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Loans Receivable and Other Lending Investments, net (Tables) | 3 Months Ended
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Mar. 31, 2014
Receivables [Abstract] |
Schedule of the Company's loans and other lending investments by class | The following is a summary of the Company's loans receivable and other lending investments by class ($ in thousands):
| As of
Type of Investment | March 31, 2014 |  | December 31, 2013
Senior mortgages | $ | 1,103,471 |  |  | $ | 1,071,662 |
Subordinate mortgages | 61,764 |  |  | 60,679 |
Corporate/Partnership loans | 527,865 |  |  | 473,045 |
Total gross carrying value of loans | $ | 1,693,100 |  |  | $ | 1,605,386 |
Reserves for loan losses | (370,076 | ) |  | (377,204 | )
Total loans receivable, net | $ | 1,323,024 |  |  | $ | 1,228,182 |
Other lending investments—securities | 153,466 |  |  | 141,927 |
Total loans receivable and other lending investments, net(1) | $ | 1,476,490 |  |  | $ | 1,370,109 |
Explanatory Note: _______________________________________________________________________________
(1) | The Company's recorded investment in loans as of March 31, 2014 and December 31, 2013 also includes accrued interest of $7.6 million and $6.5 million, respectively, which are included in "Accrued interest and operating lease income receivable, net" on the Company's Consolidated Balance Sheets.
Schedule of changes in the Company's reserve for loan losses | Reserve for loan losses—Changes in the Company's reserve for loan losses were as follows ($ in thousands):
| For the Three Months Ended March 31,
| 2014 |  | 2013
Reserve for loan losses at beginning of period | $ | 377,204 |  |  | $ | 524,499 |
Provision for (recovery of) loan losses(1) | (3,400 | ) |  | 10,206 |
Charge-offs | (3,728 | ) |  | (12,910 | )
Reserve for loan losses at end of period | $ | 370,076 |  |  | $ | 521,795 |
Explanatory Note: _______________________________________________________________________________
(1) | For the three months ended March 31, 2014 and 2013, the provision for loan losses includes recoveries of previously recorded loan loss reserves of $5.2 million and $4.6 million, respectively.
Schedule of recorded investment in loans and associated reserve for loan losses | The Company's recorded investment in loans (comprised of a loan's carrying value plus accrued interest) and the associated reserve for loan losses were as follows ($ in thousands):
| Individually Evaluated for Impairment(1) |  | Collectively Evaluated for Impairment(2) |  | Loans Acquired with Deteriorated Credit Quality(3) |  | Total
As of March 31, 2014 |  |  |  |  |  |  |
Loans | $ | 687,812 |  |  | $ | 1,003,264 |  |  | $ | 9,586 |  |  | $ | 1,700,662 |
Less: Reserve for loan losses | (339,076 | ) |  | (31,000 | ) |  | — |  |  | (370,076 | )
Total | $ | 348,736 |  |  | $ | 972,264 |  |  | $ | 9,586 |  |  | $ | 1,330,586 |
As of December 31, 2013 |  |  |  |  |  |  |
Loans | $ | 752,425 |  |  | $ | 849,613 |  |  | $ | 9,889 |  |  | $ | 1,611,927 |
Less: Reserve for loan losses | (348,004 | ) |  | (29,200 | ) |  | — |  |  | (377,204 | )
Total | $ | 404,421 |  |  | $ | 820,413 |  |  | $ | 9,889 |  |  | $ | 1,234,723 |
Explanatory Notes: _______________________________________________________________________________
(1) | The carrying value of these loans include unamortized discounts, premiums, deferred fees and costs aggregating to a net discount of $0.2 million and a net premium of $0.5 million as of March 31, 2014 and December 31, 2013, respectively. The Company's loans individually evaluated for impairment primarily represent loans on non-accrual status and therefore, the unamortized amounts associated with these loans are not currently being amortized into income.
(2) | The carrying value of these loans include unamortized discounts, premiums, deferred fees and costs aggregating to a net discount of $7.6 million and $4.6 million as of March 31, 2014 and December 31, 2013, respectively.
