Loans Receivable (Tables)

12 Months Ended

Dec. 31, 2013

Receivables [Abstract]

Activity Relating to Loans Receivable

Activity relating to our loans receivable was ($ in thousands):

	Gross Book Value			Provision for Loan Losses			Net Book Value
December 31, 2012	$	164,180		$	(22,680	)	$	141,500
Loan originations		2,325,433			—			2,325,433
Additional fundings		2,480			—			2,480
Loan satisfactions		(260,400	)		—			(260,400	)
Partial loan repayments and sales		(141,150	)		—			(141,150	)
Deferred origination fees and expenses		(25,402	)		—			(25,402	)
Amortization of deferred fees and expenses		5,965			—			5,965
Unrealized gain on foreign currency translation		797			—			797
Reclassification to loans held-for-sale		(6,601	)		4,601			(2,000	)
December 31, 2013	$	2,065,302		$	(18,079	)	$	2,047,223

Overall Statistics for Loans Receivable Portfolio

The following table details overall statistics for our loans receivable portfolio ($ in thousands):

	December 31, 2013			December 31, 2012
Number of loans		31			7
Principal balance	$	2,076,411		$	164,180
Net book value(1)	$	2,047,223		$	141,500
Weighted-average cash coupon(2)		L+4.64	%		L+4.73	%
Weighted-average all-in yield(2)		L+5.26	%		L+4.74	%
Weighted-average maximum maturity (years)(3)		4.1			0.7

(1) The primary differences between the principal balance and net book value are deferred origination fees on loans in our Loan Origination segment, and provisions for loan losses in our CT Legacy Portfolio segment.

(2) All loans are floating rate loans indexed to LIBOR as of December 31, 2013 and 2012; however, certain of our loans receivable earn a minimum LIBOR floor ranging from 0.20% to 1.00%. Amounts exclude all non-performing loans.

(3) Maximum maturity date assumes all extension options are exercised.

Types of Loans in Loan Portfolio, as well as Property Type and Geographic Distribution of Properties Securing these Loans

The tables below detail the types of loans in our loan portfolio, as well as the property type and geographic distribution of the properties securing these loans ($ in thousands):

	December 31, 2013					December 31, 2012
Asset Type	Net Book Value		Percentage			Net Book Value		Percentage
Senior mortgage loans(1)	$	1,800,329		88	%	$	62,500		44	%
Subordinate loans(2)		246,894		12			79,000		56
	$	2,047,223		100	%	$	141,500		100	%
Property Type	Net Book Value		Percentage			Net Book Value		Percentage
Office	$	864,666		42	%	$	111,500		79	%
Multifamily		617,464		30			—		—
Hotel		390,492		19			30,000		21
Other		174,601		9			—		—
	$	2,047,223		100	%	$	141,500		100	%
Geographic Location	Net Book Value		Percentage			Net Book Value		Percentage
Northeast	$	828,571		40	%	$	27,000		19	%
West		469,262		23			92,500		65
Southeast		243,798		12			12,404		9
Southwest		216,429		11			9,596		7
Northwest		166,207		8			—		—
Midwest		85,708		4			—		—
United Kingdom		37,248		2			—		—
	$	2,047,223		100	%	$	141,500		100	%

(1) Includes senior mortgage loans, related contiguous subordinate loans with a net book value of $68.6 million, and pari passu participations in mortgages.

(2) Includes subordinate interests in mortgages and mezzanine loans.

Principal Balance and Net Book Value of Loans Receivable Based on Internal Risk Ratings

The following table allocates the principal balance and net book value of our loans receivable based on our internal risk ratings ($ in thousands):

	December 31, 2013						December 31, 2012
Risk Rating	Number of Loans		Principal Balance		Net Book Value		Number of Loans		Principal Balance		Net Book Value
1 – 3		29	$	2,038,863	$	2,020,223		2	$	47,000	$	47,000
4 – 5		—		—		—		2		92,500		92,500
6 – 8		2		37,548	$	27,000		3		24,680		2,000
		31	$	2,076,411	$	2,047,223		7	$	164,180	$	141,500

In making this risk assessment, one of the primary factors we consider is how senior or junior each loan is relative to other debt obligations of the borrower.

The following tables further allocate our loans receivable by loan type and our internal risk ratings ($ in thousands):

	Senior Mortgage Loans(1)
	December 31, 2013						December 31, 2012
Risk Rating	Number of Loans		Principal Balance		Net Book Value		Number of Loans		Principal Balance		Net Book Value
1 – 3		26	$	1,811,514	$	1,800,329		—	$	—	$	—
4 – 5		—		—		—		1		62,500		62,500
		26	$	1,811,514	$	1,800,329		1	$	62,500	$	62,500

(1) Includes senior mortgage loans, related contiguous subordinate loans with a net book value of $68.6 million, and pari passu participations in mortgages.

	Subordinate Loans(1)
	December 31, 2013						December 31, 2012
Risk Rating	Number of Loans		Principal Balance		Net Book Value		Number of Loans		Principal Balance		Net Book Value
1 – 3		3	$	227,350	$	219,894		2	$	47,000	$	47,000
4 – 5		—		—		—		1		30,000		30,000
6 – 8		2		37,548		27,000		3		24,680		2,000
		5	$	264,898	$	246,894		6	$	101,680	$	79,000

(1) Includes subordinate interests in mortgages and mezzanine loans.