Subordinate Loans (Tables) (Subordinate loans [Member])

9 Months Ended

Sep. 30, 2014

Subordinate loans [Member]

The Company’s subordinate loan portfolio was comprised of the following at September 30, 2014:



Description	Date of Investment	Maturity Date	Original Face Amount		Current Face Amount		Carrying Value		Coupon
Office - Michigan	May-10	Jun-20	$	9,000	$	8,828	$	8,828	Fixed
Ski Resort - California	Apr-11	May-17	40,000		40,000		39,714		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		9,747		9,747		Fixed
Hotel Portfolio – Various (1)	Nov-12	Nov-15	50,000		47,172		47,260		Floating
Condo Conversion – NY, NY (2)	Dec-12	Jan-15	35,000		35,545		35,722		Floating
Condo Construction – NY, NY (1)	Jan-13	Jul-17	60,000		73,844		73,457		Fixed
Multifamily Conversion – NY, NY (1)	Jan-13	Dec-14	18,000		14,608		14,683		Floating
Hotel Portfolio – Rochester, MN	Jan-13	Feb-18	25,000		24,560		24,560		Fixed
Warehouse Portfolio - Various	May-13	May-23	32,000		32,000		32,000		Fixed
Multifamily Conversion – NY, NY (3)	May-13	Dec-14	44,000		44,000		43,907		Floating
Office Condo - NY, NY	Jul-13	Jul-22	14,000		14,000		13,588		Fixed
Condo Conversion – NY, NY (4)	Aug-13	Sept-15	29,400		29,601		29,491		Floating
Mixed Use - Pittsburgh, PA (1)	Aug-13	Aug-16	22,500		22,500		22,445		Floating
Mixed Use - Various (2)	Dec-13	Dec-18	17,000		18,791		18,608		Fixed
Mixed Use - London, England	Apr-14	Jan-15	54,926		52,034		52,034		Fixed
Hotel - NY, NY	Jun-14	Dec-14	28,250		28,250		28,250		Fixed
Healthcare Portfolio - Various (5)	Jun-14	Jun-16	50,000		50,000		50,000		Floating
Hotel - NY, NY (5)	Jul-14	Jul-16	20,000		20,000		19,834		Floating
Ski Resort - Big Sky, Montana	Aug-14	Sept-20	15,000		15,000		14,851		Fixed
Total/Weighted Average			$	580,601	$	587,005	$	585,504	11.20	%


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


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


(3)	Includes a three-month 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 three one-year extensions options subject to certain conditions and the payment of a fee for each extension.

The Company’s subordinate loan portfolio was comprised of the following at December 31, 2013:



Description	Date of Investment	Maturity Date	Original Face Amount		Current Face Amount		Carrying Value		Coupon
Office - Michigan	May-10	Jun-20	$	9,000	$	8,866	$	8,866	Fixed
Ski Resort - California	Apr-11	May-17	40,000		40,000		39,781		Fixed
Hotel– New York (1)	Jan-12	Feb-14	15,000		15,000		15,207		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		9,849		9,849		Fixed
Hotel Portfolio – Various (1)	Nov-12	Nov-15	50,000		48,431		48,397		Floating
Condo Conversion – NY, NY (2)	Dec-12	Jan-15	35,000		35,000		34,734		Floating
Condo Construction – NY, NY (1)	Jan-13	Jul-17	60,000		66,800		66,340		Fixed
Multifamily Conversion – NY, NY (1)	Jan-13	Dec-14	18,000		18,000		17,906		Floating
Hotel Portfolio – Rochester, MN	Jan-13	Feb-18	25,000		24,771		24,771		Fixed
Warehouse Portfolio - Various	May-13	May-23	32,000		32,000		32,000		Fixed
Multifamily Conversion – NY, NY (3)	May-13	Jun-14	44,000		44,000		43,859		Floating
Office Condo - NY, NY	Jul-13	Jul-22	14,000		14,000		13,565		Fixed
Condo Conversion – NY, NY (4)	Aug-13	Sept-15	294		295		2		Floating
Mixed Use - Pittsburgh, PA (1)	Aug-13	Aug-16	22,500		22,500		22,342		Floating
Healthcare Portfolio - Various	Oct-13	Jun-14	47,000		47,000		47,000		Floating
Mixed Use - Florida (2)	Nov-13	Oct-18	50,000		50,000		49,535		Floating
Mixed Use - Various (2)	Dec-13	Dec-18	17,000		17,000		16,805		Fixed
Total/Weighted Average			$	495,319	$	500,037	$	497,484	11.60	%


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


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


(3)	Includes a three-month 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. As of December 31, 2013, the Company had $29,106 of unfunded loan commitments related to this loan.