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STRUCTURED FINANCING PORTFOLIO (Tables) | 6 Months Ended
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Jun. 30, 2016
Mortgage Loans on Real Estate [Abstract] |
Schedule of Notes Receivable and Preferred Equity Investments | As of June 30, 2016, the Company’s structured financing portfolio, consisted of notes receivable and preferred equity investments, aggregating $273.5 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) |  | Net Carrying Amounts of Structured Financing Portfolio as of June 30, 2016 |  | Net Carrying Amounts of Structured Financing Portfolio as of December 31, 2015 |  | Maturity date |  | Extension Options
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 |  |
First Mortgage Loan |  |  |  | 6.0% |  | 15,000 |  |  | 15,000 |  |  | 5/1/2017 |  |
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
First Mortgage Loan |  | (5) |  | 8.1% |  | 153,400 |  |  | 30,879 |  |  | 4/30/2019 |  |
Zero Coupon Loan |  | (6) |  | 2.5% |  | 30,617 |  |  | 30,234 |  |  | 5/31/2020 |  |
Preferred Equity |  | (7) |  | 15.3% |  | 14,000 |  |  | — |  |  | 1/13/2021 |  | 2 x 12 Months
First Mortgage Loan |  | (8) |  | 9.0% |  | 12,000 |  |  | 12,000 |  |  | Demand |  |
Individually less than 3% |  | (9) (10) (11) |  | 5.5% to 18.0% |  | 9,275 |  |  | 12,575 |  |  | 12/31/2016 to 7/1/2017 |  |
Total |  |  |  |  |  | $ | 273,542 |  |  | $ | 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) During April 2016, the Company restructured a $30.9 million mezzanine loan, which bore interest at 15%, and replaced it with a new $153.4 million loan collateralized by a first mortgage in the borrower's TIC interest. The new loan bears interest at 8.1% and matures April 30, 2019 (Note 5). (6) The principal balance for this loan, which requires no current payments of interest, is increased by the interest accrued. (7) 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%. (8) Loan was non-performing as of June 30, 2016. Based on the value of the underlying collateral, no reserve has been established against this loan. (9) During 2016, the Company advanced an additional $0.7 million on two loans collateralized by properties. (10) Consists of three loans as of June 30, 2016. (11) During June 2016, the Company received full principal repayment of a $4.0 million preferred equity investment.

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- Definition Tabular disclosure of the various types of trade accounts and notes receivable and for each the gross carrying value, allowance, and net carrying value as of the balance sheet date. Presentation is categorized by current, noncurrent and unclassified receivables. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.3,4) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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