| REAL ESTATE RELATED AND OTHER LOANS, RESIDENTIAL MORTGAGE LOANS AND SUBPRIME MORTAGE LOANS |
REAL ESTATE RELATED AND OTHER LOANS, RESIDENTIAL MORTGAGE LOANS AND SUBPRIME MORTGAGE LOANS
Loans are accounted for based on management’s strategy for the loan, and on whether the loan was credit-impaired at the date of acquisition. Loans acquired with the intent to sell are classified as held-for-sale.
The following is a summary of real estate related and other loans and residential mortgage loans at March 31, 2017. The loans contain various terms, including fixed and floating rates, self-amortizing and interest only. They are generally subject to prepayment.
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Loan Type |
Outstanding
Face Amount |
|
Carrying
Value (A) |
|
Loan
Count |
|
Weighted
Average
Yield |
|
Weighted Average Coupon |
|
Weighted Average Life
(Years) (B) |
|
Floating Rate Loans as % of Face Amount |
|
Delinquent Face Amount (C) |
Mezzanine Loans |
$ |
17,767 |
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|
$ |
— |
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|
2 |
|
|
0.00 |
% |
|
8.39 |
% |
|
0.0 |
|
100.0 |
% |
|
$ |
17,767 |
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Corporate Loans |
123,812 |
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|
59,043 |
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|
4 |
|
|
22.49 |
% |
|
15.40 |
% |
|
0.5 |
|
— |
% |
|
59,384 |
|
Total Real Estate Related and other Loans Held-for-Sale, Net |
$ |
141,579 |
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$ |
59,043 |
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6 |
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22.49 |
% |
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14.52 |
% |
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0.5 |
|
12.5 |
% |
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$ |
77,151 |
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Residential Mortgage Loans Held-for-Sale, Net (D) |
$ |
769 |
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$ |
228 |
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3 |
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3.11 |
% |
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3.42 |
% |
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0.4 |
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100.0 |
% |
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$ |
628 |
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(A) |
Carrying value includes negligible interest receivable for the residential housing loans. |
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(B) |
The weighted average maturity is based on the timing of expected cash flows on the assets. |
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(C) |
Includes loans that are 60 days or more past due (including loans that are in foreclosure and borrowers in bankruptcy) or considered real estate owned (“REO”). As of March 31, 2017, $77.2 million face amount of real estate related and other loans was on non-accrual status.
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(D) |
Loans acquired at a discount for credit quality. Residential mortgage loans held-for-sale, net is recorded in receivables and other assets on the Consolidated Balance Sheets. |
The following is a summary of real estate related and other loans by maturities at March 31, 2017:
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Year of Maturity |
Outstanding Face Amount |
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Carrying Value |
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Number of Loans |
Delinquent (A)
|
$ |
77,151 |
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$ |
147 |
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5 |
|
Period from April 1, 2017 to December 31, 2017 |
— |
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— |
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— |
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2018 |
— |
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— |
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— |
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2019 |
64,428 |
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|
58,896 |
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|
1 |
|
2020 |
— |
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— |
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— |
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2021 |
— |
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— |
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— |
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2022 |
— |
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— |
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— |
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Thereafter |
— |
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— |
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— |
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Total |
$ |
141,579 |
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$ |
59,043 |
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6 |
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(A) |
Includes loans that are non-performing, in foreclosure, or under bankruptcy |
Activities relating to the carrying value of the Company’s real estate related and other loans and residential mortgage loans are as follows:
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Held-for-Sale |
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Real Estate Related and Other Loans |
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Residential Mortgage Loans (A) |
Balance at December 31, 2016 |
$ |
55,612 |
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$ |
231 |
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Purchases / additional fundings |
— |
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— |
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Interest accrued to principal balance |
3,431 |
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— |
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Principal pay downs |
— |
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|
(3 |
) |
Balance at March 31, 2017 |
$ |
59,043 |
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$ |
228 |
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(A) |
Recorded in receivables and other assets on the Consolidated Balance Sheets. |
There was no change in the loss allowance on the Company's real estate related and other loans and residential mortgage loans during the three months ended March 31, 2017.
The table below summarizes the geographic distribution of real estate related and other loans and residential mortgage loans at March 31, 2017:
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Real Estate Related
and Other Loans |
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Residential Mortgage Loans |
Geographic Location |
Outstanding Face Amount |
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Percentage |
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Outstanding Face Amount |
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Percentage |
Northeastern U.S. |
$ |
— |
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|
— |
% |
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$ |
523 |
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|
68.0 |
% |
Southeastern U.S. |
— |
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|
— |
% |
|
246 |
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|
32.0 |
% |
Foreign |
63,454 |
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|
100.0 |
% |
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— |
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|
— |
% |
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$ |
63,454 |
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100.0 |
% |
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$ |
769 |
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100.0 |
% |
Other (A) |
78,125 |
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$ |
141,579 |
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(A) |
Includes corporate loans which are not directly secured by real estate assets. |
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