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Loans Receivable and Other Lending Investments, net (Tables)
 9 Months Ended
Sep. 30, 2015
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
September 30,
2015
 
December 31,
2014
Senior mortgages
$
923,138

 
$
737,535

Corporate/Partnership loans
671,738

 
497,796

Subordinate mortgages
28,633

 
53,331

Total gross carrying value of loans
1,623,509

 
1,288,662

Reserves for loan losses
(128,558
)
 
(98,490
)
Total loans receivable, net
1,494,951

 
1,190,172

Other lending investments—securities
90,448

 
187,671

Total loans receivable and other lending investments, net(1)
$
1,585,399

 
$
1,377,843

_______________________________________________________________________________
(1)
The Company's recorded investment in loans as of September 30, 2015 and December 31, 2014 includes accrued interest of $8.9 million and $7.0 million, respectively, which are included in "Accrued interest and operating lease income receivable, net" on the Company's consolidated balance sheets.
Schedule of changes in the Company's reserve for loan losses
Changes in the Company's reserve for loan losses were as follows ($ in thousands):
 
For the Three Months Ended September 30,
 
For the Nine Months Ended September 30,
 
2015
 
2014
 
2015
 
2014
Reserve for loan losses at beginning of period
$
121,934

 
$
137,904

 
$
98,490

 
$
377,204

Provision for (recovery of) loan losses(1)
7,500

 
(673
)
 
30,944

 
(6,865
)
Charge-offs
(876
)
 
(17,324
)
 
(876
)
 
(250,432
)
Reserve for loan losses at end of period
$
128,558

 
$
119,907

 
$
128,558

 
$
119,907


_______________________________________________________________________________
(1)
For the three and nine months ended September 30, 2015, the provision for loan losses includes recoveries of previously recorded loan loss reserves of $0.1 million and $0.6 million, respectively. For the three and nine months ended September 30, 2014, the provision for loan losses includes recoveries of previously recorded loan loss reserves of $0.9 million and $8.5 million, respectively.
Schedule of recorded investment in loans and associated reserve for loan losses
The Company's recorded investment in loans (comprised of a loan's carrying value plus accrued interest) and the associated reserve for loan losses were as follows ($ in thousands):
 
Individually
Evaluated for
Impairment(1)
 
Collectively
Evaluated for
Impairment(2)
 
Total
As of September 30, 2015
 
 
 
 
 
Loans
$
178,136

 
$
1,454,295

 
$
1,632,431

Less: Reserve for loan losses
(95,520
)
 
(33,038
)
 
(128,558
)
Total
$
82,616

 
$
1,421,257

 
$
1,503,873

As of December 31, 2014
 
 
 
 
 
Loans
$
139,672

 
$
1,156,031

 
$
1,295,703

Less: Reserve for loan losses
(64,990
)
 
(33,500
)
 
(98,490
)
Total
$
74,682

 
$
1,122,531

 
$
1,197,213

_______________________________________________________________________________
(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 $0.2 million as of September 30, 2015 and December 31, 2014, 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 $8.9 million and $10.6 million as of September 30, 2015 and December 31, 2014, respectively.
Schedule of investment in performing loans, presented by class and by credit quality, as indicated by risk rating
The Company's recorded investment in performing loans, presented by class and by credit quality, as indicated by risk rating, was as follows ($ in thousands):
 
As of September 30, 2015
 
As of December 31, 2014
 
Performing
Loans
 
Weighted
Average
Risk Ratings
 
Performing
Loans
 
Weighted
Average
Risk Ratings
Senior mortgages
$
798,972

 
2.94

 
$
611,009

 
2.73

Corporate/Partnership loans
626,332

 
3.40

 
501,620

 
3.88

Subordinate mortgages
28,991

 
3.64

 
53,836

 
2.87

  Total
$
1,454,295

 
3.15

 
$
1,166,465

 
3.23
Schedule of recorded investment in loans, aged by payment status and presented by class
As of September 30, 2015, 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(1)
 
Total
Past Due
 
Total
Senior mortgages
$
810,706

 
$
—

 
$
116,509

 
$
116,509

 
$
927,215

Corporate/Partnership loans
676,225

 
—

 
—

 
—

 
676,225

Subordinate mortgages
28,991

 
—

 
—

 
—

 
28,991

Total
$
1,515,922

 
$
—

 
$
116,509

 
$
116,509

 
$
1,632,431

_______________________________________________________________________________
(1)
As of September 30, 2015, the Company had four loans which were greater than 90 days delinquent and were in various stages of resolution, including legal proceedings, environmental concerns and foreclosure-related proceedings, and ranged from 1.0 to 7.0 years outstanding.

