Loans, Held for Investment (Tables)

3 Months Ended

Mar. 31, 2017

The Company’s loans receivable are comprised of the following:



Loan Type	March 31, 2017		December 31, 2016
Commercial mortgage loans, held for investment, net	$	1,955,816	$	1,641,856
Subordinate loans, held for investment, net	1,195,570		1,051,236
Total loans, held for investment, net	$	3,151,386	$	2,693,092

Activity relating to our loans, held for investment portfolio was as follows:



	Principal Balance		Deferred Fees/Other Items ⁽¹⁾		Provision for Loan Loss		Carrying Value
December 31, 2016	2,720,344		(12,252	)	(15,000	)	2,693,092
Loan fundings	492,282		—		—		492,282
Loan repayments	(44,075	)	—		—		(44,075	)
Unrealized gain (loss) on foreign currency translation	2,808		—		—		2,808
Deferred fees and other items ⁽¹⁾	—		(6,294	)	—		(6,294	)
Amortization of fees and other items ⁽¹⁾	7,854		5,718		—		13,573
March 31, 2017	3,179,213		(12,828	)	(15,000	)	3,151,386


(1)	Other items primarily consist of purchase discounts or premiums, exit fees, and deferred origination expenses.

The following table details overall statistics for our loans receivable portfolio:



	March 31, 2017			December 31, 2016
Number of loans	51			45
Principal balance	$	3,179,213		$	2,720,344
Carrying value	$	3,151,386		$	2,693,092
Unfunded loan commitments⁽¹⁾	$	121,470		$	170,365
Weighted-average cash coupon ⁽²⁾	8.82		%	8.88		%


(1)	Unfunded loan commitments are primarily funded to finance property improvements or lease-related expenditures by the borrowers. These future commitments are funded over the term of each loan, subject in certain cases to an expiration date.


(2)	For floating rate loans, assumes one-month LIBOR of 0.98% and 0.77%, as of March 31, 2017 and December 31, 2016, respectively.

The tables below detail the property type and geographic distribution of the properties securing the loans in our portfolio:



	March 31, 2017			December 31, 2016
Property Type		Carrying Value	% of Portfolio	Carrying Value	% of Portfolio
Hotel		$694,045	22.0%	$408,428	15.2%
Residential - for sale		522,707	16.6%	469,997	17.5%
Urban Retail Predevelopment		498,830	15.8%	491,187	18.2%
Office		256,177	8.1%	255,031	9.5%
Residential Rental		270,912	8.6%	309,243	11.5%
Mixed Use		252,132	8.0%	134,797	4.9%
Retail Center		240,296	7.6%	209,401	7.8%
Healthcare		171,306	5.5%	170,549	6.3%
Industrial		156,941	5.0%	156,809	5.8%
Other		88,040	2.8%	87,650	3.3%
		$3,151,386	100%	$2,693,092	100%