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Loans Receivable and Other Lending Investments, net (Tables) | 3 Months Ended
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Mar. 31, 2020
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
|  | March 31, 2020 |  | December 31, 2019
Construction loans |  |  |  |
Senior mortgages |  | $ | 542,241 |  |  | $ | 518,992 |
Corporate/Partnership loans |  | 99,702 |  |  | 95,394 |
Subtotal - gross carrying value of construction loans |  | 641,943 |  |  | 614,386 |
Loans |  |  |  |
Senior mortgages |  | 53,319 |  |  | 53,592 |
Corporate/Partnership loans |  | 23,321 |  |  | 24,424 |
Subordinate mortgages |  | 11,063 |  |  | 10,877 |
Subtotal - gross carrying value of loans |  | 87,703 |  |  | 88,893 |
Other lending investments |  |  |  |  |
Financing receivables (refer to Note 5) |  | 44,445 |  |  | 44,339 |
Held-to-maturity debt securities |  | 86,368 |  |  | 84,981 |
Available-for-sale debt securities |  | 23,640 |  |  | 23,896 |
Subtotal - other lending investments |  | 154,453 |  |  | 153,216 |
Total gross carrying value of loans receivable and other lending investments |  | 884,099 |  |  | 856,495 |
Allowance for loan losses |  | (33,264 | ) |  | (28,634 | )
Total loans receivable and other lending investments, net |  | $ | 850,835 |  |  | $ | 827,861 |
Schedule of changes in the Company's allowance for loan losses | Changes in the Company's allowance for loan losses were as follows for the three months ended March 31, 2020 ($ in thousands):
| General Allowance |  |  |  |
|  | Construction Loans |  | Loans |  | Held to Maturity Debt Securities |  | Financing Receivables |  | Specific Allowance |  | Total
Allowance for loan losses at beginning of period |  | $ | 6,668 |  |  | $ | 265 |  |  | $ | — |  |  | $ | — |  |  | $ | 21,701 |  |  | $ | 28,634 |
Adoption of new accounting standard(1) |  | (353 | ) |  | 98 |  |  | 20 |  |  | 964 |  |  | — |  |  | 729 |
Provision for loan losses(2) |  | 3,409 |  |  | 323 |  |  | 33 |  |  | 136 |  |  | — |  |  | 3,901 |
Allowance for loan losses at end of period |  | $ | 9,724 |  |  | $ | 686 |  |  | $ | 53 |  |  | $ | 1,100 |  |  | $ | 21,701 |  |  | $ | 33,264 |
____________________________________________________________
(1) | On January 1, 2020, the Company recorded an increase to its allowance for loan losses of $3.3 million upon the adoption of ASU 2016-13 (refer to Note 3), of which $2.5 million related to expected credit losses for unfunded loan commitments and was recorded in "Accounts payable, accrued expenses and other liabilities."
(2) | During the three months ended March 31, 2020, the Company recorded a provision for loan losses of $4.0 million due to the adoption of ASU 2016-13 (refer to Note 3), of which $0.1 million related to expected credit losses for unfunded loan commitments and was recorded in "Accounts payable, accrued expenses and other liabilities."
Schedule of recorded investment in loans and associated allowance for loan losses | The Company's investment in loans and other lending investments and the associated allowance for loan losses were as follows as of March 31, 2020 and December 31, 2019 ($ in thousands):
| Individually Evaluated for Impairment(1) |  | Collectively Evaluated for Impairment |  | Total
As of March 31, 2020 |  |  |  |  |
Construction loans(2) | $ | — |  |  | $ | 641,943 |  |  | $ | 641,943 |
Loans(2) | 37,517 |  |  | 50,186 |  |  | 87,703 |
Financing receivables | — |  |  | 44,445 |  |  | 44,445 |
Held-to-maturity debt securities | — |  |  | 86,368 |  |  | 86,368 |
Available-for-sale debt securities(3) | — |  |  | 23,640 |  |  | 23,640 |
Less: Allowance for loan losses | (21,701 | ) |  | (11,563 | ) |  | (33,264 | )
Total | $ | 15,816 |  |  | $ | 835,019 |  |  | $ | 850,835 |
As of December 31, 2019 |  |  |  |  |
Construction loans(2) | $ | — |  |  | $ | 614,386 |  |  | $ | 614,386 |
Loans(2) | 37,820 |  |  | 51,073 |  |  | 88,893 |
Financing receivables | — |  |  | 44,339 |  |  | 44,339 |
Held-to-maturity debt securities | — |  |  | 84,981 |  |  | 84,981 |
Available-for-sale debt securities(3) | — |  |  | 23,896 |  |  | 23,896 |
Less: Allowance for loan losses | (21,701 | ) |  | (6,933 | ) |  | (28,634 | )
Total | $ | 16,119 |  |  | $ | 811,742 |  |  | $ | 827,861 |
_______________________________________________________________________________
(1) | The carrying value of this loan includes an unamortized discount of $0.1 million as of March 31, 2020 and December 31, 2019. The Company's one loan individually evaluated for impairment represents a loan on non-accrual status; therefore, the unamortized amount associated with this loan is 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 $0.2 million and $0.7 million as of March 31, 2020 and December 31, 2019, respectively.
