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MORTGAGE LOAN RECEIVABLES (Tables) | 3 Months Ended
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Mar. 31, 2023
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)(2) |  | Remaining Maturity (years)(2)(3)
Mortgage loan receivables held for investment, net, at amortized cost: |  |  |  |  |  |  |
First mortgage loans | $ | 3,766,258 |  |  | $ | 3,750,799 |  |  | 9.16 | % |  | 1.1
Mezzanine loans | 43,334 |  |  | 43,276 |  |  | 11.11 | % |  | 1.5
Total mortgage loans receivable | 3,809,592 |  |  | 3,794,075 |  |  | 9.18 | % |  | 1.1
Allowance for credit losses | N/A |  | (25,499) |  |  |  |  |
Total mortgage loan receivables held for investment, net, at amortized cost | 3,809,592 |  |  | 3,768,576 |  |  |  |  |
Mortgage loan receivables held for sale: |  |  |  |  |  |  |
First mortgage loans | 31,350 |  |  | 27,197 |  |  | 4.57 | % |  | 8.9
Total | $ | 3,840,942 |  |  | $ | 3,795,773 |  | (4) | 9.14 | % |  | 1.1
(1)Includes the impact from interest rate floors. March 31, 2023 LIBOR and SOFR rates are used to calculate weighted average yield for floating rate loans. (2)Excludes non-accrual loans of $53.6 million. Refer to “Non-Accrual Status” below for further details. (3)The remaining maturity is calculated based on the initial maturity. The weighted average extended maturity for all loans is 2.4 years. (4)Net of $15.5 million of deferred origination fees and other items as of March 31, 2023.
| Outstanding Face Amount |  | Carrying Value |  | Weighted Average Yield (1)(2)(3) |  | Remaining Maturity (years)(2)(3)
Mortgage loan receivables held for investment, net, at amortized cost: |  |  |  |  |  |  |
First mortgage loans | $ | 3,841,315 |  |  | $ | 3,819,860 |  |  | 8.83 | % |  | 1.3
Mezzanine loans | 65,950 |  |  | 65,886 |  |  | 10.62 | % |  | 1.6
Total mortgage loans receivable | 3,907,265 |  |  | 3,885,746 |  |  | 8.85 | % |  | 1.3
Allowance for credit losses | N/A |  | (20,755) |  |  |  |  |
Total mortgage loan receivables held for investment, net, at amortized cost | 3,907,265 |  |  | 3,864,991 |  |  |  |  |
Mortgage loan receivables held for sale: |  |  |  |  |  |  |
First mortgage loans | 31,350 |  |  | 27,391 |  |  | 4.57 | % |  | 9.2
Total | $ | 3,938,615 |  |  | $ | 3,892,382 |  | (4) | 8.82 | % |  | 1.3
(1)Includes the impact from interest rate floors. December 31, 2022 LIBOR rates are used to calculate weighted average yield for floating rate loans. (2)Excludes non-accrual loans of $53.8 million. (3)Includes the impact of one loan with a principal balance of $51.5 million, which was extended through 2026 in January 2023. (4)Net of $21.5 million of deferred origination fees and other items as of December 31, 2022.
Summary of mortgage loan receivables by loan type | For the three months ended March 31, 2023 and 2022, the activity in our loan portfolio was as follows ($ in thousands):
| Mortgage loan receivables held for investment, net, at amortized cost: |  |
| Mortgage loans receivable |  |  |  | Allowance for credit losses |  | Mortgage loan receivables held for sale
Balance, December 31, 2022 | $ | 3,885,746 |  |  |  |  | $ | (20,755) |  |  | $ | 27,391 |
Origination of mortgage loan receivables | 32,616 |  |  |  |  | — |  |  | — |
Repayment of mortgage loan receivables | (131,272) |  |  |  |  | — |  |  | — |
Net result from mortgage loan receivables held for sale (1) | — |  |  |  |  | — |  |  | (194) |
Accretion/amortization of discount, premium and other fees | 6,985 |  |  |  |  | — |  |  | — |
Release (addition) of provision for current expected credit loss, net (2) | — |  |  |  |  | (4,744) |  |  | — |
Balance, March 31, 2023 | $ | 3,794,075 |  |  |  |  | $ | (25,499) |  |  | $ | 27,197 |
(1)Includes unrealized lower of cost or market adjustment and realized gain/loss on loans held for sale. (2)Refer to “Allowance for Credit Losses” table below for further detail.
