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Commercial Mortgage and Subordinate Loans, Net (Tables) | 3 Months Ended
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Mar. 31, 2019
Receivables [Abstract] |
Schedule of Loan Portfolio | Our loan portfolio was comprised of the following at March 31, 2019 and December 31, 2018 ($ in thousands):
Loan Type |  | March 31, 2019 |  | December 31, 2018
Commercial mortgage loans, net |  | $ | 4,003,089 |  |  | $ | 3,878,981 |
Subordinate loans, net |  | 1,183,910 |  |  | 1,048,612 |
Total loans, net |  | $ | 5,186,999 |  |  | $ | 4,927,593 |
Activity Related to Loan Investment Portfolio | Activity relating to our loan investment portfolio, for the three months ended March 31, 2019, was as follows ($ in thousands):
|  | Principal Balance |  | Deferred Fees/Other Items (1) |  | Provision for Loan Loss (2) |  | Carrying Value
December 31, 2018 |  | $ | 4,982,514 |  |  | $ | (17,940 | ) |  | $ | (36,981 | ) |  | $ | 4,927,593 |
New loan fundings |  | 441,844 |  |  | — |  |  | — |  |  | 441,844 |
Add-on loan fundings (3) |  | 110,331 |  |  | — |  |  | — |  |  | 110,331 |
Loan repayments |  | (322,354 | ) |  | — |  |  | — |  |  | (322,354 | )
Gain (loss) on foreign currency translation |  | 15,033 |  |  | (136 | ) |  | — |  |  | 14,897 |
Deferred fees |  | — |  |  | (6,069 | ) |  | — |  |  | (6,069 | )
PIK interest and amortization of fees |  | 14,321 |  |  | 6,436 |  |  | — |  |  | 20,757 |
March 31, 2019 |  | $ | 5,241,689 |  |  | $ | (17,709 | ) |  | $ | (36,981 | ) |  | $ | 5,186,999 |
——————— (1) Other items primarily consist of purchase discounts or premiums, exit fees and deferred origination expenses. (2) In addition to the $37.0 million provision for loan loss, we recorded an impairment of $3.0 million against an investment previously recorded under other assets on our condensed consolidated balance sheet. (3) Represents fundings for loans closed prior to 2019.
Schedule of Overall Statistics for the Loan Portfolio | The following table details overall statistics for our loan portfolio at the dates indicated ($ in thousands):
|  | March 31, 2019 |  | December 31, 2018
Number of loans |  | 69 |  |  | 69 |
Principal balance |  | $ | 5,241,689 |  |  | $ | 4,982,514 |
Carrying value |  | $ | 5,186,999 |  |  | $ | 4,927,593 |
Unfunded loan commitments (1) |  | $ | 1,039,089 |  |  | $ | 1,095,598 |
Weighted-average cash coupon (2) |  | 8.4 | % |  | 8.4 | %
Weighted-average remaining term (3) |  | 2.9 years |  |  | 2.8 years |
———————
(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.
(3) | Assumes all extension options are exercised.
