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Commercial Mortgage and Subordinate Loans, Net (Tables) | 12 Months Ended
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Dec. 31, 2017
Mortgage Loans on Real Estate [Abstract] |
Schedule of Loan Portfolio | The Company’s loan portfolio was comprised of the following at December 31, 2017:
Loan Type |  | December 31, 2017 |  | December 31, 2016
Commercial mortgage loans, net |  | $ | 2,653,826 |  |  | $ | 1,641,856 |
Subordinate loans, net |  | 1,025,932 |  |  | 1,051,236 |
Total loans, net |  | $ | 3,679,758 |  |  | $ | 2,693,092 |
Activity Related to Loan Investment Portfolio | Activity relating to our loan 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 |  | 1,828,758 |  |  | — |  |  | — |  |  | 1,828,758 |
Loan repayments |  | (891,848 | ) |  | — |  |  | — |  |  | (891,848 | )
Unrealized gain on foreign currency translation |  | 23,766 |  |  | (154 | ) |  | — |  |  | 23,612 |
Provision for loan loss (2) |  | — |  |  | — |  |  | (1,981 | ) |  | (1,981 | )
Deferred fees and other items (1) |  | — |  |  | (27,424 | ) |  | — |  |  | (27,424 | )
PIK interest, amortization of fees and other items (1) |  | 25,149 |  |  | 30,400 |  |  | — |  |  | 55,549 |
December 31, 2017 |  | $ | 3,706,169 |  |  | $ | (9,430 | ) |  | $ | (16,981 | ) |  | $ | 3,679,758 |
——————— (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 consolidated balance sheet.
Schedule of Overall Statistics for the Loan Portfolio | The following table details overall statistics for our loan portfolio:
|  | December 31, 2017 |  | December 31, 2016
Number of loans |  | 59 |  |  | 45 |
Principal balance |  | $ | 3,706,169 |  |  | $ | 2,720,344 |
Carrying value |  | $ | 3,679,758 |  |  | $ | 2,693,092 |
Unfunded loan commitments (1) |  | $ | 435,627 |  |  | $ | 170,365 |
Weighted-average cash coupon (2) |  | 8.40 | % |  | 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 1.56% and 0.77%, as of December 31, 2017 and December 31, 2016, respectively.
Schedule of Mortgage Loans on Real Estate | The Company’s loan portfolio was comprised of the following at December 31, 2017:
Loan Type |  | December 31, 2017 |  | December 31, 2016
Commercial mortgage loans, net |  | $ | 2,653,826 |  |  | $ | 1,641,856 |
Subordinate loans, net |  | 1,025,932 |  |  | 1,051,236 |
Total loans, net |  | $ | 3,679,758 |  |  | $ | 2,693,092 |
Activity relating to our loan 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 |  | 1,828,758 |  |  | — |  |  | — |  |  | 1,828,758 |
Loan repayments |  | (891,848 | ) |  | — |  |  | — |  |  | (891,848 | )
Unrealized gain on foreign currency translation |  | 23,766 |  |  | (154 | ) |  | — |  |  | 23,612 |
Provision for loan loss (2) |  | — |  |  | — |  |  | (1,981 | ) |  | (1,981 | )
Deferred fees and other items (1) |  | — |  |  | (27,424 | ) |  | — |  |  | (27,424 | )
PIK interest, amortization of fees and other items (1) |  | 25,149 |  |  | 30,400 |  |  | — |  |  | 55,549 |
December 31, 2017 |  | $ | 3,706,169 |  |  | $ | (9,430 | ) |  | $ | (16,981 | ) |  | $ | 3,679,758 |
——————— (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 consolidated balance sheet. The following table details overall statistics for our loan portfolio:
|  | December 31, 2017 |  | December 31, 2016
Number of loans |  | 59 |  |  | 45 |
Principal balance |  | $ | 3,706,169 |  |  | $ | 2,720,344 |
Carrying value |  | $ | 3,679,758 |  |  | $ | 2,693,092 |
Unfunded loan commitments (1) |  | $ | 435,627 |  |  | $ | 170,365 |
Weighted-average cash coupon (2) |  | 8.40 | % |  | 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 1.56% and 0.77%, as of December 31, 2017 and December 31, 2016, respectively.
The table below details the property type of the properties securing the loans in our portfolio:
|  | December 31, 2017 |  | December 31, 2016
Property Type |  | Carrying Value |  | % of Portfolio |  | Carrying Value |  | % of Portfolio
Urban Retail Predevelopment |  | $654,736 |  | 17.8% |  | $491,187 |  | 18.2%
Hotel |  | 645,056 |  | 17.5% |  | 408,428 |  | 15.2%
Office |  | 513,830 |  | 14.0% |  | 255,031 |  | 9.5%
Residential Rental |  | 465,057 |  | 12.6% |  | 309,243 |  | 11.5%
Residential - for sale |  | 442,179 |  | 12.0% |  | 469,997 |  | 17.5%
Mixed Use |  | 354,640 |  | 9.6% |  | 134,797 |  | 5.0%
Retail Center |  | 198,913 |  | 5.4% |  | 209,401 |  | 7.8%
Healthcare |  | 173,870 |  | 4.7% |  | 170,549 |  | 6.3%
Other |  | 154,141 |  | 4.2% |  | 87,650 |  | 3.3%
Industrial |  | 77,338 |  | 2.1% |  | 156,809 |  | 5.8%
|  | 3,679,758 |  | 100.0% |  | 2,693,092 |  | 100.0%
The table below details the geographic distribution of the properties securing the loans in our portfolio:
|  | December 31, 2017 |  | December 31, 2016
Geographic Location |  | Carrying Value |  | % of Portfolio |  | Carrying Value |  | % of Portfolio
Manhattan, NY |  | $1,173,833 |  | 31.9% |  | $870,914 |  | 32.3%
Brooklyn, NY |  | 357,611 |  | 9.7% |  | 163,389 |  | 6.1%
Northeast |  | 100,536 |  | 2.7% |  | 137,770 |  | 5.1%
Midwest |  | 683,380 |  | 18.6% |  | 405,992 |  | 15.1%
Southeast |  | 531,582 |  | 14.4% |  | 332,276 |  | 12.3%
United Kingdom |  | 303,488 |  | 8.2% |  | 244,756 |  | 9.1%
West |  | 227,024 |  | 6.2% |  | 219,664 |  | 8.2%
Mid Atlantic |  | 191,976 |  | 5.2% |  | 263,717 |  | 9.8%
Other International |  | 76,713 |  | 2.1% |  | — |  | —%
Southwest |  | 33,615 |  | 0.9% |  | 54,614 |  | 2.0%
Total |  | 3,679,758 |  | 100.0% |  | $2,693,092 |  | 100.0%
Carrying Value of Loan Portfolio Based on Internal Risk Ratings | The following table allocates the carrying value of our loan portfolio based on the Company's internal risk ratings:
|  | December 31, 2017
Risk Rating |  | Number of Loans |  | Carrying Value |  | % of Loan Portfolio
1 |  | — |  | $ | — |  |  | — | %
2 |  | 5 |  | 399,326 |  |  | 10 | %
3 |  | 51 |  | 3,034,358 |  |  | 83 | %
4 |  | 1 |  | 168,208 |  |  | 5 | %
5 |  | 2 |  | 77,866 |  |  | 2 | %
|  | 59 |  | $ | 3,679,758 |  |  | 100 | %

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