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Schedule IV - Mortgage Loans on Real Estate | 12 Months Ended
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Dec. 31, 2018
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract] |
Schedule IV - Mortgage Loans on Real Estate | Schedule IV — Mortgage Loans on Real Estate ($ in thousands) December 31, 2018
Description | Number of Loans | Property Type | Contractual Interest Rate (1) | Maturity Date(2) | Periodic Payment | Principal Balance |  | Carrying Value |  | Principal Amount of Mortgages Subject to Delinquent Principal or Interest
Commercial mortgage loans individually >3% |  |  |  |  |  |  |  |
Loan A |  | Urban Predevelopment | 8.80% | Jul 2019 | Interest Only | $220,000 |  | $222,017 |  | —
Loan B |  | Residential-for-sale: inventory | 7.20% | Mar 2021 | Interest Only | 216,818 |  | 216,168 |  | —
Loan C |  | Hotel | 7.00% | Jan 2022 | Interest Only | 215,000 |  | 215,323 |  | —
Loan D |  | Urban Predevelopment | 5.90% | Mar 2019 | Interest Only | 178,556 |  | 178,117 |  | —
Loan E |  | Office | 5.90% | Oct 2021 | Interest Only | 177,617 |  | 176,260 |  | —
Loan F |  | Office | 7.30% | Jan 2023 | Principal and Interest | 172,626 |  | 171,312 |  | —
Loan G |  | Retail Center | 5.50% | Sep 2020 | Interest Only | 169,035 |  | 156,067 |  | —
Loan H |  | Hotel | 5.80% | Apr 2023 | Interest Only | 151,550 |  | 150,959 |  | —
Commercial mortgage loans individually <3% |  |  |  |  |  |  |
First Mortgage | 37 | Hotel, Office, Multifamily, Residential-for-sale: inventory, Urban Predevelopment, Residential-for-sale: construction, Other, Mixed Use | 0.0% - 9.8% | 2019 - 2024 | Principal and Interest / Interest Only | 2,427,032 |  | 2,392,758 |  | —
Total Commercial mortgage loans |  |  |  | $3,928,234 |  | $3,878,981 |  | —
Subordinate loans individually >3%(3) |  |  |  |  |  |  |  |
Loan I |  | Residential-for-sale: construction | 16.80% | Jul 2020 | Interest Only | 181,572 |  | 182,895 |  | —
Subordinate loans individually <3%(3) |  |  |  |  |  |  |  |
Subordinate Mortgage | 23 | Residential-for-sale: construction, Hotel, Multifamily, Other, Mixed Use, Residential-for-sale: inventory, Industrial, Office | 0.0% - 20.0% | 2019 - 2028 | Principal and Interest / Interest Only | 872,708 |  | 865,717 |  | —
Total Subordinate loans |  |  |  | $1,054,280 |  | $1,048,612 |  | —
Total loans (4) |  |  |  |  |  | $4,982,514 |  | $4,927,593 |  | —
———————
(1) | Assumes applicable benchmark rate for all floating rate loans
(2) | Assumes all extension options are exercised.
(3) | Subject to prior liens.
(4) | The aggregate cost for federal income tax purposes is $5.0 billion.
The following table summarizes the changes in the carrying amounts of our loan investment portfolio during 2018 and 2017 ($ in thousands):
|  |  |  | Year Ended |  | Year Ended
Reconciliation of Carrying Amount of Loans |  |  |  | December 31, 2018 |  | December 31, 2017
Balance at beginning of year |  | $ | 3,679,758 |  |  | $ | 2,693,092 |
Loan fundings(1) |  | 2,350,865 |  |  | 1,828,758 |
Loan repayments |  | (1,066,843 | ) |  | (891,848 | )
Unrealized gain (loss) on foreign currency translation |  | (51,013 | ) |  | 23,612 |
Discount accretion |  | — |  |  | — |
Provision for loan losses(2) and impairments |  | (20,000 | ) |  | (1,981 | )
Deferred Fees |  | (34,066 | ) |  | (27,424 | )
PIK interest, amortization of fees and other items |  | 68,892 |  |  | 55,549 |
Balance at the close of year |  | $ | 4,927,593 |  |  | $ | 3,679,758 |
——————— (1) During the year ended December 31, 2018, $34.6 million was purchased from a fund managed by an affiliate of the Manager. (2) During the year ended December 31, 2018, we recorded a loan loss provision of $20.0 million, made up of $5.0 million on a commercial mortgage loan secured by fully-built, for-sale residential condominium units located in Bethesda, MD, and $15.0 million on a commercial mortgage loan, secured by a retail center in Cincinnati, Ohio. During the year ended December 31, 2017, we recorded a loan loss provision of $2.0 million on a commercial mortgage loan secured by fully-built, for-sale residential condominium units located in Bethesda, MD. In addition to the $2.0 million provision for loan loss, we recorded an impairment of $3.0 million on a related investment previously recorded under other assets on our consolidated balance sheet.

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- Definition The entire disclosure for investment in mortgage loan on real estate by entity with substantial portion of business acquiring and holding investment real estate or interest in real estate. Includes, but is not limited to, information for each mortgage loan receivable equaling or exceeding three percent of carrying amount of mortgage. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 12 -Subsection 29 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 948 -SubTopic 310 -Section S99 -Paragraph 1 -Subparagraph (SX 210.12-29) -URI http://asc.fasb.org/extlink&oid=6589523&loc=d3e617274-123014 + Details
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