Commercial Real Estate Assets (Tables)
|
12 Months Ended |
Dec. 31, 2015 |
|---|
| Commercial Real Estate Assets [Abstract] |
|
| Schedule of Commercial Real Estate Assets Reconciliation [Table Text Block] |
The following tables summarize the Company’s commercial real estate assets by asset type, property type and geographic location as of December 31, 2015:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31,
2015 |
|
December 31,
2014 |
(in thousands) |
Mezzanine Loans |
|
First Mortgages |
|
Total |
|
Mezzanine Loans |
|
First Mortgages |
|
Total |
Unpaid principal balance |
$ |
153,913 |
|
|
$ |
513,433 |
|
|
$ |
667,346 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
Unamortized (discount) premium |
(237 |
) |
|
— |
|
|
(237 |
) |
|
— |
|
|
— |
|
|
— |
|
Unamortized net deferred origination fees |
(830 |
) |
|
(5,326 |
) |
|
(6,156 |
) |
|
— |
|
|
— |
|
|
— |
|
Carrying value |
$ |
152,846 |
|
|
$ |
508,107 |
|
|
$ |
660,953 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
Unfunded commitments |
$ |
1,900 |
|
|
$ |
50,334 |
|
|
$ |
52,234 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
Number of loans |
6 |
|
|
12 |
|
|
18 |
|
|
— |
|
|
— |
|
|
— |
|
Weighted average coupon |
8.1 |
% |
|
4.5 |
% |
|
5.4 |
% |
|
— |
% |
|
— |
% |
|
— |
% |
Weighted average years to maturity (1)
|
2.6 |
|
|
3.3 |
|
|
3.1 |
|
|
— |
|
|
— |
|
|
— |
|
____________________
|
|
(1) |
Based on contractual maturity date. Certain loans are subject to contractual extension options which may be subject to conditions as stipulated in the loan agreement. Actual maturities may differ from contractual maturities stated herein as certain borrowers may have the right to prepay with or without paying a prepayment penalty. The Company may also extend contractual maturities in connection with loan modifications. |
|
| Schedule of Commercial Real Estate Assets by Property Type [Table Text Block] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in thousands) |
December 31,
2015 |
|
December 31,
2014 |
Property Type |
Carrying Value |
|
% of Commercial Portfolio |
|
Carrying Value |
|
% of Commercial Portfolio |
Retail |
$ |
185,883 |
|
|
28.1 |
% |
|
$ |
— |
|
|
— |
% |
Hotel |
80,843 |
|
|
12.2 |
% |
|
— |
|
|
— |
% |
Multifamily |
139,011 |
|
|
21.1 |
% |
|
— |
|
|
— |
% |
Office |
255,216 |
|
|
38.6 |
% |
|
— |
|
|
— |
% |
Total |
$ |
660,953 |
|
|
100.0 |
% |
|
$ |
— |
|
|
— |
% |
|
| Schedule of Commercial Real Estate Assets by Geographic Location [Table Text Block] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in thousands) |
December 31,
2015 |
|
December 31,
2014 |
Geographic Location |
Carrying Value |
|
% of Commercial Portfolio |
|
Carrying Value |
|
% of Commercial Portfolio |
West |
$ |
131,488 |
|
|
19.9 |
% |
|
$ |
— |
|
|
— |
% |
Southeast |
240,839 |
|
|
36.4 |
% |
|
— |
|
|
— |
% |
Northeast |
238,913 |
|
|
36.2 |
% |
|
— |
|
|
— |
% |
Midwest |
49,713 |
|
|
7.5 |
% |
|
— |
|
|
— |
% |
Total |
$ |
660,953 |
|
|
100.0 |
% |
|
$ |
— |
|
|
— |
% |
|
| Rollforward of Commercial Real Estate Loans Held-for-Investment [Table Text Block] |
The following table summarizes activity related to commercial real estate assets for the years ended December 31, 2015, 2014 and 2013:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended |
|
December 31, |
(in thousands) |
2015 |
|
2014 |
|
2013 |
Balance at beginning of period |
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
Originations and purchases |
669,283 |
|
|
— |
|
|
— |
|
Sales |
(1,979 |
) |
|
— |
|
|
— |
|
Repayments |
(344 |
) |
|
— |
|
|
— |
|
Net discount accretion (premium amortization) |
149 |
|
|
— |
|
|
— |
|
(Increase) decrease in net deferred origination fees |
(6,656 |
) |
|
— |
|
|
— |
|
Amortization of net deferred origination fees |
319 |
|
|
— |
|
|
— |
|
Realized gains on sales |
181 |
|
|
— |
|
|
— |
|
Allowance for loan losses |
— |
|
|
— |
|
|
— |
|
Balance at end of period |
$ |
660,953 |
|
|
$ |
— |
|
|
$ |
— |
|
|
| 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 assets as of December 31, 2015 and December 31, 2014:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(dollars in thousands) |
December 31,
2015 |
|
December 31,
2014 |
Risk Rating |
Number of Loans |
|
Unpaid Principal Balance |
|
Carrying Value |
|
Number of Loans |
|
Unpaid Principal Balance |
|
Carrying Value |
1 – 3 |
18 |
|
|
$ |
667,346 |
|
|
$ |
660,953 |
|
|
— |
|
|
$ |
— |
|
|
$ |
— |
|
4 – 5 |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Total |
18 |
|
|
$ |
667,346 |
|
|
$ |
660,953 |
|
|
— |
|
|
$ |
— |
|
|
$ |
— |
|
|