Quarterly report pursuant to Section 13 or 15(d)

REAL ESTATE RELATED AND OTHER LOANS AND RESIDENTIAL MORTGAGE LOANS (Tables)

v3.8.0.1
REAL ESTATE RELATED AND OTHER LOANS AND RESIDENTIAL MORTGAGE LOANS (Tables)
 9 Months Ended
Sep. 30, 2017
Receivables [Abstract]  
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 September 30, 2017. The loans contain various terms including fixed and floating rates. They are generally subject to prepayment.
 
September 30, 2017
Loan Type
Outstanding
Face Amount
 
Carrying
Value
 
Loan
Count
 
Weighted
 Average
 Yield
 
Weighted Average Coupon
 
Weighted Average Life
(Years) (A)
 
Floating Rate Loans as % of Face Amount
 
Delinquent Face Amount (B)
Mezzanine Loans
$
17,767

 
$
—

 
2

 
—
%
 
8.39
%
 
0.0
 
100.0
%
 
$
17,767

Corporate Loans
59,384

 
147

 
3

 
20.00
%
 
7.69
%
 
0.4
 
—
%
 
59,384

Total Real Estate Related and other Loans Held-for-Sale, Net (C)
$
77,151

 
$
147

 
5

 
20.00
%
 
7.85
%
 
0.3
 
23.0
%
 
$
77,151

 
(A)
The weighted average maturity is based on the timing of expected cash flows on the assets.
(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 September 30, 2017, $77.2 million face amount of real estate related and other loans was in non-accrual status.
(C)
Real estate related and other loans held-for-sale, net is recorded in other current assets on the Consolidated Balance Sheets.
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:
 
Held-for-Sale
 
Real Estate Related and Other Loans (A)
 
Residential Mortgage Loans (A)
Balance at December 31, 2016
$
55,612

 
$
231

Purchases / additional fundings
—

 
—

Interest accrued to principal balance
8,458

 
—

Settlements
(69,455
)
 
(183
)
Valuation allowance on loans
—

 
(60
)
Accretion of loan discount and other amortization
5,532

 
—

Gain on settlement of loans
—

 
12

Balance at September 30, 2017
$
147

 
$
—


(A)
Recorded in other current assets on the Consolidated Balance Sheets.
Rollforward of related loss allowance
The following is a rollforward of the related loss allowance:
 
Held-For-Sale
 
Real Estate Related and Other Loans
 
Residential Mortgage Loans
Balance at December 31, 2016
$
(74,691
)
 
$
(464
)
Charge-offs
—

 
524

Valuation allowance on loans
—

 
(60
)
Balance at September 30, 2017
$
(74,691
)
 
$
—

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 September 30, 2017:
 
Real Estate Related and Other Loans
Geographic Location
Outstanding Face Amount
 
Percentage
Foreign
63,454

 
100.0
%
 
$
63,454

 
100.0
%
Other (A)
13,697

 

Total
$
77,151

 
 

(A)
 Includes corporate loans which are not directly secured by real estate assets.