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Schedule IV - Mortgage Loans on Real Estate
 12 Months Ended
Dec. 31, 2020
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]  
Schedule IV - Mortgage Loans on Real Estate
Type of LoanUnderlying Property TypeInterest Rates (1)Effective Maturity DatesPeriodic Payment Terms (2)Prior LiensFace amount of MortgagesCarrying Amount of MortgagesPrincipal Amount of Mortgages Subject to Delinquent Principal or Interest (3)
First Mortgages individually >3%
First MortgageOffice, Mixed
8.25% - 5.50%
2021-2022IO$— $166,339 $165,965 $— 
First Mortgages individually <3%
First MortgageHotel, Industrial, Land, Mobile Home Park, Mixed Use, Multi-family, Office, Retail, Self Storage and Condominium, Other
3.50% - 11.00%
2021 - 2030— 2,107,778 2,097,302 190,934 
   Total First Mortgages$— $2,274,117 $2,263,267 $190,934 
Subordinated Mortgages individually <3%
Subordinate MortgageHotel, Multi-family, Office and Retail
6.04% - 12.00%
2021 - 2027853,175 121,565 121,310 5,850 
   Total Subordinated Mortgages$853,175 $121,565 $121,310 $5,850 
Total Mortgages$853,175 $2,395,682 $2,384,577 $196,784 
Allowance for Credit LossesN/AN/A$(41,507)(4)N/A
Total Mortgages after Allowance for Credit Losses$853,175 $2,395,682 $2,343,070 (5)$196,784 
(1)    Interest rates as of December 31, 2020.
(2)    IO = Interest only.
P&I = Principal and interest.
(3)    Represents principal amount of loans on non-accrual status. The carrying value of loans on non-accrual status was $175.0 million as of December 31, 2020. Refer to Allowance for Credit Losses and Non-Accrual Status in Note 3, Mortgage Loan Receivables, to the consolidated financial statements for further disclosure.
(4)    Refer to Note 3, Mortgage Loan Receivables for further detail.
(5)    The aggregate cost for U.S. federal income tax purposes is $2.3 billion.
Reconciliation of mortgage loans on real estate:

The following tables reconcile mortgage loans on real estate from December 31, 2017 to December 31, 2020 ($ in thousands):
Mortgage loan receivables held for investment, net, at amortized cost:
 Mortgage loans receivableAllowance for credit lossesMortgage loan 
receivables held
for sale		Total Mortgage loan
receivables
Balance December 31, 2019$3,257,036 $(20,500)$122,325 $3,358,861 
Origination of mortgage loan receivables353,661 — 212,845 566,506 
Repayment of mortgage loan receivables(960,832)— (404)(961,236)
Proceeds from sales of mortgage loan receivables(270,491)— (312,273)(582,764)
Non-cash disposition of loan via foreclosure(31,249)— — (31,249)
Realized gain on sale of mortgage loan receivables(9,596)— 8,025 (1,571)
Accretion/amortization of discount, premium and other fees15,530 — — 15,530 
Release of asset-specific loan loss provision via foreclosure(1)— 2,500 — 2,500 
Provision for current expected credit loss (implementation impact)(2)— (4,964)— (4,964)
Provision for current expected credit loss (impact to earnings)(2)— (18,543)— (18,543)
Balance December 31, 2020$2,354,059 $(41,507)$30,518 $2,343,070 
(1)Refer to Note 5 Real Estate and Related Lease Intangibles, Net for further detail on foreclosure of real estate.
(2)During the year ended December 31, 2020, the initial impact of the implementation of the CECL accounting standard as of January 1, 2020 is recorded against retained earnings. Subsequent remeasurement, including the period to date change for the year ended December 31, 2020, is accounted for as provision for current expected credit loss in the consolidated statements of income.
Mortgage loan receivables held for investment, net, at amortized cost:
 Mortgage loans receivableMortgage loans transferred but not considered soldAllowance for credit lossesMortgage loan receivables heldTotal Mortgage loan
receivables
Balance December 31, 2018$3,318,390 $— $(17,900)$182,439 $3,482,929 
Origination of mortgage loan receivables1,452,049 — — 946,178 2,398,227 
Purchases of mortgage loan receivables— — — 9,934 9,934 
Repayment of mortgage loan receivables(1,531,551)— — (795)(1,532,346)
Proceeds from sales of mortgage loan receivables— (15,504)— (1,008,853)(1,024,357)
Non-cash disposition of loan via foreclosure(45,529)— — — (45,529)
Realized gain on sale of mortgage loan receivables— — — 54,758 54,758 
Transfer between held for investment and held for sale45,832 15,504 — (61,336)— 
Accretion/amortization of discount, premium and other fees17,845 — — — 17,845 
Provision for (release of) loan loss reserves— — (2,600)— (2,600)
Balance December 31, 2019$3,257,036 $— $(20,500)$122,325 $3,358,861 
Mortgage loan receivables held for investment, net, at amortized cost:
 Mortgage loans receivableAllowance for credit lossesMortgage loan
receivables held
for sale		Total Mortgage loan
receivables
Balance December 31, 2017$3,282,462 $(4,000)$230,180 $3,508,642 
Origination of mortgage loan receivables1,478,771 — 1,297,221 2,775,992 
Purchases of mortgage loan receivables— — — — 
Repayment of mortgage loan receivables(1,518,066)— (14,242)(1,532,308)
Proceeds from sales of mortgage loan receivables— — (1,291,828)(1,291,828)
Realized gain on sale of mortgage loan receivables— — 16,511 16,511 
Transfer between held for investment and held for sale55,403 — (55,403)— 
Accretion/amortization of discount, premium and other fees19,820 — — 19,820 
Provision for (release of) loan loss reserves— (13,900)— (13,900)
Balance December 31, 2018$3,318,390 $(17,900)$182,439 $3,482,929