Loans Held-for-Investment (Tables)
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6 Months Ended |
Jun. 30, 2019 |
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| Loans Held-for-Investment [Abstract] |
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| Schedule of Loans Held-for-Investment |
The following tables summarize the Company’s loans held-for-investment by asset type, property type and geographic location as of June 30, 2019 and December 31, 2018: | | | | | | | | | | | | | | | | | | June 30,
2019 | (dollars in thousands) | Senior Loans (1) | | Mezzanine Loans | | B-Notes | | Total | Unpaid principal balance | $ | 3,556,949 |
| | $ | 14,095 |
| | $ | 14,551 |
| | $ | 3,585,595 |
| Unamortized (discount) premium | (131 | ) | | — |
| | — |
| | (131 | ) | Unamortized net deferred origination fees | (25,347 | ) | | — |
| | — |
| | (25,347 | ) | Carrying value | $ | 3,531,471 |
| | $ | 14,095 |
| | $ | 14,551 |
| | $ | 3,560,117 |
| Unfunded commitments | $ | 588,697 |
| | $ | — |
| | $ | — |
| | $ | 588,697 |
| Number of loans | 103 |
| | 2 |
| | 1 |
| | 106 |
| Weighted average coupon | 6.2 | % | | 12.0 | % | | 8.0 | % | | 6.2 | % | Weighted average years to maturity (2) | 1.8 |
| | 2.7 |
| | 7.6 |
| | 1.8 |
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| | | | | | | | | | | | | | | | | | December 31,
2018 | (dollars in thousands) | Senior Loans (1) | | Mezzanine Loans | | B-Notes | | Total | Unpaid principal balance | $ | 3,147,310 |
| | $ | 31,679 |
| | $ | 14,652 |
| | $ | 3,193,641 |
| Unamortized (discount) premium | (151 | ) | | — |
| | — |
| | (151 | ) | Unamortized net deferred origination fees | (25,577 | ) | | — |
| | — |
| | (25,577 | ) | Carrying value | $ | 3,121,582 |
| | $ | 31,679 |
| | $ | 14,652 |
| | $ | 3,167,913 |
| Unfunded commitments | $ | 626,155 |
| | $ | — |
| | $ | — |
| | $ | 626,155 |
| Number of loans | 88 |
| | 3 |
| | 1 |
| | 92 |
| Weighted average coupon | 6.4 | % | | 11.4 | % | | 8.0 | % | | 6.5 | % | Weighted average years to maturity (2) | 2.0 |
| | 1.9 |
| | 8.1 |
| | 2.0 |
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____________________ | | (1) | Loans primarily secured by a first priority lien on commercial real property and related personal property and also includes, when applicable, any companion subordinate loans. |
(2) Based on contractual maturity date. Certain loans are subject to contractual extension options with such conditions stipulated in the applicable loan documents. Actual maturities may differ from contractual maturities stated herein as certain borrowers may have the right to prepay with or without paying a prepayment fee. The Company may also extend contractual maturities in connection with loan modifications.
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| Schedule of Loans Held-for-Investment by Property Type |
| | | | | | | | | | | | | | | | (dollars in thousands) | | June 30,
2019 | | December 31,
2018 | Property Type | | Carrying Value | | % of Loan Portfolio | | Carrying Value | | % of Loan Portfolio | Office | | $ | 1,519,351 |
| | 42.7 | % | | $ | 1,495,128 |
| | 47.2 | % | Multifamily | | 806,553 |
| | 22.7 | % | | 569,259 |
| | 18.0 | % | Hotel | | 566,259 |
| | 15.9 | % | | 427,611 |
| | 13.5 | % | Retail | | 369,869 |
| | 10.4 | % | | 324,447 |
| | 10.2 | % | Industrial | | 264,356 |
| | 7.4 | % | | 351,468 |
| | 11.1 | % | Other | | 33,729 |
| | 0.9 | % | | — |
| | — | % | Total | | $ | 3,560,117 |
| | 100.0 | % | | $ | 3,167,913 |
| | 100.0 | % |
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| Schedule of Loans Held-for-Investment by Geographic Location |
| | | | | | | | | | | | | | | | (dollars in thousands) | | June 30,
2019 | | December 31,
2018 | Geographic Location | | Carrying Value | | % of Loan Portfolio | | Carrying Value | | % of Loan Portfolio | Northeast | | $ | 1,141,476 |
| | 32.1 | % | | $ | 1,171,691 |
| | 37.0 | % | Southwest | | 881,363 |
| | 24.8 | % | | 681,108 |
| | 21.5 | % | West | | 703,512 |
| | 19.8 | % | | 694,223 |
| | 21.9 | % | Southeast | | 437,898 |
| | 12.2 | % | | 369,961 |
| | 11.7 | % | Midwest | | 395,868 |
| | 11.1 | % | | 250,930 |
| | 7.9 | % | Total | | $ | 3,560,117 |
| | 100.0 | % | | $ | 3,167,913 |
| | 100.0 | % |
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| Rollforward of Loans Held-for-Investment |
The following table summarizes activity related to loans held-for-investment for the three and six months ended June 30, 2019 and 2018. | | | | | | | | | | | | | | | | | | Three Months Ended
June 30, | | Six Months Ended
June 30, | (in thousands) | 2019 | | 2018 | | 2019 | | 2018 | Balance at beginning of period | $ | 3,292,989 |
| | $ | 2,364,647 |
| | $ | 3,167,913 |
| | $ | 2,304,266 |
| Originations, acquisitions and additional fundings | 415,997 |
| | 445,944 |
| | 695,691 |
| | 602,130 |
| Repayments | (148,417 | ) | | (324,252 | ) | | (303,737 | ) | | (420,679 | ) | Net discount accretion (premium amortization) | 7 |
| | 4 |
| | 20 |
| | 18 |
| Increase in net deferred origination fees | (4,573 | ) | | (5,919 | ) | | (7,693 | ) | | (8,004 | ) | Amortization of net deferred origination fees | 4,114 |
| | 3,182 |
| | 7,923 |
| | 5,875 |
| Allowance for loan losses | — |
| | — |
| | — |
| | — |
| Balance at end of period | $ | 3,560,117 |
| | $ | 2,483,606 |
| | $ | 3,560,117 |
| | $ | 2,483,606 |
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| Schedule of Loans Held-for-Investment by Internal Risk Rating |
The following table presents the number of loans, unpaid principal balance and carrying value (amortized cost) by risk rating for loans held-for-investment as of June 30, 2019 and December 31, 2018: | | | | | | | | | | | | | | | | | | | | | | | | (dollars in thousands) | | June 30,
2019 | | December 31,
2018 | Risk Rating | | Number of Loans | | Unpaid Principal Balance | | Carrying Value | | Number of Loans | | Unpaid Principal Balance | | Carrying Value | 1 | | 9 |
| | $ | 377,008 |
| | $ | 375,737 |
| | 9 |
| | $ | 354,791 |
| | $ | 353,583 |
| 2 | | 89 |
| | 3,013,703 |
| | 2,990,794 |
| | 78 |
| | 2,680,297 |
| | 2,656,679 |
| 3 | | 6 |
| | 157,465 |
| | 156,348 |
| | 3 |
| | 121,133 |
| | 120,496 |
| 4 | | 2 |
| | 37,419 |
| | 37,238 |
| | 2 |
| | 37,420 |
| | 37,155 |
| 5 | | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| Total | | 106 |
| | $ | 3,585,595 |
| | $ | 3,560,117 |
| | 92 |
| | $ | 3,193,641 |
| | $ | 3,167,913 |
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