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Loans, Held for Investment (Tables)
 9 Months Ended
Sep. 30, 2017
Mortgage Loans on Real Estate [Abstract]  
Schedule of Mortgage Loans Receivable
The Company’s loans receivable are comprised of the following:

Loan Type
 
September 30, 2017
 
December 31, 2016
Commercial mortgage loans, held for investment, net
 
$
2,218,222

 
$
1,641,856

Subordinate loans, held for investment, net
 
1,340,378

 
1,051,236

Total loans, held for investment, net
 
$
3,558,600

 
$
2,693,092
Schedule of Mortgage Loans on Real Estate Activity
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
 
1,057,070

 
—

 
—

 
1,057,070

Loan repayments
 
(238,541
)
 
—

 
—

 
(238,541
)
Unrealized gain on foreign currency translation
 
20,974

 
—

 
—

 
20,974

Provision for loan loss (2)
 
—

 
—

 
(1,981
)
 
(1,981
)
Deferred fees and other items (1)
 
—

 
(13,047
)
 
—

 
(13,047
)
PIK interest, amortization of fees and other items (1)
 
19,321

 
21,712

 
—

 
41,033

September 30, 2017
 
3,579,168

 
(3,587
)
 
(16,981
)
 
3,558,600

———————
(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.
Schedule of Loans Receivable Statistics
The following table details overall statistics for our loan portfolio:

 
 
September 30, 2017
 
December 31, 2016
Number of loans
 
56

 
45

Principal balance
 
$
3,579,168

 
$
2,720,344

Carrying value
 
$
3,558,600

 
$
2,693,092

Unfunded loan commitments (1)
 
$
80,164

 
$
170,365

Weighted-average cash coupon (2)
 
8.5
%
 
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 1.23%and 0.77%, as of September 30, 2017 and December 31, 2016, respectively.
Schedule of Mortgage Loans by Property type and Geographic Distribution

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

 
 
September 30, 2017
 
December 31, 2016
Property Type
 
Carrying
Value
 
% of
Portfolio
 
Carrying
Value
 
% of
Portfolio
Residential - for sale
 
735,551

 
20.7
%
 
469,997

 
17.5
%
Hotel
 
652,745

 
18.3
%
 
408,428

 
15.2
%
Urban Retail Predevelopment
 
644,283

 
18.1
%
 
491,187

 
18.2
%
Mixed Use
 
352,094

 
9.9
%
 
134,797

 
5.0
%
Office
 
293,093

 
8.2
%
 
255,031

 
9.5
%
Residential Rental
 
278,117

 
7.8
%
 
309,243

 
11.5
%
Retail Center
 
197,120

 
5.5
%
 
209,401

 
7.8
%
Healthcare
 
174,244

 
4.9
%
 
170,549

 
6.3
%
Other
 
154,017

 
4.3
%
 
87,650

 
3.3
%
Industrial
 
77,336

 
2.3
%
 
156,809

 
5.7
%
 
 
3,558,600

 
100.0
%
 
2,693,092

 
100.0
%

 
 
September 30, 2017
 
December 31, 2016
Geographic Location
 
Carrying
Value
 
% of
Portfolio
 
Carrying
Value
 
% of
Portfolio
Manhattan, NY
 
$1,246,235
 
35.0%
 
$870,914
 
32.3%
Brooklyn, NY
 
244,501
 
6.9%
 
163,389
 
6.1%
Northeast
 
133,979
 
3.8%
 
137,770
 
5.1%
Southeast
 
530,881
 
14.9%
 
332,276
 
12.3%
Midwest
 
524,984
 
14.7%
 
405,992
 
15.1%
Mid Atlantic
 
248,786
 
7.0%
 
263,717
 
9.8%
West
 
205,274
 
5.8%
 
219,664
 
8.2%
Southwest
 
33,824
 
1.0%
 
54,614
 
2.0%
United Kingdom
 
312,159
 
8.7%
 
244,756
 
9.1%
Other International
 
77,977
 
2.2%
 
—
 
—%
Total
 
$3,558,600
 
100%
 
$2,693,092
 
100%