Commercial Real Estate Loans Held-for-Investment (Tables)
|
9 Months Ended |
Sep. 30, 2015 |
|---|
| Commercial Real Estate Loans Held-for-Investment [Abstract] |
|
| Schedule of Commercial Real Estate Loans Held-for-Investment Reconciliation [Table Text Block] |
The following tables summarize the Company’s commercial real estate loans held-for-investment by asset type, property type and geographic location as of September 30, 2015 and December 31, 2014:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30,
2015 |
|
December 31,
2014 |
(in thousands) |
Mezzanine Loans |
|
First Mortgages |
|
Total |
|
Mezzanine Loans |
|
First Mortgages |
|
Total |
Unpaid principal balance |
$ |
146,237 |
|
|
$ |
146,350 |
|
|
$ |
292,587 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
Unamortized (discount) premium |
(289 |
) |
|
— |
|
|
(289 |
) |
|
— |
|
|
— |
|
|
— |
|
Unamortized net deferred origination fees |
(127 |
) |
|
(1,261 |
) |
|
(1,388 |
) |
|
— |
|
|
— |
|
|
— |
|
Carrying value |
$ |
145,821 |
|
|
$ |
145,089 |
|
|
$ |
290,910 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
Unfunded commitments |
$ |
— |
|
|
$ |
6,772 |
|
|
$ |
6,772 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
Number of loans |
5 |
|
|
4 |
|
|
9 |
|
|
— |
|
|
— |
|
|
— |
|
Weighted average coupon |
8.0 |
% |
|
3.9 |
% |
|
5.9 |
% |
|
— |
% |
|
— |
% |
|
— |
% |
Weighted average life (years) |
2.4 |
|
|
3.0 |
|
|
2.7 |
|
|
— |
|
|
— |
|
|
— |
|
|
| Schedule of Commercial Real Estate Loans Held-for-Investment by Property Type [Table Text Block] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in thousands) |
September 30,
2015 |
|
December 31,
2014 |
Property Type |
Carrying Value |
|
% of Commercial Portfolio |
|
Carrying Value |
|
% of Commercial Portfolio |
Retail |
$ |
104,159 |
|
|
35.8 |
% |
|
$ |
— |
|
|
— |
% |
Hotel |
62,611 |
|
|
21.5 |
% |
|
— |
|
|
— |
% |
Multifamily |
40,930 |
|
|
14.1 |
% |
|
— |
|
|
— |
% |
Office |
83,210 |
|
|
28.6 |
% |
|
— |
|
|
— |
% |
Total |
$ |
290,910 |
|
|
100.0 |
% |
|
$ |
— |
|
|
— |
% |
|
| Schedule of Commercial Real Estate Loans Held-for-Investment by Geographic Location [Table Text Block] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in thousands) |
September 30,
2015 |
|
December 31,
2014 |
Geographic Location |
Carrying Value |
|
% of Commercial Portfolio |
|
Carrying Value |
|
% of Commercial Portfolio |
West |
$ |
132,158 |
|
|
45.4 |
% |
|
$ |
— |
|
|
— |
% |
Southeast |
78,302 |
|
|
26.9 |
% |
|
— |
|
|
— |
% |
Northeast |
48,528 |
|
|
16.7 |
% |
|
— |
|
|
— |
% |
Midwest |
31,922 |
|
|
11.0 |
% |
|
— |
|
|
— |
% |
Total |
$ |
290,910 |
|
|
100.0 |
% |
|
$ |
— |
|
|
— |
% |
|
| Rollforward of Commercial Real Estate Loans Held-for-Investment [Table Text Block] |
The following table summarizes activity related to commercial real estate loans held-for-investment for the three and nine months ended September 30, 2015 and 2014.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended
September 30, |
(in thousands) |
2015 |
|
2014 |
|
2015 |
|
2014 |
Balance at beginning of period |
$ |
45,605 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
Originations and purchases |
246,644 |
|
|
— |
|
|
292,200 |
|
|
— |
|
Repayments |
— |
|
|
— |
|
|
— |
|
|
— |
|
Net discount accretion (premium amortization) |
49 |
|
|
— |
|
|
98 |
|
|
— |
|
(Increase) decrease in net deferred origination fees |
(1,517 |
) |
|
— |
|
|
(1,517 |
) |
|
— |
|
Amortization of net deferred origination fees |
129 |
|
|
— |
|
|
129 |
|
|
— |
|
Allowance for loan losses |
— |
|
|
— |
|
|
— |
|
|
— |
|
Balance at end of period |
$ |
290,910 |
|
|
$ |
— |
|
|
$ |
290,910 |
|
|
$ |
— |
|
|
| Schedule of Commercial Real Estate Loans Held-for-Investment by Internal Risk Rating [Table Text Block] |
The following table presents the number of loans, unpaid principal balance and carrying value (amortized cost) by risk rating for commercial real estate loans as of September 30, 2015 and December 31, 2014:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(dollars in thousands) |
September 30,
2015 |
|
December 31,
2014 |
Risk Rating |
Number of Loans |
|
Unpaid Principal Balance |
|
Carrying Value |
|
Number of Loans |
|
Unpaid Principal Balance |
|
Carrying Value |
1 – 3 |
9 |
|
|
$ |
292,587 |
|
|
$ |
290,910 |
|
|
— |
|
|
$ |
— |
|
|
$ |
— |
|
4 – 5 |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Total |
9 |
|
|
$ |
292,587 |
|
|
$ |
290,910 |
|
|
— |
|
|
$ |
— |
|
|
$ |
— |
|
|