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Schedule IV - Mortgage Loans on Real Estate
 12 Months Ended
Dec. 31, 2014
Mortgage Loans on Real Estate [Abstract]  
Schedule IV - Mortgage Loans on Real Estate
Property Type
Location
 
Interest
Rate
 
Final
Extended Maturity
Date
 
Periodic
Payment Terms
 
Face
amount of
loans
 
Carrying
amount of
loans
 
Commercial mortgage loans
 
 
 
 
 
 
 
 
 
 
 
 
Hotel
Maryland
 
9.00
%
 
Apr -15
 

 
24,590

 
24,557

 
Condo Conversion
New York
 
9.67
%
 
Sept - 16
 
Interest only
 
33,846

 
33,961

 
Condo Construction
Maryland
 
10.50
%
 
Mar-17
 
Interest only
 
28,000

 
27,520

 
Vacation Home Portfolio
Various
 
7.50
%
 
Apr-19
 

 
100,046

 
99,086

 
Hotel
Pennsylvania
 
4.71
%
 
May-19
 
Interest only
 
34,000

 
33,842

 
Condo Construction
Maryland
 
10.75
%
 
Jun-17
 
Interest only
 
20,000

 
19,616

 
Multifamily
New York
 
4.41
%
 
Aug-19
 
Interest only
 
30,000

 
30,110

 
Mixed Use
Ohio
 
9.25
%
 
May-20
 

 
20,000

 
18,309

 
Condo Conversion
New York
 
3.75
%
 
Jun-16
 
Interest only
 
67,300

 
64,714

 
Multifamily
North Dakota
 
5.15
%
 
Nov-19
 

 
57,792

 
57,297

 
Vacation Home Portfolio
Various US cities
 
7.00
%
 
Nov-21
 
Interest only
 
50,000

 
49,508

 
Total commercial mortgage loans
 
 
 
 
 
 
 
 
465,574

 
458,520

 
Subordinate loans (1)
 
 
 
 
 
 
 
 
 
 
 
 
Office
Michigan
 
13.00
%
 
Jun - 20
 

 
8,813

 
8,813

 
Ski Resort
California
 
13.25
%
 
May - 17
 
Interest only
 
40,000

 
39,771

 
Mixed Use
North Carolina
 
11.10
%
 
Aug - 22
 
Interest only
 
6,525

 
6,525

 
Office Complex
Missouri
 
11.75
%
 
Oct - 22
 

 
9,711

 
9,711

 
Hotel Portfolio
Various US cities
 
11.07
%
 
Nov - 16
 

 
34,042

 
33,995

 
Condo Construction
New York
 
13.25
%
 
July - 18
 
Interest only
 
76,344

 
76,005

 
Multifamily Conversion
New York
 
10.23
%
 
Dec - 15
 
Interest only
 
14,608

 
14,703

 
Hotel Portfolio
Minnesota
 
11.00
%
 
Feb - 18
 

 
24,486

 
24,486

 
Warehouse Portfolio
Various US cities
 
11.50
%
 
May - 23
 
Interest only
 
32,000

 
32,000

 
Multifamily Conversion
New York
 
12.25
%
 
Feb - 15
 
Interest only
 
44,000

 
43,989

 
Office Condo
New York
 
11.25
%
 
Jul - 22
 
Interest only
 
14,000

 
13,596

 
Condo Conversion
New York
 
9.67
%
 
Sept - 16
 
Interest only
 
29,751

 
29,762

 
Mixed Use
Pennsylvania
 
9.42
%
 
Aug - 18
 
Interest only
 
22,500

 
22,473

 
Mixed Use
Various US cities
 
14.00
%
 
Dec - 18
 
Interest only
 
19,464

 
19,294

 
Mixed Use
England
 
9.25
%
 
Jan-15
 
Interest only
 
52,355

 
52,355

 
Healthcare Portfolio
Various US
 
9.43
%
 
Jun-19
 
Interest only
 
50,000

 
50,000

 
Hotel
New York
 
10.25
%
 
Jul-19
 
Interest only
 
20,000

 
19,870

 
Ski Resort
Montana
 
14.00
%
 
Sept-20
 
Interest only
 
15,000

 
14,861

 
Mixed Use
New York
 
10.66
%
 
Dec-19
 

 
50,000

 
48,973

 
Total subordinate loans
 
 
 
 
 
 
 
 
563,599

 
561,182

 
Total
 
 
 
 
 
 
 
$
1,029,173

 
$
1,019,702

(2) 
(1)
Subject to prior liens.
(2)
The aggregate cost for federal income tax purposes is $1,019,702.
The following table summarizes the changes in the carrying amounts of mortgage loans during 2014 and 2013.
Reconciliation of Carrying Amount of Loans
 
 
2014
 
2013
Balance at beginning of year
$
658,583

 
$
389,167

New loans
802,664

 
401,912

Sales
(4,950
)
 
—

Collections of principal
(299,551
)
 
(137,168
)
Discount accretion
4,316

 
4,672

Foreign currency loss
(4,095
)
 
—

Payment-in-kind
16,570

 
—

Exchange for CMBS (held-to-maturity)
(153,835
)
 
—

Balance at the close of year
$
1,019,702

 
$
658,583