(3) | Available-for-sale debt securities are evaluated for impairment under ASC 326-30.
Schedule of investment in performing loans, presented by class and by credit quality, as indicated by risk rating | The Company's amortized cost basis in performing senior mortgages, corporate/partnership loans, subordinate mortgages and financing receivables, presented by year of origination and by credit quality, as indicated by risk rating, as of March 31, 2020 were as follows ($ in thousands):
|  | Year of Origination |  |
|  | 2020 |  | 2019 |  | 2018 |  | 2017 |  | 2016 |  | Prior to 2016 |  | Total
Senior mortgages |  |  |  |  |  |  |  |  |  |  |  |  |  |
Risk rating |  |  |  |  |  |  |  |  |  |  |  |  |  |
1 |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 54,420 |  |  | $ | — |  |  | $ | — |  |  | $ | 54,420 |
2 |  | — |  |  | — |  |  | 84,662 |  |  | 96,549 |  |  | — |  |  | — |  |  | 181,211 |
3 |  | — |  |  | 12,803 |  |  | 170,860 |  |  | 47,859 |  |  | 37,767 |  |  | 4,524 |  |  | 273,813 |
3.5 |  | — |  |  | — |  |  | — |  |  | 48,599 |  |  | — |  |  | — |  |  | 48,599 |
Subtotal(1) |  | $ | — |  |  | $ | 12,803 |  |  | $ | 255,522 |  |  | $ | 247,427 |  |  | $ | 37,767 |  |  | $ | 4,524 |  |  | $ | 558,043 |
Corporate/partnership loans |  |  |  |  |  |  |  |  |  |  |  |  |  |
Risk rating |  |  |  |  |  |  |  |  |  |  |  |  |  |
1 |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 8,205 |  |  | $ | — |  |  | $ | — |  |  | $ | 8,205 |
2 |  | — |  |  | 938 |  |  | 17,708 |  |  | — |  |  | — |  |  | — |  |  | 18,646 |
3 |  | — |  |  | — |  |  | 58,405 |  |  | — |  |  | 37,767 |  |  | — |  |  | 96,172 |
Subtotal |  | $ | — |  |  | $ | 938 |  |  | $ | 76,113 |  |  | $ | 8,205 |  |  | $ | 37,767 |  |  | $ | — |  |  | $ | 123,023 |
Subordinate mortgages |  |  |  |  |  |  |  |  |  |  |  |  |  |
Risk rating |  |  |  |  |  |  |  |  |  |  |  |  |  |
3 |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 11,063 |  |  | $ | 11,063 |
Subtotal |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 11,063 |  |  | $ | 11,063 |
Financing receivables |  |  |  |  |  |  |  |  |  |  |  |  |  |
Risk rating |  |  |  |  |  |  |  |  |  |  |  |  |  |
1.5 |  | $ | — |  |  | $ | 44,445 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 44,445 |
Subtotal |  | $ | — |  |  | $ | 44,445 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 44,445 |
Total |  | $ | — |  |  | $ | 58,186 |  |  | $ | 331,635 |  |  | $ | 255,632 |  |  | $ | 75,534 |  |  | $ | 15,587 |  |  | $ | 736,574 |
____________________________________________________________
(1) | As of March 31, 2020, excludes $37.5 million for one loan on non-accrual status.
Schedule of recorded investment in loans, aged by payment status and presented by class | The Company's amortized cost basis in loans, aged by payment status and presented by class, was as follows ($ in thousands):
| Current |  | Less Than and Equal to 90 Days |  | Greater Than 90 Days(1) |  | Total Past Due |  | Total
As of March 31, 2020 |  |  |  |  |  |  |  |  |
Senior mortgages | $ | 558,043 |  |  |  |  |  | $ | 37,517 |  |  | $ | 37,517 |  |  | $ | 595,560 |
Corporate/Partnership loans | 123,023 |  |  | — |  |  | — |  |  | — |  |  | 123,023 |
Subordinate mortgages | 11,063 |  |  | — |  |  | — |  |  | — |  |  | 11,063 |
Total | $ | 692,129 |  |  | $ | — |  |  | $ | 37,517 |  |  | $ | 37,517 |  |  | $ | 729,646 |
As of December 31, 2019 |  |  |  |  |  |  |  |  |
Senior mortgages | $ | 534,765 |  |  | $ | — |  |  | $ | 37,820 |  |  | $ | 37,820 |  |  | $ | 572,585 |
Corporate/Partnership loans | 119,818 |  |  | — |  |  | — |  |  | — |  |  | 119,818 |
Subordinate mortgages | 10,877 |  |  | — |  |  | — |  |  | — |  |  | 10,877 |
Total | $ | 665,460 |  |  | $ | — |  |  | $ | 37,820 |  |  | $ | 37,820 |  |  | $ | 703,280 |
_______________________________________________________________________________ (1) As of March 31, 2020 and December 31, 2019, the Company had one loan which was greater than 90 days delinquent and was in various stages of resolution, including legal and environmental matters, and was 10.8 years and 10.5 years outstanding, respectively.
