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STRUCTURED FINANCINGS, NET | 3 Months Ended
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Mar. 31, 2015
Mortgage Loans on Real Estate [Abstract] |
NOTES RECEIVABLE AND PREFERRED EQUITY INVESTMENTS, NET | STRUCTURED FINANCINGS, NET As of March 31, 2015, the Company’s structured financing portfolio, net consisted of notes receivable and preferred equity investments, aggregating $98.6 million. These investments were collateralized either by underlying properties, the borrowers' ownership interests in the entities that own properties and/or by the borrowers' personal guarantee subject, as applicable, to senior liens, as follows:
(dollars in thousands) |  |  |  |  |  |
Description |  | Effective interest rate (1) |  | First Priority liens |  | Net Carrying Amounts of Notes Receivable as of March 31, 2015 |  | Net Carrying Amounts of Notes Receivable as of December 31, 2014 |  | Maturity date |  | Extension Options
First Mortgage Loan |  | 7.7% |  |  |  | $ | 12,000 |  |  | $ | 12,000 |  |  | Demand |  |
Mezzanine Loan |  | 12.7% |  | 18,900 |  |  | 8,000 |  |  | 8,000 |  |  | 10/3/2015 |  |
First Mortgage Loan |  | 8.8% |  |  |  | 7,500 |  |  | 7,500 |  |  | 10/31/2015 |  | 1 x 12 Months
Zero Coupon Loan (2) |  | 24.0% |  | 166,200 |  |  | 5,149 |  |  | 4,986 |  |  | 1/3/2016 |  |
First Mortgage Loan |  | 5.5% |  |  |  | 4,000 |  |  | 4,000 |  |  | 4/1/2016 |  | 1 x 6 Months
Preferred Equity |  | 13.5% |  |  |  | 4,000 |  |  | 4,000 |  |  | 5/9/2016 |  |
Other |  | 18.0% |  |  |  | 3,457 |  |  | 3,307 |  |  | 7/1/2017 |  |
Preferred Equity |  | 8.1% |  | 20,855 |  |  | 13,000 |  |  | 13,000 |  |  | 9/1/2017 |  |
Other |  | 15.0% |  |  |  | 30,879 |  |  | 30,879 |  |  | 11/9/2020 |  |
Other |  | LIBOR + 2.5% |  |  |  | — |  |  | 4,000 |  |  | 12/30/2020 |  |
Mezzanine Loan (3) |  | 10.0% |  | 87,477 |  |  | 7,983 |  |  | 7,983 |  |  | Demand |  |
Individually less than 3% (4) |  | 3.9% to 11.6% |  |  |  |  | 2,592 |  |  | 2,631 |  |  | 12/31/2015 to 5/1/2024 |  |
Total |  |  |  |  |  | $ | 98,560 |  |  | $ | 102,286 |  |  |  |  |
Notes: (1) Includes origination and exit fees (2) The principal balance for this accrual-only loan is increased by the interest accrued (3) Comprised of three cross-collateralized loans from one borrower, which are non-performing (4) Consists of two loans as of March 31, 2015 During February 2015, the Company made an additional investment of $0.4 million to an already existing loan collateralized by a property. The Company monitors the credit quality of its notes receivable on an ongoing basis and considers indicators of credit quality such as loan payment activity, the estimated fair value of the underlying collateral, the seniority of the Company's loan in relation to other debt secured by the collateral and the prospects of the borrower. As of March 31, 2015, the Company held three non-performing notes.

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- Definition The entire disclosure for mortgage loans on real estate, this includes the supplemental information pertaining to each mortgage loan receivable that equals or exceeds three percent of the carrying amount of mortgages. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 10 -Section S99 -Paragraph 6 -Subparagraph (SX 210.5-04.(c) Schedule IV) -URI http://asc.fasb.org/extlink&oid=27047687&loc=d3e5864-122674 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 29 -Article 12 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph c -Subparagraph Schedule IV -Article 5 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 948 -SubTopic 310 -Section S99 -Paragraph 1 -Subparagraph (SX 210.12-29) -URI http://asc.fasb.org/extlink&oid=6589523&loc=d3e617274-123014 + Details
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