INVESTMENTS IN COMMERCIAL MORTGAGE LOANS, MEZZANINE LOANS AND PREFERRED EQUITY INTERESTS (Tables)

12 Months Ended

Dec. 31, 2016

Receivables [Abstract]

Investments in Loans

The following table summarizes our investments in commercial mortgage loans, mezzanine loans and preferred equity interests as of December 31, 2016:

	Unpaid Principal Balance			Unamortized (Discounts) Premiums			Carrying Amount			Number of Loans		Weighted- Average Coupon (1)			Range of Maturity Dates
Commercial Real Estate (CRE)
Commercial mortgage loans (2)	$	1,162,233		$	(852	)	$	1,161,381			94		5.8	%	Jan. 2017 to Dec. 2025
Mezzanine loans		89,811			45			89,856			23		9.9	%	Feb. 2017 to Jun. 2027
Preferred equity interests		42,830			(1	)		42,829			17		8.2	%	Jan. 2017 to Jan. 2029
Total CRE		1,294,874			(808	)		1,294,066			134		6.1	%
Deferred fees, net		(1,427	)		—			(1,427	)
Total	$	1,293,447		$	(808	)	$	1,292,639

(1) Weighted-average coupon is calculated on the unpaid principal balance, which does not necessarily correspond to the carrying amount.

(2) Commercial mortgage loans include two conduit loans with unpaid principal balances and carrying amounts totaling $20,181, a weighted-average coupon of 4.8%, and maturity dates ranging from June 2025 through December 2025. These commercial mortgage loans are accounted for as loans held for sale.

The following table summarizes our investments in commercial mortgage loans, mezzanine loans and preferred equity interests as of December 31, 2015:

	Unpaid Principal Balance			Unamortized (Discounts) Premiums			Carrying Amount			Number of Loans		Weighted- Average Coupon (1)			Range of Maturity Dates (2)
Commercial Real Estate (CRE)
Commercial mortgage loans (3)	$	1,427,328		$	(1,049	)	$	1,426,279			124		5.2	%	Mar. 2016 to Jan. 2029
Mezzanine loans		169,556			(218	)		169,338			57		10.0	%	Jan. 2016 to May 2025
Preferred equity interests		30,237			(1	)		30,236			7		6.9	%	Feb. 2016 to Aug. 2025
Total CRE		1,627,121			(1,268	)		1,625,853			188		6.1	%
Deferred fees, net		(2,270	)		—			(2,270	)
Total	$	1,624,851		$	(1,268	)	$	1,623,583

(1) Weighted-average coupon is calculated on the unpaid principal balance, which does not necessarily correspond to the carrying amount.

(2) Does not include the maturity dates of three mezzanine loans that were 90 days or more past due which had contractual maturity dates prior to December 31, 2015.   

(3) Commercial mortgage loans include six conduit loans with unpaid principal balances and carrying amounts totaling $49,239, a weighted-average coupon of 4.8%, and maturity dates ranging from December 2020 through January 2026.  These commercial mortgage loans are accounted for as loans held for sale. 

Delinquency Statistics of Commercial Real Estate Loan

The following table summarizes the delinquency statistics of our commercial real estate loans as of December 31, 2016 and 2015:

	As of December 31, 2016
Delinquency Status	Current		30 to 59 days		60 to 89 days		90 days or more		In foreclosure or bankruptcy proceedings		Total		Non-accrual (1)
Commercial mortgage loans	$	1,111,898	$	50,335	$	—	$	—			$	1,162,233	$	113,509
Mezzanine loans		88,432		—		—		1,379		—		89,811		1,379
Preferred equity interests		42,830		—		—		—		—		42,830		6,150
Total	$	1,243,160	$	50,335	$	—	$	1,379	$	—	$	1,294,874	$	121,038

(1) Includes five loans that are current and one loan that is 30 to 59 days past due in accordance with their terms, but are on non-accrual due to uncertainty over whether we will fully collect principal and interest.

	As of December 31, 2015
Delinquency Status	Current		30 to 59 days		60 to 89 days		90 days or more		In foreclosure or bankruptcy proceedings (1)		Total		Non-accrual (2)
Commercial mortgage loans	$	1,427,328	$	—	$	—	$	—	$	—	$	1,427,328	$	15,645
Mezzanine loans		167,145		—		—		1,163		1,248		169,556		12,346
Preferred equity interests		30,237		—		—		—		—		30,237		7,946
Total	$	1,624,710	$	—	$	—	$	1,163	$	1,248	$	1,627,121	$	35,937

(1) These loans were on non-accrual due to uncertainty over whether we will fully collect principal and interest.

