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Schedule IV - Mortgage Loans on Real Estate
 12 Months Ended
Dec. 31, 2016
Mortgage Loans on Real Estate [Abstract]  
Schedule IV - Mortgage Loans on Real Estate Schedule IV-Mortgage Loans on Real Estate
Ladder Capital Corp
December 31, 2016
($ in thousands)
Type of Loan
 
Underlying Property Type
 
Interest Rates (1)
 
Effective Maturity Dates
 
Periodic Payment Terms (2)
 
Prior Liens
 
Face amount of Mortgages
 
Carrying Amount of Mortgages
 
Principal Amount of Mortgages Subject to Delinquent Principal or Interest (3)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
First Mortgages individually >3%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
First Mortgage
 
Hotel
 
5.15%
 
9/6/2017
 
IO
 
$
—

 
$
97,500

 
$
97,297

 
$
—

First Mortgage
 
Hotel
 
5.75%
 
12/6/2017
 
IO
 
—

 
97,296

 
97,248

 
—

First Mortgage
 
Multi-family
 
2.87%
 
4/6/2020
 
IO
 
—

 
120,000

 
120,000

 
—

First Mortgage
 
Office
 
4.6%
 
12/6/2021
 
IO
 
—

 
107,250

 
106,421

 
—

First Mortgage
 
Hotel
 
9.4%
 
1/6/2017
 
IO
 
—

 
98,345

 
98,345

 
—

First Mortgages individually <3%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
First Mortgage
 
Hotel, Industrial, Mobile Home Park, Mixed Use, Multi-family, Office, Retail
 
4.15% - 12.25%
 
2017 - 2033
 
 
 
—

 
1,683,133

 
1,671,197

 
26,850

   Total First Mortgages
 
 
 
 
 
 
 
$
—

 
$
2,203,524

 
$
2,190,508

 
$
26,850

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Subordinated Mortgages individually <3%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Subordinate Mortgage
 
Hotel, Land, Mobile Home Park, Mixed Use, Multi-family, Office, Residential, Retail
 
5.00% - 15.00%
 
2017 - 2025
 
 
 
1,263,892

 
168,303

 
167,469

 
—

   Total Subordinated Mortgages
 
 
 
 
 
 
 
$
1,263,892

 
$
168,303

 
$
167,469

 
$
—

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Mortgages
 
 
 
 
 
 
 
 
 
$
1,263,892

 
$
2,371,827

 
$
2,357,977

 
$
26,850

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Provision for Loan Losses
 
 
 
 
 
 
 
N/A

 
N/A

 
$
(4,000
)
 
N/A

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Mortgages after Provision for Loan Losses
 
 
 
 
 
$
1,263,892

 
$
2,371,827

 
$
2,353,977

(4)
$
26,850

 
(1)
Interest rates as of December 31, 2016.
(2)
IO = Interest only.
P&I = Principal and interest.
(3)
As discussed in Note 3. Mortgage Loan Receivables, as of December 31, 2016, two of the Company’s loans, which were originated simultaneously as part of a single transaction, and had a carrying value of $26.9 million, were in default.
(4)
The aggregate cost for U.S. federal income tax purposes is $2.4 billion.

Reconciliation of mortgage loans on real estate:

The following tables reconcile mortgage loans on real estate from December 31, 2013 to December 31, 2016 ($ in thousands):
 
Mortgage loan
receivables held
for investment, at
amortized cost
 
Mortgage loan 
receivables held
for sale
 
Total Mortgage loan
receivables
 
 
 
 
 
 
Balance December 31, 2015
$
1,738,645

 
$
571,764

 
$
2,310,409

Origination of mortgage loan receivables
969,401

 
1,128,651

 
2,098,052

Purchases of mortgage loan receivables
—

 
73,421

 
73,421

Repayment of mortgage loan receivables
(720,592
)
 
(1,768
)
 
(722,360
)
Proceeds from sales of mortgage loan receivables
—

 
(1,440,195
)
 
(1,440,195
)
Realized gain on sale of mortgage loan receivables
—

 
26,009

 
26,009

Accretion/amortization of discount, premium and other fees
8,941

 
—

 
8,941

Loan loss provision
(300
)
 
—

 
(300
)
Balance December 31, 2016
$
1,996,095

 
$
357,882

 
$
2,353,977


 
Mortgage loan
receivables held
for investment, at
amortized cost
 
Mortgage loan 
receivables held
for sale
 
Total Mortgage loan
receivables
 
 
 
 
 
 
Balance December 31, 2014
$
1,521,053

 
$
417,955

 
$
1,939,008

Origination of mortgage loan receivables
963,023

 
2,594,141

 
3,557,164

Repayment of mortgage loan receivables
(752,452
)
 
(2,308
)
 
(754,760
)
Proceeds from sales of mortgage loan receivables
—

 
(2,509,090
)
 
(2,509,090
)
Non-cash disposition of loan via foreclosure
(4,620
)
 
—

 
(4,620
)
Realized gain on sale of mortgage loan receivables
—

 
71,066

 
71,066

Accretion/amortization of discount, premium and other fees
12,241

 
—

 
12,241

Loan loss provision
(600
)
 
—

 
(600
)
Balance December 31, 2015
$
1,738,645

 
$
571,764

 
$
2,310,409


 
Mortgage loan
receivables held
for investment, at
amortized cost
 
Mortgage loan
receivables held
for sale
 
Total Mortgage loan
receivables
 
 
 
 
 
 
Balance December 31, 2013
$
539,078

 
$
440,490

 
$
979,568

Origination of mortgage loan receivables
1,201,968

 
3,345,372

 
4,547,340

Repayment of mortgage loan receivables
(214,511
)
 
(1,293
)
 
(215,804
)
Proceeds from sales of mortgage loan receivables
—

 
(3,523,689
)
 
(3,523,689
)
Realized gain on sale of mortgage loan receivables
—

 
145,275

 
145,275

Transfer between held for investment and held for sale
(11,800
)
 
11,800

 
—

Accretion/amortization of discount, premium and other fees
6,918

 
—

 
6,918

Loan loss provision
(600
)
 
—

 
(600
)
Balance December 31, 2014
$
1,521,053

 
$
417,955

 
$
1,939,008