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Commercial Mortgage and Subordinate Loans, Net (Tables)
 12 Months Ended
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
%