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Subordinate Loans (Tables)

6 Months Ended

Jun. 30, 2013

Mortgage Loans on Real Estate [Abstract]

Company's Subordinate Loan Portfolio

The Company’s subordinate loan portfolio was comprised of the following at June 30, 2013:



Description	Date of Investment		Maturity Date		Original Face Amount				Current Face Amount				Carrying Value				Coupon
Office - Michigan	May-10		Jun-20		$	9,000			$	8,888			$	8,888			Fixed
Ski Resort - California	Apr-11		May-17		40,000				40,000				39,843				Fixed
Hotel Portfolio – New York (1)	Aug-11		July-13		25,000				25,000				25,000				Floating
Retail Center – Virginia (2)	Oct-11		Oct-14		25,000				23,606				23,606				Fixed
Hotel– New York (3)	Jan-12		Feb-14		15,000				15,000				15,106				Fixed
Mixed Use – North Carolina	Jul-12		Jul-22		6,525				6,525				6,525				Fixed
Office Complex - Missouri	Sept-12		Oct-22		10,000				9,914				9,914				Fixed
Hotel Portfolio – Various (4)	Nov-12		Nov-15		50,000				49,516				49,377				Floating
Condo Conversion – NY, NY (5)	Dec-12		Jan-15		350				350				—				Floating
Condo Construction – NY, NY (6)	Jan-13		Jul-17		56,099				58,699				58,132				Fixed
Multifamily Conversion – NY, NY (7)	Jan-13		Dec-14		18,000				18,000				17,864				Floating
Hotel Portfolio – Rochester, MN	Jan-13		Feb-18		25,000				24,904				24,904				Fixed
Warehouse Portfolio - Various	May-13		May-23		32,000				32,000				32,000				Fixed
Multifamily Conversion – NY, NY (8)	May-13		Jun-14		44,000				44,000				43,706				Floating
Total/Weighted Average					$	355,974			$	356,402			$	354,865			12.23	%


(1)	Includes three one-year extension options subject to certain conditions and the payment of a fee for the fourth and fifth year extensions.


(2)	Includes two one-year extension options subject to certain conditions.


(3)	Includes a one-year extension option subject to certain conditions and the payment of an extension fee.


(4)	Includes a one-year extension option subject to certain conditions and the payment of an extension fee.


(5)	Includes two one-year extension options subject to certain conditions and the payment of a fee for each extension. As of June 30, 2013, the Company had $34,650 of unfunded loan commitments related to this loan.


(6)	Includes a one-year extension option subject to certain conditions and the payment of an extension fee. As of June 30, 2013, the Company had $3,901 of unfunded loan commitments related to this loan.


(7)	Includes a one-year extension option subject to certain conditions and the payment of an extension fee.


(8)	Includes a three-month extension option subject to certain conditions and the payment of an extension fee.

The Company’s subordinate 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
Senior Mezz - Retail - Various	Dec-09		Dec-19		$	30,000			$	30,000			$	30,000			Fixed
Junior Mezz - Retail - Various	Dec-09		Dec-19		20,000				20,000				20,000				Fixed
Office - Michigan	May-10		Jun-20		9,000				8,912				8,912				Fixed
Ski Resort - California	Apr-11		May-17		40,000				40,000				39,831				Fixed
Hotel Portfolio – New York (1)	Aug-11		July-13		25,000				25,000				25,000				Floating
Retail Center – Virginia (2)	Oct-11		Oct-14		25,000				26,243				26,243				Fixed
Hotel– New York (3)	Jan-12		Feb-14		15,000				15,000				15,013				Fixed
Hotel– New York (4)	Mar-12		Mar-14		15,000				15,000				15,000				Floating
Mixed Use – North Carolina	Jul-12		Jul-22		6,525				6,525				6,525				Fixed
Office Complex - Missouri	Sept-12		Oct-22		10,000				9,979				9,979				Fixed
Hotel Portfolio - Various (5)	Nov-12		Nov-15		50,000				49,950				49,743				Floating
Condo Conversion – NY, NY (6)	Dec-12		Jan-15		350				350				—				Floating
Total/Weighted Average					$	245,875			$	246,959			$	246,246			12.46	%


(1)	Includes three one-year extension options subject to certain conditions and the payment of a fee for the fourth and fifth year extensions.


(2)	Includes two one-year extension options subject to certain conditions.


(3)	Includes a one-year extension option subject to certain conditions and the payment of an extension fee.


(4)	Includes two one-year extension options subject to certain conditions and the payment of a fee for the second extension.


(5)	Includes a one-year extension option subject to certain conditions and the payment of an extension fee.


(6)	Includes two one-year extension options subject to certain conditions and the payment of a fee for each extension. As of December 31, 2012, the Company had $34,650 of unfunded loan commitments related to this loan.