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Loans Receivable and Other Lending Investments, net (Tables) | 9 Months Ended
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Sep. 30, 2016
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, 2016 |  | December 31, 2015
Senior mortgages | $ | 1,080,612 |  |  | $ | 975,915 |
Corporate/Partnership loans | 558,913 |  |  | 643,270 |
Subordinate mortgages | 25,525 |  |  | 28,676 |
Total gross carrying value of loans | 1,665,050 |  |  | 1,647,861 |
Reserves for loan losses | (95,416 | ) |  | (108,165 | )
Total loans receivable, net | 1,569,634 |  |  | 1,539,696 |
Other lending investments—securities | 62,552 |  |  | 62,289 |
Total loans receivable and other lending investments, net | $ | 1,632,186 |  |  | $ | 1,601,985 |
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,
|  | 2016 |  | 2015 |  | 2016 |  | 2015
Reserve for loan losses at beginning of period |  | $ | 110,371 |  |  | $ | 121,934 |  |  | $ | 108,165 |  |  | $ | 98,490 |
(Recovery of) provision for loan losses(1) |  | (14,955 | ) |  | 7,500 |  |  | (12,749 | ) |  | 30,944 |
Charge-offs |  | — |  |  | (876 | ) |  | — |  |  | (876 | )
Reserve for loan losses at end of period |  | $ | 95,416 |  |  | $ | 128,558 |  |  | $ | 95,416 |  |  | $ | 128,558 |
_______________________________________________________________________________
(1) | For the three and nine months ended September 30, 2016, the provision for loan losses includes recoveries of previously recorded asset-specific loan loss reserves of $11.7 million. For the three and nine months ended September 30, 2015, the provision for loan losses includes recoveries of previously recorded asset-specific loan loss reserves of $0.1 million and $0.6 million, respectively.
Schedule of recorded investment in loans and associated reserve for loan losses | The Company's recorded investment in loans (comprised of a loan's carrying value plus accrued interest) and the associated reserve for loan losses were as follows ($ in thousands):
| Individually Evaluated for Impairment(1) |  | Collectively Evaluated for Impairment(2) |  | Total
As of September 30, 2016 |  |  |  |  |
Loans | $ | 296,700 |  |  | $ | 1,376,190 |  |  | $ | 1,672,890 |
Less: Reserve for loan losses | (74,216 | ) |  | (21,200 | ) |  | (95,416 | )
Total(3) | $ | 222,484 |  |  | $ | 1,354,990 |  |  | $ | 1,577,474 |
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(3) | $ | 60,327 |  |  | $ | 1,488,347 |  |  | $ | 1,548,674 |
_______________________________________________________________________________
(1) | The carrying value of these loans include unamortized discounts, premiums, deferred fees and costs totaling net discounts of $0.4 million and $0.2 million as of September 30, 2016 and December 31, 2015, 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. During the nine months ended September 30, 2016, the Company transferred a loan with a gross carrying value of $157.2 million to non-performing loans due to the initiation of bankruptcy proceedings related to the collateral, which resulted in the release of $11.6 million of the general reserve. The Company performed a valuation and recorded a specific reserve of $12.5 million.
(2) | The carrying value of these loans include unamortized discounts, premiums, deferred fees and costs totaling net discounts of $0.3 million and $8.2 million as of September 30, 2016 and December 31, 2015, respectively.
(3) | The Company's recorded investment in loans as of September 30, 2016 and December 31, 2015 includes accrued interest of $7.8 million and $9.0 million, respectively, which are included in "Accrued interest and operating lease income receivable, net" on the Company's consolidated balance sheets. As of September 30, 2016 and December 31, 2015, excludes $62.6 million and $62.3 million, respectively, of securities that are evaluated for impairment under ASC 320.