Schedule of recorded investment in impaired loans, presented by class
The Company's recorded investment in impaired loans, presented by class, were as follows ($ in thousands)(1):
 
As of September 30, 2015
 
As of December 31, 2014
 
Recorded
Investment
 
Unpaid
Principal
Balance
 
Related
Allowance
 
Recorded
Investment
 
Unpaid
Principal
Balance
 
Related
Allowance
With an allowance recorded:
 
 
 
 
 
 
 
 
 
 
 
Senior mortgages
$
128,243

 
$
127,285

 
$
(69,627
)
 
$
130,645

 
$
129,744

 
$
(64,440
)
Corporate/Partnership loans
49,893

 
49,893

 
(25,893
)
 
9,027

 
9,057

 
(550
)
Total
$
178,136

 
$
177,178

 
$
(95,520
)
 
$
139,672

 
$
138,801

 
$
(64,990
)
____________________________________________________________
(1)
All of the Company's non-accrual loans are considered impaired and included in the table above. As of December 31, 2014, impaired loans also includes certain loans modified through troubled debt restructurings in accordance with GAAP with a recorded investment of $10.4 million although they are performing and on accrual status. The Company did not have impaired loans without related allowances recorded.
Schedule of average recorded investment in impaired loans and interest income recognized, presented by class
The Company's average recorded investment in impaired loans and interest income recognized, presented by class, were as follows ($ in thousands):
 
For the Three Months Ended September 30,
 
For the Nine Months Ended September 30,
 
2015
 
2014
 
2015
 
2014
 
Average
Recorded
Investment
 
Interest
Income
Recognized
 
Average
Recorded
Investment
 
Interest
Income
Recognized
 
Average
Recorded
Investment
 
Interest
Income
Recognized
 
Average
Recorded
Investment
 
Interest
Income
Recognized
With no related allowance recorded:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Senior mortgages
$
—

 
$
—

 
$
40,635

 
$
1,234

 
$
—

 
$
—

 
$
44,574

 
$
1,922

With an allowance recorded:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Senior mortgages
128,969

 
4

 
192,513

 
18

 
129,730

 
38

 
385,277

 
140

Corporate/Partnership loans
49,893

 
—

 
34,330

 
40

 
28,880

 
12

 
63,948

 
157

Subtotal
178,862

 
4

 
226,843

 
58

 
158,610

 
50

 
449,225

 
297

Total:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Senior mortgages
128,969

 
4

 
233,148

 
1,252

 
129,730

 
38

 
429,851

 
2,062

Corporate/Partnership loans
49,893

 
—

 
34,330

 
40

 
28,880

 
12

 
63,948

 
157

Total
$
178,862

 
$
4

 
$
267,478

 
$
1,292

 
$
158,610

 
$
50

 
$
493,799

 
$
2,219
Marketable securities
Securities—Other lending investments—securities includes the following ($ in thousands):
 
Face Value
 
Amortized Cost Basis
 
Net Unrealized Gain (Loss)
 
Estimated Fair Value
 
Net Carrying Value
As of September 30, 2015
 
 
 
 
 
 
 
 
 
Available-for-Sale Securities
 
 
 
 
 
 
 
 
 
Municipal debt securities
$
1,010

 
$
1,010

 
$
121

 
$
1,131

 
$
1,131

Held-to-Maturity Securities
 
 
 
 
 
 
 
 
 
Corporate debt securities
83,193

 
89,317

 
—

 
90,253

 
89,317

Total
$
84,203

 
$
90,327

 
$
121

 
$
91,384

 
$
90,448

As of December 31, 2014
 
 
 
 
 
 
 
 
 
Available-for-Sale Securities
 
 
 
 
 
 
 
 
 
Municipal debt securities
$
1,020

 
$
1,020

 
$
147

 
$
1,167

 
$
1,167

Held-to-Maturity Securities
 
 
 
 
 
 
 
 
 
Corporate debt securities
176,254

 
186,504

 
—

 
190,199

 
186,504

Total
$
177,274

 
$
187,524

 
$
147

 
$
191,366

 
$
187,671