Loans, Held for Investment (Tables)

6 Months Ended

Jun. 30, 2017

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



Loan Type	June 30, 2017		December 31, 2016
Commercial mortgage loans, held for investment, net	$	2,037,971	$	1,641,856
Subordinate loans, held for investment, net	1,240,363		1,051,236
Total loans, held for investment, net	$	3,278,334	$	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 ⁽²⁾		Carrying Value
December 31, 2016	2,720,344		(12,252	)	(15,000	)	2,693,092
Loan fundings	624,602		—		—		624,602
Loan repayments	(69,192	)	—		—		(69,192	)
Unrealized gain on foreign currency translation	12,376		—		—		12,376
Provision for loan loss ⁽²⁾	—		—		(1,981	)	(1,981	)
Deferred fees and other items ⁽¹⁾	—		(7,141	)	—		(7,141	)
PIK interest, amortization of fees and other items ⁽¹⁾	14,000		12,578		—		26,578
June 30, 2017	3,302,130		(6,815	)	(16,981	)	3,278,334


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


(2)	In addition to the $1,981 provision for loan loss, the Company recorded an impairment of $3,019 against a related investment previously recorded under other assets on the Company's condensed consolidated balance sheet.

The following table details overall statistics for our loan portfolio:



	June 30, 2017			December 31, 2016
Number of loans	52			45
Principal balance	$	3,302,130		$	2,720,344
Carrying value	$	3,278,334		$	2,693,092
Unfunded loan commitments⁽¹⁾	$	119,813		$	170,365
Weighted-average cash coupon ⁽²⁾	8.55		%	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 1.22% and 0.77%, as of June 30, 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:



	June 30, 2017		December 31, 2016
Property Type	Carrying Value	% of Portfolio	Carrying Value	% of Portfolio
Hotel	$702,447	21.4%	$408,428	15.2%
Residential - for sale	547,113	16.7%	469,997	17.5%
Urban Retail Predevelopment	583,241	17.8%	491,187	18.2%
Office	257,291	7.8%	255,031	9.5%
Residential Rental	290,152	8.9%	309,243	11.5%
Mixed Use	253,649	7.7%	134,797	4.9%
Retail Center	240,902	7.3%	209,401	7.8%
Healthcare	172,872	5.3%	170,549	6.3%
Industrial	157,040	4.8%	156,809	5.8%
Other	73,627	2.3%	87,650	3.3%
Total	$3,278,334	100%	$2,693,092	100%