| Mortgage loan receivables held for investment, net, at amortized cost: |  |
| Mortgage loans receivable |  |  |  | Allowance for credit losses |  | Mortgage loan receivables held for sale
Balance, December 31, 2021 | $ | 3,553,737 |  |  |  |  | $ | (31,752) |  |  | $ | — |
Origination of mortgage loan receivables | 648,507 |  |  |  |  | — |  |  | 54,850 |
Repayment of mortgage loan receivables | (349,935) |  |  |  |  | — |  |  | — |
Net result from mortgage loan receivables held for sale (2) | — |  |  |  |  | — |  |  | (949) |
Accretion/amortization of discount, premium and other fees | 5,162 |  |  |  |  | — |  |  | — |
Release (addition) of provision for current expected credit loss, net (3) | — |  |  |  |  | (580) |  |  | — |
Balance, March 31, 2022 | $ | 3,857,471 |  |  |  |  | $ | (32,332) |  |  | $ | 53,901 |
(1)Refer to Note 5 Real Estate and Related Lease Intangibles, Net for further detail on additions to real estate. (2)Represents unrealized lower of cost or market adjustment on loans held for sale. (3)Refer to “Allowance for Credit Losses” table below for further detail.
Schedule of provision for loan losses | Allowance for Credit Losses and Non-Accrual Status ($ in thousands)
| Three Months Ended March 31, |  |  |  |  |  |
Allowance for Credit Losses | 2023 |  | 2022 |  |  |  |  |  |  |  |  |  |  |  |
Allowance for credit losses at beginning of period | $ | 20,755 |  |  | $ | 31,752 |  |  |  |  |  |  |  |  |  |  |  |  |
Provision for (release of) current expected credit loss, net (1) | 4,744 |  |  | 580 |  |  |  |  |  |  |  |  |  |  |  |  |
Allowance for credit losses at end of period | $ | 25,499 |  |  | $ | 32,332 |  |  |  |  |  |  |  |  |  |  |  |  |
(1) There were no asset specific reserves recorded for the three months ended March 31, 2023 or 2022.
Non-Accrual Status | March 31, 2023 |  | December 31, 2022
Carrying value of loans on non-accrual status, net of asset-specific reserve (1)(2) | $ | 53,624 |  |  | $ | 53,809 |
(1) Includes one loan with an amortized cost basis of $30.5 million, for which the Company determined no asset specific reserve was necessary. (2) As of March 31, 2023 and December 31, 2022 the loans on non-accrual status were greater than 90 days past due.
Schedule of individually impaired loans | Loan Portfolio by Geographic Region, Collateral Type and Vintage (amortized cost $ in thousands)
|  | March 31, |  | December 31, |  |  |  |  |  |  |  |
Geographic Region |  | 2023 |  | 2022 |  |  |  |  |  |  |  |
Northeast |  | $ | 1,163,181 |  |  | $ | 1,191,337 |  |  |  |  |  |  |  |  |
South |  | 1,101,731 |  |  | 1,080,132 |  |  |  |  |  |  |  |  |
Southwest |  | 650,167 |  |  | 675,069 |  |  |  |  |  |  |  |  |
Midwest |  | 488,728 |  |  | 496,640 |  |  |  |  |  |  |  |  |
West |  | 364,441 |  |  | 416,556 |  |  |  |  |  |  |  |  |
Subtotal mortgage loans receivable |  | 3,768,248 |  |  | 3,859,734 |  |  |  |  |  |  |  |  |
Individually impaired loans |  | 25,827 |  |  | 26,012 |  |  |  |  |  |  |  |  |
Total mortgage loans receivable |  | $ | 3,794,075 |  |  | $ | 3,885,746 |  |  |  |  |  |  |  |  |
Management’s method for monitoring credit is the performance of a loan. The primary credit quality indicator management utilizes to assess its current expected credit loss reserve is by viewing the Company’s mortgage loan portfolio by collateral type. The following tables summarize the amortized cost of the mortgage loan portfolio by collateral type as of March 31, 2023 and December 31, 2022, respectively ($ in thousands):
|  | Amortized Cost Basis by Origination Year as of March 31, 2023 |  |  |  |  |  |
Collateral Type |  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | 2019 and Earlier |  | Total |  |  |  |  |  |  |