Schedule of investment in performing loans, presented by class and by credit quality, as indicated by risk rating | The Company's recorded investment in performing loans, presented by class and by credit quality, as indicated by risk rating, was as follows ($ in thousands):
| As of September 30, 2016 |  | As of December 31, 2015
| Performing Loans |  | Weighted Average Risk Ratings |  | Performing Loans |  | Weighted Average Risk Ratings
Senior mortgages | $ | 957,681 |  |  | 2.78 |  |  | $ | 853,595 |  |  | 2.96 |
Corporate/Partnership loans | 404,493 |  |  | 2.25 |  |  | 641,713 |  |  | 3.37 |
Subordinate mortgages | 14,016 |  |  | 3.00 |  |  | 29,039 |  |  | 3.64 |
Total | $ | 1,376,190 |  |  | 2.63 |  |  | $ | 1,524,347 |  |  | 3.15 |
Schedule of recorded investment in loans, aged by payment status and presented by class | 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
As of September 30, 2016 |  |  |  |  |  |  |  |  |
Senior mortgages | $ | 966,981 |  |  | $ | — |  |  | $ | 118,665 |  |  | $ | 118,665 |  |  | $ | 1,085,646 |
Corporate/Partnership loans | 398,838 |  |  | 5,655 |  |  | 157,171 |  |  | 162,826 |  |  | 561,664 |
Subordinate mortgages | 25,580 |  |  | — |  |  | — |  |  | — |  |  | 25,580 |
Total | $ | 1,391,399 |  |  | $ | 5,655 |  |  | $ | 275,836 |  |  | $ | 281,491 |  |  | $ | 1,672,890 |
As of December 31, 2015 |  |  |  |  |  |  |  |  |
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 September 30, 2016, the Company had five 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 8.0 years outstanding. 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 September 30, 2016 |  | As of December 31, 2015
| Recorded Investment |  | Unpaid Principal Balance |  | Related Allowance |  | Recorded Investment |  | Unpaid Principal Balance |  | Related Allowance
With no related allowance recorded: |  |  |  |  |  |  |  |  |  |  |
Subordinate mortgages | $ | 11,564 |  |  | $ | 11,548 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Subtotal | 11,564 |  |  | 11,548 |  |  | — |  |  | — |  |  | — |  |  | — |
With an allowance recorded: |  |  |  |  |  |  |  |  |  |  |
Senior mortgages | 127,965 |  |  | 126,547 |  |  | (61,745 | ) |  | 126,754 |  |  | 125,776 |  |  | (69,627 | )
Corporate/Partnership loans | 157,171 |  |  | 146,783 |  |  | (12,471 | ) |  | 5,738 |  |  | 5,738 |  |  | (2,538 | )
Subtotal | 285,136 |  |  | 273,330 |  |  | (74,216 | ) |  | 132,492 |  |  | 131,514 |  |  | (72,165 | )
Total | $ | 296,700 |  |  | $ | 284,878 |  |  | $ | (74,216 | ) |  | $ | 132,492 |  |  | $ | 131,514 |  |  | $ | (72,165 | )
____________________________________________________________
(1) | All of the Company's non-accrual loans are considered impaired and included in the table above.
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,
| 2016 |  | 2015 |  | 2016 |  | 2015
| 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 | $ | 4,608 |  |  | $ | 114 |  |  | $ | — |  |  | $ | — |  |  | $ | 4,575 |  |  | $ | 226 |  |  | $ | — |  |  | $ | — |
Subordinate mortgages | 11,567 |  |  | — |  |  | — |  |  | — |  |  | 5,784 |  |  | — |  |  | — |  |  | — |
Subtotal | 16,175 |  |  | 114 |  |  | — |  |  | — |  |  | 10,359 |  |  | 226 |  |  | — |  |  | — |
With an allowance recorded: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Senior mortgages | 127,494 |  |  | — |  |  | 128,969 |  |  | 4 |  |  | 127,169 |  |  | — |  |  | 129,730 |  |  | 38 |
Corporate/Partnership loans | 81,108 |  |  | — |  |  | 49,893 |  |  | — |  |  | 43,339 |  |  | — |  |  | 28,880 |  |  | 12 |
Subtotal | 208,602 |  |  | — |  |  | 178,862 |  |  | 4 |  |  | 170,508 |  |  | — |  |  | 158,610 |  |  | 50 |
Total | $ | 224,777 |  |  | $ | 114 |  |  | $ | 178,862 |  |  | $ | 4 |  |  | $ | 180,867 |  |  | $ | 226 |  |  | $ | 158,610 |  |  | $ | 50 |
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 September 30, 2016 |  |  |  |  |  |  |  |  |
Available-for-Sale Securities |  |  |  |  |  |  |  |  |
Municipal debt securities | $ | 5,365 |  |  | $ | 5,365 |  |  | $ | 415 |  |  | $ | 5,780 |  |  | $ | 5,780 |
Held-to-Maturity Securities |  |  |  |  |  |  |  |  |
Debt securities | 57,061 |  |  | 56,772 |  |  | — |  |  | 57,090 |  |  | 56,772 |
Total | $ | 62,426 |  |  | $ | 62,137 |  |  | $ | 415 |  |  | $ | 62,870 |  |  | $ | 62,552 |
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 |  |  |  |  |  |  |  |  |
Debt securities | 54,549 |  |  | 61,128 |  |  | — |  |  | 61,199 |  |  | 61,128 |
Total | $ | 55,559 |  |  | $ | 62,138 |  |  | $ | 151 |  |  | $ | 62,360 |  |  | $ | 62,289 |

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