REAL ESTATE RELATED AND OTHER LOANS AND RESIDENTIAL MORTGAGE LOANS (Tables)
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6 Months Ended |
Jun. 30, 2017 |
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| Receivables [Abstract] |
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| Schedule of real estate and other related loans, residential mortgage loans and subprime mortgage loans |
The following is a summary of real estate related and other loans and residential mortgage loans at June 30, 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 |
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Carrying
Value |
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Loan
Count |
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Weighted
Average
Yield |
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Weighted Average Coupon |
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Weighted Average Life
(Years) (A) |
|
Floating Rate Loans as % of Face Amount |
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Delinquent Face Amount (B) |
Mezzanine Loans |
$ |
17,767 |
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|
$ |
— |
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|
2 |
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|
— |
% |
|
8.39 |
% |
|
0.0 |
|
100.0 |
% |
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$ |
17,767 |
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Corporate Loans |
127,477 |
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|
62,708 |
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|
4 |
|
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22.49 |
% |
|
15.60 |
% |
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0.4 |
|
— |
% |
|
59,384 |
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Total Real Estate Related and other Loans Held-for-Sale, Net |
$ |
145,244 |
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$ |
62,708 |
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6 |
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22.49 |
% |
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14.72 |
% |
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0.3 |
|
12.2 |
% |
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$ |
77,151 |
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Residential Mortgage Loans Held-for-Sale, Net (C) |
$ |
628 |
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$ |
95 |
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2 |
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— |
% |
|
3.52 |
% |
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0.5 |
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100.0 |
% |
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$ |
628 |
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(A) |
The weighted average maturity is based on the timing of expected cash flows on the assets. |
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(B) |
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 June 30, 2017, $77.2 million face amount of real estate related and other loans was in non-accrual status.
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(C) |
Loans acquired at a discount for credit quality. Residential mortgage loans held-for-sale, net is recorded in receivables and other assets on the Consolidated Balance Sheets. |
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| Schedule of real estate related and other loans by maturity |
The following is a summary of real estate related and other loans by maturities at June 30, 2017:
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Year of Maturity |
Outstanding Face Amount |
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Carrying Value |
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Number of Loans |
Delinquent (A)
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$ |
77,151 |
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$ |
147 |
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5 |
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Period from July 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 |
68,093 |
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62,561 |
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1 |
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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 |
$ |
145,244 |
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$ |
62,708 |
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6 |
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(A) |
Includes loans that are non-performing, in foreclosure, or under bankruptcy |
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| Schedule of activity in carrying value of real estate related and other loans and residential mortgage loans |
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 |
7,096 |
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— |
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Settlements |
— |
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(116 |
) |
Valuation allowance on loans |
— |
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(32 |
) |
Gain on settlement of loans |
— |
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|
12 |
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Balance at June 30, 2017 |
$ |
62,708 |
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$ |
95 |
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(A) |
Recorded in receivables and other assets on the Consolidated Balance Sheets. |
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| Rollforward of related loss allowance |
The following is a rollforward of the related loss allowance:
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Held-For-Sale |
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Real Estate Related and Other Loans |
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Residential Mortgage Loans |
Balance at December 31, 2016 |
$ |
(74,691 |
) |
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$ |
(464 |
) |
Charge-offs |
— |
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40 |
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Valuation allowance on loans |
— |
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(32 |
) |
Balance at June 30, 2017 |
$ |
(74,691 |
) |
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$ |
(456 |
) |
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| Schedule of geographic distribution of real estate related and other loans and residential mortgage loans |
The table below summarizes the geographic distribution of real estate related and other loans and residential mortgage loans at June 30, 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 |
|
Percentage |
Northeastern U.S. |
$ |
— |
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— |
% |
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$ |
523 |
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83.3 |
% |
Southeastern U.S. |
— |
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|
— |
% |
|
105 |
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|
16.7 |
% |
Foreign |
63,454 |
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|
100.0 |
% |
|
— |
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|
— |
% |
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$ |
63,454 |
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100.0 |
% |
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$ |
628 |
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100.0 |
% |
Other (A) |
81,790 |
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$ |
145,244 |
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(A) |
Includes corporate loans which are not directly secured by real estate assets. |
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