(3) | The carrying value of these loans include unamortized discounts, premiums, deferred fees and costs aggregating to a net premium of $0.4 million and $0.4 million as of March 31, 2014 and December 31, 2013, respectively. These loans had cumulative principal balances of $9.9 million and $10.2 million, as of March 31, 2014 and December 31, 2013, respectively.
Schedule of investment in performing loans, presented by class and by credit quality, as indicated by risk rating | The Company's recorded investment in performing loans, presented by class and by credit quality, as indicated by risk rating, was as follows ($ in thousands):
| As of
| March 31, 2014 |  | December 31, 2013
| Performing Loans |  | Weighted Average Risk Ratings |  | Performing Loans |  | Weighted Average Risk Ratings
Senior mortgages | $ | 624,044 |  |  | 2.69 |  |  | $ | 591,145 |  |  | 2.50 |
Subordinate mortgages | 62,449 |  |  | 3.40 |  |  | 61,364 |  |  | 3.37 |
Corporate/Partnership loans | 494,012 |  |  | 3.66 |  |  | 438,831 |  |  | 3.88 |
Total | $ | 1,180,505 |  |  | 3.14 |  |  | $ | 1,091,340 |  |  | 3.11 |
Schedule of recorded investment in loans, aged by payment status and presented by class | As of March 31, 2014, the Company's recorded investment in loans, aged by payment status and presented by class, were as follows ($ in thousands):
| Current |  | Less Than and Equal to 90 Days |  | Greater Than 90 Days |  | Total Past Due |  | Total
Senior mortgages | $ | 658,085 |  |  | $ | — |  |  | $ | 448,737 |  |  | $ | 448,737 |  |  | $ | 1,106,822 |
Subordinate mortgages | 62,449 |  |  | — |  |  | — |  |  | — |  |  | 62,449 |
Corporate/Partnership loans | 531,391 |  |  | — |  |  | — |  |  | — |  |  | 531,391 |
Total | $ | 1,251,925 |  |  | $ | — |  |  | $ | 448,737 |  |  | $ | 448,737 |  |  | $ | 1,700,662 |
Schedule of recorded investment in impaired loans, presented by class | Impaired Loans—The Company's recorded investment in impaired loans, presented by class, were as follows ($ in thousands)(1):
| As of March 31, 2014 |  | As of December 31, 2013
| Recorded Investment |  | Unpaid Principal Balance |  | Related Allowance |  | Recorded Investment |  | Unpaid Principal Balance |  | Related Allowance
With no related allowance recorded: |  |  |  |  |  |  |  |  |  |  |
Senior mortgages | $ | 94,013 |  |  | $ | 93,286 |  |  | $ | — |  |  | $ | 3,012 |  |  | $ | 2,992 |  |  | $ | — |
With an allowance recorded: |  |  |  |  |  |  |  |  |  |  |
Senior mortgages | $ | 505,745 |  |  | $ | 502,319 |  |  | $ | (297,173 | ) |  | $ | 650,337 |  |  | $ | 645,463 |  |  | $ | (304,544 | )
Corporate/Partnership loans | 88,054 |  |  | 88,027 |  |  | (41,903 | ) |  | 99,076 |  |  | 99,067 |  |  | (43,460 | )
Subtotal | $ | 593,799 |  |  | $ | 590,346 |  |  | $ | (339,076 | ) |  | $ | 749,413 |  |  | $ | 744,530 |  |  | $ | (348,004 | )
Total: |  |  |  |  |  |  |  |  |  |  |
Senior mortgages | $ | 599,758 |  |  | $ | 595,605 |  |  | $ | (297,173 | ) |  | $ | 653,349 |  |  | $ | 648,455 |  |  | $ | (304,544 | )
Corporate/Partnership loans | 88,054 |  |  | 88,027 |  |  | (41,903 | ) |  | 99,076 |  |  | 99,067 |  |  | (43,460 | )
Total | $ | 687,812 |  |  | $ | 683,632 |  |  | $ | (339,076 | ) |  | $ | 752,425 |  |  | $ | 747,522 |  |  | $ | (348,004 | )
Explanatory Note: _______________________________________________________________________________
(1) | All of the Company's non-accrual loans are considered impaired and included in the table above. In addition, as of March 31, 2014 and December 31, 2013, certain loans modified through troubled debt restructurings with a recorded investment of $167.7 million and $231.8 million, respectively, are also included as impaired loans in accordance with GAAP although they are performing and on accrual status.