Multifamily |  | $ | 14,339 |  |  | $ | 677,833 |  |  | $ | 730,370 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,422,542 |  |  |  |  |  |  |  |  |
Office |  | — |  |  | 78,871 |  |  | 672,894 |  |  | — |  |  | 168,387 |  |  | 920,152 |  |  |  |  |  |  |  |  |
Mixed Use |  | — |  |  | 202,526 |  |  | 356,226 |  |  | 26,500 |  |  | 92,005 |  |  | 677,257 |  |  |  |  |  |  |  |  |
Industrial |  | — |  |  | 37,690 |  |  | 96,952 |  |  | — |  |  | 115,275 |  |  | 249,917 |  |  |  |  |  |  |  |  |
Retail |  | — |  |  | 60,250 |  |  | 107,783 |  |  | — |  |  | 22,098 |  |  | 190,131 |  |  |  |  |  |  |  |  |
Hospitality |  | — |  |  | — |  |  | 45,485 |  |  | — |  |  | 92,221 |  |  | 137,706 |  |  |  |  |  |  |  |  |
Manufactured Housing |  | — |  |  | 32,559 |  |  | 82,724 |  |  | — |  |  | 2,924 |  |  | 118,207 |  |  |  |  |  |  |  |  |
Other |  | — |  |  | 32,457 |  |  | 19,879 |  |  | — |  |  | — |  |  | 52,336 |  |  |  |  |  |  |  |  |
Self-Storage |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  |  |  |
Subtotal mortgage loans receivable |  | 14,339 |  |  | 1,122,186 |  |  | 2,112,313 |  |  | 26,500 |  |  | 492,910 |  |  | 3,768,248 |  |  |  |  |  |  |  |  |
Individually Impaired loans |  | — |  |  | — |  |  | — |  |  | — |  |  | 25,827 |  |  | 25,827 |  |  |  |  |  |  |  |  |
Total mortgage loans receivable (1) |  | $ | 14,339 |  |  | $ | 1,122,186 |  |  | $ | 2,112,313 |  |  | $ | 26,500 |  |  | $ | 518,737 |  |  | $ | 3,794,075 |  |  |  |  |  |  |  |  |
|  | Amortized Cost Basis by Origination Year as of December 31, 2022 |  |  |  |  |  |
Collateral Type |  | 2022 |  | 2021 |  | 2020 |  | 2019 |  | 2018 and Earlier |  | Total |  |  |  |  |  |  |
Multifamily |  | $ | 702,125 |  |  | $ | 722,862 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,424,987 |  |  |  |  |  |  |  |  |
Office |  | 78,754 |  |  | 676,431 |  |  | 29,650 |  |  | 58,684 |  |  | 136,512 |  |  | 980,031 |  |  |  |  |  |  |  |  |
Mixed Use |  | 201,777 |  |  | 351,291 |  |  | 26,500 |  |  | 120,300 |  |  | — |  |  | 699,868 |  |  |  |  |  |  |  |  |
Industrial |  | 37,616 |  |  | 96,486 |  |  | — |  |  | 115,545 |  |  | — |  |  | 249,647 |  |  |  |  |  |  |  |  |
Retail |  | 60,089 |  |  | 107,305 |  |  | — |  |  | 12,953 |  |  | 9,126 |  |  | 189,473 |  |  |  |  |  |  |  |  |
Hospitality |  | — |  |  | 45,416 |  |  | — |  |  | 13,843 |  |  | 78,364 |  |  | 137,623 |  |  |  |  |  |  |  |  |
Manufactured Housing |  | 32,515 |  |  | 82,618 |  |  | — |  |  | 2,921 |  |  | — |  |  | 118,054 |  |  |  |  |  |  |  |  |
Other |  | 32,353 |  |  | 19,898 |  |  | — |  |  | 7,800 |  |  | — |  |  | 60,051 |  |  |  |  |  |  |  |  |
Self-Storage |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  |  |  |
Subtotal mortgage loans receivable |  | 1,145,229 |  |  | 2,102,307 |  |  | 56,150 |  |  | 332,046 |  |  | 224,002 |  |  | 3,859,734 |  |  |  |  |  |  |  |  |
Individually Impaired loans |  | — |  |  | — |  |  | — |  |  | — |  |  | 26,012 |  |  | 26,012 |  |  |  |  |  |  |  |  |
Total mortgage loans receivable (2) |  | $ | 1,145,229 |  |  | $ | 2,102,307 |  |  | $ | 56,150 |  |  | $ | 332,046 |  |  | $ | 250,014 |  |  | $ | 3,885,746 |  |  |  |  |  |  |  |  |
(1)Not included above is $23.9 million of accrued interest receivable on all loans at March 31, 2023. (2)Not included above is $23.2 million of accrued interest receivable on all loans at December 31, 2022.

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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 https://asc.fasb.org/extlink&oid=124255953&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 https://asc.fasb.org/extlink&oid=123577603&loc=SL6953659-111524 + Details
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