Commercial Mortgage Loans (Tables)

9 Months Ended

Sep. 30, 2013

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 which was subject to repayment of $33,000 of the entire first mortgage loan (of which the Company received its pro rata portion) and the payment of a fee on the outstanding balance of the entire first mortgage loan.


(2)	This loan includes two one-year extension options subject to certain conditions and the payment of a fee for each extension.

The Company’s commercial mortgage loan portfolio was comprised of the following at September 30, 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	$	31,385	$	31,385	Fixed		151 rooms
Office Condo (Headquarters) - NY, NY	Feb-10	Feb-15	28,000		27,235		27,235		Fixed		73,419 sq. ft.
Hotel - Silver Spring, MD	Mar-10	Apr-15	26,000		25,033		24,840		Fixed		263 rooms
Condo Conversion – NY, NY (1)	Dec-12	Jan-15	45,000		45,000		44,732		Floating		119,000 sq. ft.
Condo Conversion – NY, NY (2)	Aug-13	Sept-15	33,000		33,000		32,701		Floating		40,000 sq. ft.
Total/Weighted Average			$	164,000	$	161,653	$	160,893	8.83	%


(1)	This loan includes two one-year extension options subject to certain conditions and the payment of a fee for each extension.


(2)	This loan includes a one-year extension option subject to certain conditions and the payment of a fee.