(2) Includes six loans that were current in accordance with their terms, but are on non-accrual due to uncertainty over whether we will fully collect principal and interest.

Maturities of Investments in Commercial Mortgages, Mezzanine Loans and Preferred Equity Interests

The following table sets forth the maturities of our investments in commercial mortgages, mezzanine loans and preferred equity interests by year:

	Commercial		Mezzanine		Preferred equity		Total
2017	$	406,811	$	43,590	$	8,084	$	458,485
2018		430,518		5,742		3,650		439,910
2019		233,223		-		-		233,223
2020		46,274		8,832		7,948		63,054
2021		2,225		-		-		2,225
Thereafter		43,182		31,647		23,148		97,977
Total	$	1,162,233	$	89,811	$	42,830	$	1,294,874

Investment in Loans by Credit Risk Category

We have classified our investment in loans by credit risk category as of December 31, 2016 and December 31, 2015 as follows:

	As of December 31, 2016
Credit Status	Commercial Mortgage Loans		Mezzanine Loans		Preferred Equity		Total
Satisfactory	$	1,048,724	$	57,063	$	36,680	$	1,142,467
Impaired		113,509		32,748		6,150		152,407
Total	$	1,162,233	$	89,811	$	42,830	$	1,294,874

	As of December 31, 2015
Credit Status	Commercial Mortgage Loans		Mezzanine Loans		Preferred Equity		Total
Satisfactory	$	1,336,883	$	135,710	$	22,291	$	1,494,884
Impaired		90,445		33,846		7,946		132,237
Total	$	1,427,328	$	169,556	$	30,237	$	1,627,121

Roll-Forwards of Allowance for Loan Losses for Commercial Mortgage Loans, Mezzanine Loans and Preferred Equity Interests

The following tables provide a roll-forward of our allowance for loan losses for our commercial mortgage loans, mezzanine loans and preferred equity interests for the years ended December 31, 2016, 2015 and 2014:

	For the Year Ended December 31, 2016
	Commercial Mortgages		Mezzanine Loans			Preferred Equity			Total
Beginning balance	$	3,154	$	12,139		$	1,804		$	17,097
Provision (benefit) for loan losses		6,467		(227	)		1,810			8,050
Charge-offs, net of recoveries		—		(11,912	)		(1,900	)		(13,812	)
Other (a)		1,019		—			—			1,019
Ending balance	$	10,640	$	—		$	1,714		$	12,354

(1) Represents capitalization of past due interest on modified loans.

	For the Year Ended December 31, 2015
	Commercial Mortgage Loans		Mezzanine Loans			Preferred Equity		Total
Beginning balance	$	—	$	7,892		$	1,326	$	9,218
Provision for loan losses		3,154		4,668			478		8,300
Charge-offs, net of recoveries		—		(421	)		—		(421	)
Ending balance	$	3,154	$	12,139		$	1,804	$	17,097

	For the Year Ended December 31, 2014
	Commercial Mortgage Loans			Mezzanine Loans			Preferred Equity			Total
Beginning balance	$	—		$	21,636		$	1,319		$	22,955
Provision for loan losses		360			4,894			246			5,500
Charge-offs, net of recoveries		(360	)		(18,638	)		(239	)		(19,237	)
Ending balance	$	—		$	7,892		$	1,326		$	9,218

Loans Considered to be Impaired

Information on those loans considered to be impaired as of December 31, 2016 and December 31, 2015 was as follows:

	As of December 31, 2016
Impaired Loans	Commercial Mortgages		Mezzanine Loans		Preferred Equity		Total
Impaired loans expecting full recovery	$	—	$	32,748	$	—	$	32,748
Impaired loans with reserves		113,509		—		6,150		119,659
Total Impaired Loans(1)	$	113,509	$	32,748	$	6,150	$	152,407
Allowance for losses	$	10,640	$	—	$	1,714	$	12,354

(1) As of December 31, 2016, there was no unpaid principal relating to previously identified TDRs that are on accrual status.

	As of December 31, 2015
Impaired Loans	Commercial Mortgage Loans		Mezzanine Loans		Preferred Equity		Total
Impaired loans expecting full recovery	$	74,800	$	3,000	$	—	$	77,800
Impaired loans with reserves		15,645		30,846		7,946		54,437
Total Impaired Loans(1)	$	90,445	$	33,846	$	7,946	$	132,237
Allowance for losses	$	3,154	$	12,139	$	1,804	$	17,097

(1) As of December 31, 2015, there was no unpaid principal relating to previously identified TDRs that are on accrual status.