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Loans Held-for-Investment (Tables)
 6 Months Ended
Jun. 30, 2019
Loans Held-for-Investment [Abstract]  
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


 
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

____________________
(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.
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
%
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
%
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
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