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STRUCTURED FINANCING PORTFOLIO | 3 Months Ended
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Mar. 31, 2016
Mortgage Loans on Real Estate [Abstract] |
STRUCTURED FINANCING PORTFOLIO | STRUCTURED FINANCING PORTFOLIO As of March 31, 2016, the Company’s structured financing portfolio, consisted of notes receivable and preferred equity investments, aggregating $154.7 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 subordinate, as applicable, to senior liens, as follows:
(dollars in thousands) |  |  |  |  |  |
Description |  | Notes |  | Effective interest rate (1) |  | First Priority liens |  | Net Carrying Amounts of Structured Financing Portfolio as of March 31, 2016 |  | Net Carrying Amounts of Structured Financing Portfolio as of December 31, 2015 |  | Maturity date |  | Extension Options
First Mortgage Loan |  |  |  | 6.0% |  |  |  | $ | 15,000 |  |  | $ | 15,000 |  |  | 5/1/2016 |  | 1 x 12 Months
First Mortgage Loan |  | (2) |  | 7.0% |  |  |  | 13,250 |  |  | — |  |  | 7/13/2016 |  | 1 x 3 Months
First Mortgage Loan |  | (3) |  | 8.8% |  |  |  | — |  |  | 7,500 |  |  | 11/1/2016 |  |
Preferred Equity |  | (4) |  | 8.1% |  |  |  | — |  |  | 13,000 |  |  | 9/1/2017 |  |
First Mortgage Loan |  |  |  | LIBOR + 7.1% |  |  |  | 26,000 |  |  | 26,000 |  |  | 6/25/2018 |  | 1 x 12 Months
Zero Coupon Loan |  | (5) |  | 2.5% |  |  |  | 30,424 |  |  | 30,234 |  |  | 5/31/2020 |  |
Mezzanine Loan |  |  |  | 15.0% |  | 166,200 |  |  | 30,879 |  |  | 30,879 |  |  | 11/9/2020 |  |
Preferred Equity |  | (6) |  | 15.3% |  |  |  | 14,000 |  |  | — |  |  | 1/13/2021 |  | 2 x 12 Months
First Mortgage Loan |  | (7) |  | 7.7% |  |  |  | 12,000 |  |  | 12,000 |  |  | Demand |  |
Individually less than 3% |  | (8) (9) |  | 5.5% to 18.0% |  |  |  | 13,126 |  |  | 12,575 |  |  | 4/1/2016 to 7/1/2017 |  |
Total |  |  |  |  |  |  |  | $ | 154,679 |  |  | $ | 147,188 |  |  |  |  |
Notes: (1) Includes origination and exit fees (2) During January 2016, Fund IV made a $13.3 million loan, which is collateralized by a property, bears interest at 7.0% and matures on July 13, 2016. (3) During February 2016, the Company received full principal repayment of this $7.5 million note. (4) During February 2016, the Company received a payment of $13.4 million, which included $13.0 million of full principal repayment and $0.4 million of prepayment penalty representing interest through June 2016 on this preferred equity investment that was originally scheduled to mature on September 1, 2017. (5) The principal balance for this loan, which requires no current payments of interest, is increased by the interest accrued. (6) During January 2016, Fund IV made a preferred equity investment in a joint venture for $14.0 million. The investment has a mandatory redemption date of January 13, 2021 and earns a preferred return rate of 15.3%. (7) Loan was non-performing as of March 31, 2016. Based on the value of the underlying collateral, no reserve has been established against this loan. (8) During 2016, the Company advanced an additional $0.4 million on a loan collateralized by a property. (9) Consists of four loans as of March 31, 2016.
6. | STRUCTURED FINANCING PORTFOLIO (continued)
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, 2016, the Company held one non-performing note.

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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 948 -SubTopic 310 -Section S99 -Paragraph 1 -Subparagraph (SX 210.12-29) -URI http://asc.fasb.org/extlink&oid=6589523&loc=d3e617274-123014 Reference 2: 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 + Details
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