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Loans Receivable and Other Lending Investments, net (Tables)

12 Months Ended

Dec. 31, 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 December 31,
Type of Investment	2015				2014
Senior mortgages	$	975,915			$	737,535
Corporate/Partnership loans	643,270				497,796
Subordinate mortgages	28,676				53,331
Total gross carrying value of loans	1,647,861				1,288,662
Reserves for loan losses	(108,165		)		(98,490		)
Total loans receivable, net	1,539,696				1,190,172
Other lending investments—securities	62,289				187,671
Total loans receivable and other lending investments, net(1)	$	1,601,985			$	1,377,843

______________________________________________________________________________

(1) The Company's recorded investment in loans as of December 31, 2015 and 2014 includes accrued interest of $9.0 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 Years Ended December 31,
	2015				2014				2013
Reserve for loan losses at beginning of period	$	98,490			$	377,204			$	524,499
Provision for (recovery of) loan losses(1)	36,567				(1,714		)		5,489
Charge-offs	(26,892		)		(277,000		)		(152,784		)
Reserve for loan losses at end of period	$	108,165			$	98,490			$	377,204

______________________________________________________________________________

(1) For the years ended December 31, 2015, 2014 and 2013, the provision for loan losses includes recoveries of previously recorded loan loss reserves of $0.6 million, $10.1 million and $63.1 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 December 31, 2015
Loans	$	132,492			$	1,524,347			$	1,656,839
Less: Reserve for loan losses	(72,165		)		(36,000		)		(108,165		)
Total	$	60,327			$	1,488,347			$	1,548,674
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 totaling net discounts of $0.2 million and $0.2 million as of December 31, 2015 and 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 totaling net discounts of $8.2 million and $10.6 million as of December 31, 2015 and 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 December 31,
	2015							2014
	Performing Loans				Weighted Average Risk Ratings			Performing Loans				Weighted Average Risk Ratings
Senior mortgages	$	853,595			2.96			$	611,009			2.73
Corporate/Partnership loans	641,713				3.37			501,620				3.88
Subordinate mortgages	29,039				3.64			53,836				2.87
Total	$	1,524,347			3.15			$	1,166,465			3.23

Schedule of recorded investment in loans, aged by payment status and presented by class

As of December 31, 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	$	864,099			$	—			$	116,250			$	116,250			$	980,349
Corporate/Partnership loans	647,451				—				—				—				647,451
Subordinate mortgages	29,039				—				—				—				29,039
Total	$	1,540,589			$	—			$	116,250			$	116,250			$	1,656,839

_______________________________________________________________________________

(1) As of December 31, 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 December 31, 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	$	126,754			$	125,776			$	(69,627	)		$	130,645			$	129,744			$	(64,440	)
Corporate/Partnership loans	5,738				5,738				(2,538		)		9,027				9,057				(550		)
Total	$	132,492			$	131,514			$	(72,165	)		$	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.

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 Years Ended December 31,
	2015								2014								2013
	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	$	—			$	—			$	35,659			$	1,922			$	31,409			$	9,269
Corporate/Partnership loans	—				—				—				—				8,062				6,050
Subtotal	—				—				35,659				1,922				39,471				15,319
With an allowance recorded:
Senior mortgages	129,135				38				334,351				158				794,247				1,976
Corporate/Partnership loans	24,252				12				52,963				181				77,661				323
Subordinate mortgages	—				—				—				—				32,382				—
Subtotal	153,387				50				387,314				339				904,290				2,299
Total:
Senior mortgages	129,135				38				370,010				2,080				825,656				11,245
Corporate/Partnership loans	24,252				12				52,963				181				85,723				6,373
Subordinate mortgages	—				—				—				—				32,382				—
Total	$	153,387			$	50			$	422,973			$	2,261			$	943,761			$	17,618

Schedule of other lending investments - 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 December 31, 2015
Available-for-Sale Securities
Municipal debt securities	$	1,010			$	1,010			$	151			$	1,161			$	1,161
Held-to-Maturity Securities
Corporate debt securities	54,549				61,128				—				61,199				61,128
Total	$	55,559			$	62,138			$	151			$	62,360			$	62,289
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

Schedule of contractual maturities of the Company's securities

As of December 31, 2015, the contractual maturities of the Company's securities were as follows ($ in thousands):

	Held-to-Maturity Securities								Available-for-Sale Securities
	Amortized Cost Basis				Estimated Fair Value				Amortized Cost Basis				Estimated Fair Value
Maturities
Within one year	$	61,128			$	61,199			$	—			$	—
After one year through 5 years	—				—				—				—
After 5 years through 10 years	—				—				—				—
After 10 years	—				—				1,010				1,161
Total	$	61,128			$	61,199			$	1,010			$	1,161

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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.

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