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Commercial Mortgage Loans | 3 Months Ended
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Mar. 31, 2013
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Commercial Mortgage Loans | Note 5 – Commercial Mortgage Loans The Company’s commercial mortgage loan portfolio was comprised of the following at March 31, 2013:
Description |  | Date of Investment |  |  | Maturity Date |  |  | Original Face Amount |  |  | Current Face Amount |  |  | Carrying Value |  |  | Coupon |  |  | Property Size |
Hotel - NY, NY |  |  | Jan-10 |  |  |  | Feb-15 |  |  | $ | 32,000 |  |  | $ | 31,501 |  |  | $ | 31,501 |  |  |  | Fixed |  |  |  | 151 rooms |
Office Condo (Headquarters) - NY, NY |  |  | Feb-10 |  |  |  | Feb-15 |  |  |  | 28,000 |  |  |  | 27,351 |  |  |  | 27,351 |  |  |  | Fixed |  |  |  | 73,419 sq. ft. |
Hotel - Silver Spring, MD |  |  | Mar-10 |  |  |  | Apr-15 |  |  |  | 26,000 |  |  |  | 25,186 |  |  |  | 24,935 |  |  |  | Fixed |  |  |  | 263 rooms |
Mixed Use – South Boston, MA (1) |  |  | Apr-12 |  |  |  | Dec-13 |  |  |  | 23,844 |  |  |  | 16,890 |  |  |  | 14,444 |  |  |  | Floating |  |  |  | 20 acres |
Condo Conversion – NY, NY (2) |  |  | Dec-12 |  |  |  | Jan-15 |  |  |  | 45,000 |  |  |  | 45,000 |  |  |  | 44,602 |  |  |  | Floating |  |  |  | 119,000 sq. ft. |
Total/Weighted Average |  |  |  |  |  |  |  |  |  | $ | 154,844 |  |  | $ | 145,928 |  |  | $ | 142,833 |  |  |  | 7.84 | % |  |  |  |
(1) | This loan is a senior sub-participation interest in a $120,000 first mortgage. In December 2012, the borrower exercised a one-year extension option subject upon repayment of $33,000 of the entire first mortgage (of which the Company received its pro rata portion) and the payment of a fee on the outstanding balance of the entire first mortgage.
(2) | This loan includes two one-year extension options subject to certain conditions and the payment of a fee for each extension.
During March 2013, the Company consented to the transfer of the controlling ownership of the borrower under the Silver Spring, Maryland loan. In conjunction with its consent, the Company received a $280 fee which will be recognized over the remaining life of the loan. The Company’s commercial mortgage loan portfolio was comprised of the following at December 31, 2012:
Description |  | Date of Investment |  |  | Maturity Date |  |  | Original Face Amount |  |  | Current Face Amount |  |  | Carrying Value |  |  | Coupon |  |  | Property Size |
Hotel - NY, NY |  |  | Jan-10 |  |  |  | Feb-15 |  |  | $ | 32,000 |  |  | $ | 31,571 |  |  | $ | 31,571 |  |  |  | Fixed |  |  |  | 151 rooms |
Office Condo (Headquarters) - NY, NY |  |  | Feb-10 |  |  |  | Feb-15 |  |  |  | 28,000 |  |  |  | 27,419 |  |  |  | 27,419 |  |  |  | Fixed |  |  |  | 73,419 sq. ft. |
Hotel - Silver Spring, MD |  |  | Mar-10 |  |  |  | Apr-15 |  |  |  | 26,000 |  |  |  | 25,273 |  |  |  | 25,273 |  |  |  | Fixed |  |  |  | 263 rooms |
Mixed Use – South Boston, MA (1) |  |  | Apr-12 |  |  |  | Dec-13 |  |  |  | 23,844 |  |  |  | 17,287 |  |  |  | 14,105 |  |  |  | Floating |  |  |  | 20 acres |
Condo Conversion – NY, NY (2) |  |  | Dec-12 |  |  |  | Jan-15 |  |  |  | 45,000 |  |  |  | 45,000 |  |  |  | 44,553 |  |  |  | Fixed |  |  |  | 119,000 sq. ft. |
Total/Weighted Average |  |  |  |  |  |  |  |  |  | $ | 154,844 |  |  | $ | 146,550 |  |  | $ | 142,921 |  |  |  | 7.82 | % |  |  |  |
(1) | This loan is a senior sub-participation interest in a $120,000 first mortgage. In December 2012, the borrower exercised a one-year extension option subject upon repayment of $33,000 of the entire first mortgage (of which the Company received its pro rata portion) and the payment of a fee on the outstanding balance of the entire first mortgage
(2) | This loan includes two one-year extension options subject to certain conditions and the payment of a fee for each extension.
The Company evaluates its loans for possible impairment on a quarterly basis. The Company regularly evaluates the extent and impact of any credit deterioration associated with the performance and/or value of the underlying collateral property as well as the financial and operating capability of the borrower/sponsor on a loan by loan basis. Specifically, a property’s operating results and any cash reserves are analyzed and used to assess (i) whether cash from operations are sufficient to cover the debt service requirements currently and into the future, (ii) the ability of the borrower to refinance the loan, and/or (iii) the property’s liquidation value. The Company also evaluates the financial wherewithal of any loan guarantors as well as the borrower’s competency in managing and operating the properties. In addition, the Company considers the overall economic environment, real estate sector, and geographic sub-market in which the borrower operates. Such loan loss analyses are completed and reviewed by asset management and finance personnel who utilize various data sources, including (i) periodic financial data such as debt service coverage ratio, property occupancy, tenant profile, rental rates, operating expenses, the borrower’s exit plan, and capitalization and discount rates, (ii) site inspections, and (iii) current credit spreads and discussions with market participants. An allowance for loan loss is established when it is deemed probable that the Company will not be able to collect all amounts due according to the contractual terms of the loan. The Company has determined that an allowance for loan losses was not necessary at March 31, 2013 and December 31, 2012.

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