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Schedule IV - Mortgage Loans on Real Estate | 12 Months Ended
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Dec. 31, 2019
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 As of December 31, 2019 ($ in thousands)
Description | Number of Loans | Property Type/location | 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 Retail/United Kingdom | 4.96% | Dec 2023 | Principal and Interest | $ | 331,425 |  |  | $ | 328,145 |  |  | —
Loan B |  | Urban Retail/Manhattan, NY | 4.75% | Sep 2024 | Interest Only | 318,106 |  |  | 315,561 |  |  | —
Loan C |  | Hotel/Spain | 3.00% | Aug 2024 | Interest Only | 244,321 |  |  | 241,674 |  |  | —
Loan D |  | Healthcare/United Kingdom | 4.56% | Oct 2024 | Principal and Interest | 229,183 |  |  | 226,761 |  |  | —
Loan E |  | Industrial/Brooklyn, NY | 5.95% | Feb 2024 | Interest Only | 197,000 |  |  | 195,940 |  |  | —
Commercial mortgage loans individually <3% |  |  |  |  |  |  |
First Mortgage | 46 | Hotel, Office, Multifamily, Residential-for-sale: inventory, Urban Predevelopment, Residential-for-sale: construction, Retail Center, Mixed Use/Various | 0.0% - 9.2% | 2020-2026 | Principal and Interest / Interest Only | 4,102,073 |  |  | 4,018,886 |  |  | —
Total Commercial mortgage loans |  |  |  | $ | 5,422,108 |  |  | $ | 5,326,967 |  |  | —
Subordinate loans and other lending assets individually >3% |  |  |  |  |  |  |  |
Loan F |  | Residential-for-sale: construction/Manhattan, NY | 17.22% | Feb 2021 | Interest Only | 206,624 |  |  | 209,582 |  |  | —
Subordinate loans and other lending assets individually <3% |  |  |  |  |  |  |  |
Subordinate Mortgage and other lending assets | 20 | Residential-for-sale: construction, Hotel, Multifamily, Healthcare, Mixed Use, Residential-for-sale: inventory, Industrial, Office/Various | 7.0% - 19.2% | 2020-2028 | Principal and Interest / Interest Only | 839,110 |  |  | 838,544 |  |  | —
Total Subordinate loans and other lending assets(3) |  |  |  | $ | 1,045,734 |  |  | $ | 1,048,126 |  |  | —
Total loans (4) |  |  |  |  |  | $ | 6,467,842 |  |  | $ | 6,375,093 |  |  | —
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(1) | Assumes applicable benchmark rate as of December 31, 2019 for all floating rate loans
(2) | Assumes all extension options are exercised.
(3) | Subject to prior liens of approximately $4.3 billion.
(4) | The aggregate cost for U.S. federal income tax purposes is $6.4 billion.
The following table summarizes the changes in the carrying amounts of our loan investment portfolio during 2019 and 2018 ($ in thousands):
|  |  |  | Year Ended |  | Year Ended
Reconciliation of Carrying Amount of Loans |  |  |  | December 31, 2019 |  | December 31, 2018
Balance at beginning of year |  | $ | 4,927,593 |  |  | $ | 3,679,758 |
Loan fundings (1) |  | 3,435,457 |  |  | 2,350,865 |
Loan repayments (2) |  | (2,037,322 | ) |  | (1,066,843 | )
Gain (loss) on foreign currency translation |  | 43,649 |  |  | (51,013 | )
Realized loss on investment, net of provision for loan loss reversal (3) |  | 2,487 |  |  | — |
Provision for loan losses (4) |  | (35,000 | ) |  | (20,000 | )
Deferred Fees |  | (46,275 | ) |  | (34,066 | )
PIK interest, amortization of fees and other items (5) |  | 84,504 |  |  | 68,892 |
Balance at the close of year |  | $ | 6,375,093 |  |  | $ | 4,927,593 |
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(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, 2019, we sold $152.6 million in mezzanine loans secured by an urban retail property to two funds managed by an affiliate of the Manager.
(3) | During the second quarter of 2019, the underlying collateral on a commercial mortgage loan and a contiguous subordinate loan secured by a multifamily property located in Williston, ND was sold resulting in a realized loss of $12.5 million. Consequently, the previously recorded $15.0 million loan loss provision was reversed.
(4) | During the year ended December 31, 2019, we recorded $35.0 million for provision for loan losses and impairments, comprised of a (i) $32.0 million loan loss provision recorded against a commercial mortgage loan secured by a retail center located in Cincinnati, OH, and (ii) $3.0 million loan loss provision recorded against a commercial mortgage loan secured by a fully-built, for-sale residential condominium units located in Bethesda, MD. During the year ended December 31, 2018, we recorded $20.0 million for provision for loan losses and impairments, comprised of a (i) $15.0 million and (ii) $5.0 million loan loss provision against the same loans as in 2019, respectively.
(5) Other items primarily consist of purchase discounts or premiums, exit fees and deferred origination expenses, as well as $1.4 million in cost recovery proceeds from a commercial mortgage loan secured by a retail center in Cincinnati, OH.

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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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