Schedule of recorded investment in impaired loans | The Company's impaired loan was as follows ($ in thousands)(1):
| As of March 31, 2020 |  | As of December 31, 2019
| Amortized Cost |  | Unpaid Principal Balance |  | Related Allowance |  | Amortized Cost |  | Unpaid Principal Balance |  | Related Allowance
With an allowance recorded: |  |  |  |  |  |  |  |  |  |  |
Senior mortgages | $ | 37,517 |  |  | $ | 37,618 |  |  | $ | (21,701 | ) |  | $ | 37,820 |  |  | $ | 37,923 |  |  | $ | (21,701 | )
Total | $ | 37,517 |  |  | $ | 37,618 |  |  | $ | (21,701 | ) |  | $ | 37,820 |  |  | $ | 37,923 |  |  | $ | (21,701 | )
____________________________________________________________
(1) | All of the Company's non-accrual loans are considered impaired and included in the table above.
(2) The Company did not record any interest income on impaired loans for the three months ended March 31, 2020 and 2019.
Schedule of available-for-sale securities | Other lending investments includes the following securities ($ in thousands):
| Face Value |  | Amortized Cost Basis |  | Net Unrealized Gain |  | Estimated Fair Value |  | Net Carrying Value
As of March 31, 2020 |  |  |  |  |  |  |  |  |
Available-for-Sale Securities |  |  |  |  |  |  |  |  |
Municipal debt securities | $ | 20,680 |  |  | $ | 20,680 |  |  | $ | 2,960 |  |  | $ | 23,640 |  |  | $ | 23,640 |
Held-to-Maturity Securities |  |  |  |  |  |  |  |  |
Debt securities | 100,000 |  |  | 86,368 |  |  | — |  |  | 86,368 |  |  | 86,368 |
Total | $ | 120,680 |  |  | $ | 107,048 |  |  | $ | 2,960 |  |  | $ | 110,008 |  |  | $ | 110,008 |
As of December 31, 2019 |  |  |  |  |  |  |  |  |
Available-for-Sale Securities |  |  |  |  |  |  |  |  |
Municipal debt securities | $ | 21,140 |  |  | $ | 21,140 |  |  | $ | 2,756 |  |  | $ | 23,896 |  |  | $ | 23,896 |
Held-to-Maturity Securities |  |  |  |  |  |  |  |  |
Debt securities | 100,000 |  |  | 84,981 |  |  | — |  |  | 84,981 |  |  | 84,981 |
Total | $ | 121,140 |  |  | $ | 106,121 |  |  | $ | 2,756 |  |  | $ | 108,877 |  |  | $ | 108,877 |
Schedule of held-to-maturity securities | Other lending investments includes the following securities ($ in thousands):
| Face Value |  | Amortized Cost Basis |  | Net Unrealized Gain |  | Estimated Fair Value |  | Net Carrying Value
As of March 31, 2020 |  |  |  |  |  |  |  |  |
Available-for-Sale Securities |  |  |  |  |  |  |  |  |
Municipal debt securities | $ | 20,680 |  |  | $ | 20,680 |  |  | $ | 2,960 |  |  | $ | 23,640 |  |  | $ | 23,640 |
Held-to-Maturity Securities |  |  |  |  |  |  |  |  |
Debt securities | 100,000 |  |  | 86,368 |  |  | — |  |  | 86,368 |  |  | 86,368 |
Total | $ | 120,680 |  |  | $ | 107,048 |  |  | $ | 2,960 |  |  | $ | 110,008 |  |  | $ | 110,008 |
As of December 31, 2019 |  |  |  |  |  |  |  |  |
Available-for-Sale Securities |  |  |  |  |  |  |  |  |
Municipal debt securities | $ | 21,140 |  |  | $ | 21,140 |  |  | $ | 2,756 |  |  | $ | 23,896 |  |  | $ | 23,896 |
Held-to-Maturity Securities |  |  |  |  |  |  |  |  |
Debt securities | 100,000 |  |  | 84,981 |  |  | — |  |  | 84,981 |  |  | 84,981 |
Total | $ | 121,140 |  |  | $ | 106,121 |  |  | $ | 2,756 |  |  | $ | 108,877 |  |  | $ | 108,877 |
Schedule of contractual maturities of securities | As of March 31, 2020, the contractual maturities of the Company's securities were as follows ($ in thousands):
| Held-to-Maturity Debt Securities |  | Available-for-Sale Debt Securities
| Amortized Cost Basis |  | Estimated Fair Value |  | Amortized Cost Basis |  | Estimated Fair Value
Maturities |  |  |  |  |  |  |
Within one year | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
After one year through 5 years | 86,368 |  |  | 86,368 |  |  | — |  |  | — |
After 5 years through 10 years | — |  |  | — |  |  | — |  |  | — |
After 10 years | — |  |  | — |  |  | 20,680 |  |  | 23,640 |
Total | $ | 86,368 |  |  | $ | 86,368 |  |  | $ | 20,680 |  |  | $ | 23,640 |

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