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Commercial Mortgage, Subordinate Loans and Other Lending Assets, Net (Tables)
 12 Months Ended
Dec. 31, 2019
Receivables [Abstract]  
Schedule of Loan Portfolio
Our loan portfolio was comprised of the following at December 31, 2019 and 2018 ($ in thousands):
Loan Type
 
December 31, 2019
 
December 31, 2018
Commercial mortgage loans, net
 
$
5,326,967

 
$
3,878,981

Subordinate loans and other lending assets, net
 
1,048,126

 
1,048,612

Total loans, net
 
$
6,375,093

 
$
4,927,593
Activity Related to Loan Investment Portfolio
Activity relating to our loan investment portfolio, for the year ended December 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
 
3,019,401

 
—

 
—

 
3,019,401

Add-on loan fundings (3)
 
416,056

 
—

 
—

 
416,056

Loan repayments
 
(2,037,322
)
 
—

 
—

 
(2,037,322
)
Gain (loss) on foreign currency translation
 
44,338

 
(689
)
 
—

 
43,649

Realized loss on investment, net of provision for loan loss reversal (2)
 
(12,513
)
 
—

 
15,000

 
2,487

Provision for loan losses
 
—

 
—

 
(35,000
)
 
(35,000
)
Deferred fees
 
—

 
(46,275
)
 
—

 
(46,275
)
PIK interest, amortization of fees and other items
 
55,368

 
29,136

 
—

 
84,504

December 31, 2019
 
$
6,467,842

 
$
(35,768
)
 
$
(56,981
)
 
$
6,375,093

———————
(1)
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.
(2)
In addition to the $57.0 million provision for loan loss, we recorded an impairment of $3.0 million against an investment previously recorded under other assets on our consolidated balance sheet. 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 $15.0 million loan loss provision was reversed.
(3)
Represents fundings for loans closed prior to 2019.
Schedule of Overall Statistics for the Loan Portfolio
The following table details overall statistics for our loan portfolio at the dates indicated ($ in thousands):
 
 
December 31, 2019
 
December 31, 2018
Number of loans
 
72

 
69

Principal balance
 
$
6,467,842

 
$
4,982,514

Carrying value
 
$
6,375,093

 
$
4,927,593

Unfunded loan commitments (1)
 
$
1,952,887

 
$
1,095,598

Weighted-average cash coupon (2)
 
6.5
%
 
8.4
%
Weighted-average remaining term (3)
 
3.3 years

 
2.8 years

Weighted-average expected maturity (4)
 
1.8 years

 
1.9 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.
(4)
Expected maturity represents our estimated timing of repayments as of December 31, 2019.

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):
 
 
December 31, 2019
 
December 31, 2018
Property Type
 
Carrying
Value
 
% of
Portfolio
 
Carrying
Value
 
% of
Portfolio
Hotel
 
$
1,660,162

 
26.0
%
 
$
1,286,590

 
26.1
%
Office
 
1,401,400

 
22.0
%
 
832,620

 
16.9
%
Residential-for-sale: construction
 
692,816

 
10.9
%
 
528,510

 
10.7
%
Residential-for-sale: inventory
 
321,673

 
5.1
%
 
577,053

 
11.7
%
Urban Retail
 
643,706

 
10.1
%
 
—

 
—
%
Urban Predevelopment
 
409,864

 
6.4
%
 
683,886

 
13.9
%
Healthcare
 
371,423

 
5.8
%
 
156,814

 
3.2
%
Other
 
874,049

 
13.7
%
 
862,120

 
17.5
%
Total
 
$
6,375,093

 
100.0
%
 
$
4,927,593

 
100.0
%


Geography

The table below details the geographic distribution of the properties securing the loans in our portfolio at the dates indicated ($ in thousands):
 
 
December 31, 2019
 
December 31, 2018
Geographic Location
 
Carrying
Value
 
% of
Portfolio
 
Carrying
Value
 
% of
Portfolio
Manhattan, NY
 
$
1,793,570

 
28.1
%
 
$
1,669,145

 
33.9
%
Brooklyn, NY
 
373,917

 
5.9
%
 
346,056

 
7.0
%
Northeast
 
110,771

 
1.7
%
 
23,479

 
0.5
%
West
 
728,182

 
11.4
%
 
614,160

 
12.5
%
Midwest
 
614,337

 
9.6
%
 
631,710

 
12.8
%
Southeast
 
564,166

 
8.9
%
 
559,043

 
11.3
%
United Kingdom
 
1,274,390

 
20.0
%
 
700,460

 
14.2
%
Other
 
915,760

 
14.4
%
 
383,540

 
7.8
%
Total
 
$
6,375,093

 
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):
 
 
December 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
 
8
 
348,324

 
5
%
 
3
 
138,040

 
3
%
3
 
61
 
5,707,555

 
90
%
 
63
 
4,573,930

 
93
%
4
 
1
 
182,910

 
3
%
 
—
 
—

 
—
%
5
 
2
 
136,304

 
2
%
 
3
 
215,623

 
4
%
 
 
72
 
$
6,375,093

 
100
%
 
69
 
$
4,927,593

 
100
%
Weighted-average risk rating
 
 
 
 
 
3.0

 
 
 
 
 
3.1