 31, 2019 LIBOR rates are used to calculate weighted average yield for floating rate loans.
Summary of mortgage loan receivables by loan type | For the three months ended March 31, 2020 and 2019, 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 |  | Provision expense for current expected credit loss |  | Mortgage loan receivables held for sale
Balance, December 31, 2019 | $ | 3,257,036 |  |  | $ | (20,500 | ) |  | $ | 122,325 |
Origination of mortgage loan receivables | 313,936 |  |  | — |  |  | 212,805 |
Repayment of mortgage loan receivables | (118,531 | ) |  | — |  |  | (64 | )
Proceeds from sales of mortgage loan receivables | — |  |  | — |  |  | (189,358 | )
Non-cash disposition of loans via foreclosure(1) | (23,586 | ) |  | — |  |  | — |
Sale of loans, net | — |  |  | — |  |  | 1,005 |
Accretion/amortization of discount, premium and other fees | 3,924 |  |  | — |  |  | — |
Release of asset-specific loan loss provision via foreclosure(1) | — |  |  | 2,000 |  |  | — |
Provision expense for current expected credit loss (implementation impact)(2) | — |  |  | (4,964 | ) |  |  |
Provision expense for current expected credit loss (impact to earnings)(2) | — |  |  | (17,993 | ) |  | — |
Additional asset-specific reserve | — |  |  | (8,000 | ) |  | — |
Balance, March 31, 2020 | $ | 3,432,779 |  |  | $ | (49,457 | ) |  | $ | 146,713 |
(1) | Refer to Note 5 Real Estate and Related Lease Intangibles, Net for further detail on foreclosure of real estate.
(2) | During the three months ended March 31, 2020, the initial impact of the implementation of the CECL accounting standard as of January 1, 2020 is recorded against retained earnings. Subsequent remeasurement thereafter, including the period to date change for the three months ended March 31, 2020, is accounted for as provision expense for current expected credit loss in the consolidated statements of income.
| 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 | )
Sale of loans, net | — |  |  | — |  |  | — |  |  | 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 |  |  | — |  |  | — |  |  | — |
Provision for loan losses | — |  |  | — |  |  | (300 | ) |  | — |
Balance, March 31, 2019 | $ | 3,302,753 |  |  | $ | 15,504 |  |  | $ | (18,200 | ) |  | $ | 189,525 |
(1) | 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. During the three months ended March 31, 2019, the Company reclassified from mortgage loan receivables held for sale to mortgage loans transferred but not considered sold, at amortized cost, one loan with an outstanding face amount of $15.4 million, a book value of $15.5 million (fair value at the date of reclassification) and a remaining maturity of 9.8 years. This loan was sold to the WFCM 2019-C49 securitization trust and is considered a financing for accounting purposes. This transfer has been reflected as a non-cash item on the consolidated statement of cash flows for the three months ended March 31, 2019.
Schedule of provision for loan losses | Allowance for Loan Losses and Non-Accrual Status ($ in thousands)
| Three Months Ended March 31, |
| 2020 |  | 2019 |
Allowance for loan losses at beginning of period | $ | 20,500 |  |  | $ | 17,900 |  |
Provision expense for current expected credit loss (implementation impact) | 4,964 |  |  | — |  |
Provision expense for current expected credit loss (impact to earnings) | 17,993 |  |  | 300 |  |
Additional asset-specific reserve | 8,000 |  |  | — |  |
Foreclosure of loans subject to asset-specific reserve | (2,000 | ) |  | — |  |
Allowance for loan losses at end of period | $ | 49,457 |  |  | $ | 18,200 |  |
| March 31, 2020 |  | December 31, 2019 |
Principal balance of loans on non-accrual status(1) | $ | 142,387 |  | (1) | $ | 98,725 |  | (2)
(1) | Represents two of the Company’s loans, which were originated simultaneously as part of a single transaction and had a combined carrying value of $26.9 million, two loans with a combined carrying value of $46.4 million, one loan with a carrying value of $61.5 million, and two loans, which were originated simultaneously as part of a single transaction and have a combined carrying value of $7.7 million as further discussed below.
(2) | Represents two of the Company’s loans, which were originated simultaneously as part of a single transaction and had a combined carrying value of $26.9 million, one loan with a carrying value of $10.4 million and one loan with a carrying value of $61.5 million, as further discussed below.
Schedule of individually impaired loans | The Company has concluded that none of its loans, other than the four loans discussed below, are individually impaired as of March 31, 2020. Loan Portfolio by Property Type, Geographic Region and Vintage ($ in thousands)
|  | Principal Amount
Property Type |
Multifamily |  | $ | 1,046,253 |
Office |  | 854,808 |
Hospitality |  | 386,487 |
Mixed Use |  | 423,002 |
Retail |  | 247,958 |
Other |  | 105,879 |
Industrial |  | 174,098 |
Manufactured Housing |  | 82,666 |
Self-Storage |  | 51,425 |
Subtotal loans |  | 3,372,576 |
Individually impaired loans(1) |  | 81,316 |
Total loans |  | $ | 3,453,892 |
|  | Principal Amount
Geographic Region |
Northeast |  | $ | 966,468 |
Southwest |  | 660,635 |
Midwest |  | 640,633 |
South |  | 547,812 |
West |  | 557,028 |
Subtotal loans |  | 3,372,576 |
Individually impaired loans(1) |  | 81,316 |
Total loans |  | $ | 3,453,892 |
|  | Principal Amount
Vintage |
2019 |  | $ | 291,604 |
2018 |  | 1,319,593 |
2017 |  | 1,020,543 |
2016 |  | 322,563 |
Prior to 2016 |  | 418,273 |
Subtotal loans |  | 3,372,576 |
Individually impaired loans(1) |  | 81,316 |
Total loans |  | $ | 3,453,892 |
(1) | Included in individually impaired loans are one loan, originated in 2016, with a carrying value of $5.9 million, collateralized by a mixed use property located in the Northeast region, two loans, which were restructured in 2018, with a combined carrying value of $46.4 million, collateralized by a mixed use property located in the Northeast region, and one loan, originated in 2018, with a carrying value of $4.1 million, collateralized by a hotel located in the Midwest region.

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- Definition Tabular disclosure of financing receivables by credit quality indicator. The credit quality indicator is a statistic about the credit quality of financing receivables. Examples include, but not limited to, consumer credit risk scores, credit-rating-agency ratings, an entity's internal credit risk grades, loan-to-value ratios, collateral, collection experience and other internal metrics. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 326 -SubTopic 20 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=119407570&loc=SL82919230-210447 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 29 -URI http://asc.fasb.org/extlink&oid=118936363&loc=SL6953659-111524 + Details
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