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Commercial Mortgage and Subordinate Loans, Net (Tables) | 3 Months Ended
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Mar. 31, 2018
Mortgage Loans on Real Estate [Abstract] |
Schedule of Loan Portfolio | The Company’s loan portfolio was comprised of the following at March 31, 2018 and December 31, 2017 ($ in thousands):
Loan Type |  | March 31, 2018 |  | December 31, 2017
Commercial mortgage loans, net |  | $ | 3,029,240 |  |  | $ | 2,653,826 |
Subordinate loans, net |  | 1,038,254 |  |  | 1,025,932 |
Total loans, net |  | $ | 4,067,494 |  |  | $ | 3,679,758 |
Activity Related to Loan Investment Portfolio | Activity relating to our loan investment portfolio was as follows ($ in thousands):
|  | Principal Balance |  | Deferred Fees/Other Items (1) |  | Provision for Loan Loss (2) |  | Carrying Value
December 31, 2017 |  | $ | 3,706,169 |  |  | $ | (9,430 | ) |  | $ | (16,981 | ) |  | $ | 3,679,758 |
New loan fundings |  | 488,638 |  |  | — |  |  | — |  |  | 488,638 |
Add-on loan fundings |  | 18,393 |  |  | — |  |  | — |  |  | 18,393 |
Loan repayments |  | (137,947 | ) |  | — |  |  | — |  |  | (137,947 | )
Unrealized gain (loss) on foreign currency translation |  | 13,555 |  |  | (113 | ) |  | — |  |  | 13,442 |
Deferred fees and other items (1) |  | — |  |  | (11,561 | ) |  | — |  |  | (11,561 | )
PIK interest, amortization of fees and other items (1) |  | 10,564 |  |  | 6,207 |  |  | — |  |  | 16,771 |
March 31, 2018 |  | $ | 4,099,372 |  |  | $ | (14,897 | ) |  | $ | (16,981 | ) |  | $ | 4,067,494 |
——————— (1) Other items primarily consist of purchase discounts or premiums, exit fees and deferred origination expenses. (2) In addition to the $17.0 million provision for loan loss, the Company recorded an impairment of $3.0 million against an investment previously recorded under other assets on the Company's consolidated balance sheet.
Schedule of Overall Statistics for the Loan Portfolio | The following table details overall statistics for our loan portfolio ($ in thousands):
|  | March 31, 2018 |  | December 31, 2017
Number of loans |  | 63 |  |  | 59 |
Principal balance |  | $ | 4,099,372 |  |  | $ | 3,706,169 |
Carrying value |  | $ | 4,067,494 |  |  | $ | 3,679,758 |
Unfunded loan commitments (1) |  | $ | 852,508 |  |  | $ | 435,627 |
Weighted-average cash coupon (2) |  | 8.6 | % |  | 8.4 | %
———————
(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, based on applicable benchmark rates as of the specified dates.
Schedule of Mortgage Loans on Real Estate | The table below details the property type of the properties securing the loans in our portfolio ($ in thousands):
|  | March 31, 2018 |  | December 31, 2017
Property Type |  | Carrying Value |  | % of Portfolio |  | Carrying Value |  | % of Portfolio
Predevelopment |  | $710,992 |  | 17.5% |  | $654,736 |  | 17.8%
Residential - for sale |  | 704,020 |  | 17.3% |  | 442,177 |  | 12.0%
Hotel |  | 654,631 |  | 16.1% |  | 645,056 |  | 17.6%
Office |  | 584,990 |  | 14.4% |  | 513,830 |  | 14.0%
Residential Rental |  | 467,605 |  | 11.5% |  | 465,057 |  | 12.6%
Mixed Use |  | 356,079 |  | 8.7% |  | 354,640 |  | 9.6%
Retail Center |  | 199,463 |  | 4.9% |  | 198,913 |  | 5.4%
Healthcare |  | 158,292 |  | 3.9% |  | 173,870 |  | 4.7%
Other |  | 154,084 |  | 3.8% |  | 154,141 |  | 4.2%
Industrial |  | 77,338 |  | 1.9% |  | 77,338 |  | 2.1%
|  | $4,067,494 |  | 100.0% |  | $3,679,758 |  | 100.0%
The table below details the geographic distribution of the properties securing the loans in our portfolio ($ in thousands):
|  | March 31, 2018 |  | December 31, 2017
Geographic Location |  | Carrying Value |  | % of Portfolio |  | Carrying Value |  | % of Portfolio
Manhattan, NY |  | $1,209,678 |  | 29.7% |  | $1,173,833 |  | 31.9%
Brooklyn, NY |  | 358,425 |  | 8.8% |  | 357,611 |  | 9.7%
Northeast |  | 107,671 |  | 2.7% |  | 100,536 |  | 2.7%
Midwest |  | 737,780 |  | 18.1% |  | 683,380 |  | 18.6%
Southeast |  | 447,450 |  | 11.0% |  | 531,582 |  | 14.4%
West |  | 270,170 |  | 6.6% |  | 227,024 |  | 6.2%
Mid Atlantic |  | 182,320 |  | 4.5% |  | 191,976 |  | 5.2%
Southwest |  | 33,384 |  | 0.8% |  | 33,615 |  | 0.9%
United Kingdom |  | 645,338 |  | 15.9% |  | 303,488 |  | 8.3%
Other International |  | 75,278 |  | 1.9% |  | 76,713 |  | 2.1%
Total |  | $4,067,494 |  | 100.0% |  | $3,679,758 |  | 100.0%
Carrying Value of Loan Portfolio Based on Internal Risk Ratings |
|  | March 31, 2018 |  | December 31, 2017
Risk Rating |  | Number of Loans |  | Carrying Value |  | % of Loan Portfolio |  | Number of Loans |  | Carrying Value |  | % of Loan Portfolio
1 |  | — |  | $ | — |  |  | — | % |  | — |  | $ | — |  |  | — | %
2 |  | 6 |  | 395,212 |  |  | 10 | % |  | 5 |  | 399,326 |  |  | 10 | %
3 |  | 54 |  | 3,431,086 |  |  | 84 | % |  | 51 |  | 3,034,358 |  |  | 83 | %
4 |  | 1 |  | 168,677 |  |  | 4 | % |  | 1 |  | 168,208 |  |  | 5 | %
5 |  | 2 |  | 72,519 |  |  | 2 | % |  | 2 |  | 77,866 |  |  | 2 | %
|  | 63 |  | $ | 4,067,494 |  |  | 100 | % |  | 59 |  | $ | 3,679,758 |  |  | 100 | %

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