Schedule of average recorded investment in impaired loans and interest income recognized, presented by class | The Company's average recorded investment in impaired loans and interest income recognized, presented by class, were as follows ($ in thousands):
| For the Three Months Ended March 31,
| 2014 |  | 2013
| Average Recorded Investment |  | Interest Income Recognized |  | Average Recorded Investment |  | Interest Income Recognized
With no related allowance recorded: |  |  |  |  |  |  |
Senior mortgages | $ | 48,512 |  |  | $ | 501 |  |  | $ | 63,394 |  |  | $ | 844 |
Corporate/Partnership loans | — |  |  | — |  |  | 10,110 |  |  | 120 |
Subtotal | $ | 48,512 |  |  | $ | 501 |  |  | $ | 73,504 |  |  | $ | 964 |
With an allowance recorded: |  |  |  |  |  |  |
Senior mortgages | $ | 578,041 |  |  | $ | 53 |  |  | $ | 911,082 |  |  | $ | 506 |
Subordinate mortgages | — |  |  | — |  |  | 53,888 |  |  | — |
Corporate/Partnership loans | 93,565 |  |  | 65 |  |  | 62,326 |  |  | 78 |
Subtotal | $ | 671,606 |  |  | $ | 118 |  |  | $ | 1,027,296 |  |  | $ | 584 |
Total: |  |  |  |  |  |  |
Senior mortgages | $ | 626,553 |  |  | $ | 554 |  |  | $ | 974,476 |  |  | $ | 1,350 |
Subordinate mortgages | — |  |  | — |  |  | 53,888 |  |  | — |
Corporate/Partnership loans | 93,565 |  |  | 65 |  |  | 72,436 |  |  | 198 |
Total | $ | 720,118 |  |  | $ | 619 |  |  | $ | 1,100,800 |  |  | $ | 1,548 |
Schedule of troubled debt restructurings, presented by class | The recorded investment in this loan was impacted by the modification as follows, presented by class ($ in thousands):
| For the Three Months Ended March 31,
| 2014 |  | 2013
| Number of Loans |  | Pre-Modification Outstanding Recorded Investment |  | Post-Modification Outstanding Recorded Investment |  | Number of Loans |  | Pre-Modification Outstanding Recorded Investment |  | Post-Modification Outstanding Recorded Investment
Senior mortgages | — |  |  | $ | — |  |  | $ | — |  |  | 1 |  |  | $ | 72,674 |  |  | $ | 65,000 |
Marketable securities | As of March 31, 2014, other lending investments—securities includes the following ($ in thousands):
| Face Value |  | Amortized Cost Basis |  | Net Unrealized Gain (Loss) |  | Estimated Fair Value |  | Net Carrying Value
Available-for-Sale Securities |  |  |  |  |  |  |  |  |
Municipal debt securities | $ | 1,040 |  |  | $ | 1,040 |  |  | $ | 47 |  |  | $ | 1,087 |  |  | $ | 1,087 |
Held-to-Maturity Securities |  |  |  |  |  |  |  |  |
Corporate debt securities | 149,176 |  |  | 152,379 |  |  | — |  |  | 152,379 |  |  | 152,379 |
Total | $ | 150,216 |  |  | $ | 153,419 |  |  | $ | 47 |  |  | $ | 153,466 |  |  | $ | 153,466 |

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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://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 29 -URI http://asc.fasb.org/extlink&oid=28368275&loc=SL6953659-111524 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 55 -Paragraph 19 -URI http://asc.fasb.org/extlink&oid=32702940&loc=SL6953803-111525 + Details
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