Schedule of Mortgage Loans on Real Estate | The table below details the property type of the properties securing the loans in our portfolio at the dates indicated ($ in thousands):
|  | March 31, 2019 |  | December 31, 2018
Property Type |  | Carrying Value |  | % of Portfolio |  | Carrying Value |  | % of Portfolio
Hotel |  | $ | 1,330,842 |  |  | 25.7 | % |  | $ | 1,286,590 |  |  | 26.1 | %
Residential-for-sale: construction |  | 631,501 |  |  | 12.1 | % |  | 528,510 |  |  | 10.7 | %
Residential-for-sale: inventory |  | 421,815 |  |  | 8.1 | % |  | 577,053 |  |  | 11.7 | %
Office |  | 956,989 |  |  | 18.5 | % |  | 832,620 |  |  | 16.9 | %
Urban Predevelopment |  | 610,888 |  |  | 11.8 | % |  | 683,886 |  |  | 13.9 | %
Multifamily |  | 521,087 |  |  | 10.0 | % |  | 448,899 |  |  | 9.1 | %
Industrial |  | 227,206 |  |  | 4.4 | % |  | 32,000 |  |  | 0.6 | %
Retail Center |  | 156,008 |  |  | 3.0 | % |  | 156,067 |  |  | 3.2 | %
Healthcare |  | 144,310 |  |  | 2.8 | % |  | 156,814 |  |  | 3.2 | %
Mixed Use |  | 114,284 |  |  | 2.2 | % |  | 73,957 |  |  | 1.5 | %
Other |  | 72,069 |  |  | 1.4 | % |  | 151,197 |  |  | 3.1 | %
Total |  | $ | 5,186,999 |  |  | 100.0 | % |  | $ | 4,927,593 |  |  | 100.0 | %
The table below details the geographic distribution of the properties securing the loans in our portfolio at the dates indicated ($ in thousands):
|  | March 31, 2019 |  | December 31, 2018
Geographic Location |  | Carrying Value |  | % of Portfolio |  | Carrying Value |  | % of Portfolio
Manhattan, NY |  | $ | 1,825,136 |  |  | 35.2 | % |  | $ | 1,669,145 |  |  | 33.9 | %
Brooklyn, NY |  | 547,139 |  |  | 10.5 | % |  | 346,056 |  |  | 7.0 | %
Northeast |  | 18,751 |  |  | 0.4 | % |  | 23,479 |  |  | 0.5 | %
West |  | 635,733 |  |  | 12.3 | % |  | 614,160 |  |  | 12.5 | %
Midwest |  | 617,599 |  |  | 11.9 | % |  | 631,710 |  |  | 12.8 | %
Southeast |  | 567,794 |  |  | 10.9 | % |  | 559,043 |  |  | 11.3 | %
Southwest |  | 120,127 |  |  | 2.3 | % |  | 96,345 |  |  | 2.0 | %
Mid Atlantic |  | 110,754 |  |  | 2.1 | % |  | 211,775 |  |  | 4.3 | %
United Kingdom |  | 668,507 |  |  | 12.9 | % |  | 700,460 |  |  | 14.2 | %
Other International |  | 75,459 |  |  | 1.5 | % |  | 75,420 |  |  | 1.5 | %
Total |  | $ | 5,186,999 |  |  | 100.0 | % |  | $ | 4,927,593 |  |  | 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 our internal risk ratings at the dates indicated ($ in thousands):
|  | March 31, 2019 |  | December 31, 2018
Risk Rating |  | Number of Loans |  | Carrying Value |  | % of Loan Portfolio |  | Number of Loans |  | Carrying Value |  | % of Loan Portfolio
1 |  | — |  | $ | — |  |  | — | % |  | — |  | $ | — |  |  | — | %
2 |  | 2 |  | 58,847 |  |  | 1 | % |  | 3 |  | 138,040 |  |  | 3 | %
3 |  | 64 |  | 4,915,843 |  |  | 95 | % |  | 63 |  | 4,573,930 |  |  | 93 | %
4 |  | — |  | — |  |  | — | % |  | — |  | — |  |  | — | %
5 |  | 3 |  | 212,309 |  |  | 4 | % |  | 3 |  | 215,623 |  |  | 4 | %
|  | 69 |  | $ | 5,186,999 |  |  | 100 | % |  | 69 |  | $ | 4,927,593 |  |  | 100 | %
Weighted-average risk rating |  |  |  | 3.1 |  |  |  |  |  |  | 3.1 |

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- Definition Tabular disclosure of financing receivables by credit quality indicator. The credit quality indicator is a statistic about the credit quality of financing receivables. Examples include, but not limited to, consumer credit risk scores, credit-rating-agency ratings, an entity's internal credit risk grades, loan-to-value ratios, collateral, collection experience and other internal metrics. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 29 -URI http://asc.fasb.org/extlink&oid=84173941&loc=SL6953659-111524 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 55 -Paragraph 19 -URI http://asc.fasb.org/extlink&oid=82894031&loc=SL6953803-111525 + Details
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