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Subordinate Loans | 9 Months Ended
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Sep. 30, 2015
Subordinate loans [Member] |
Mortgage Loans on Real Estate [Line Items] |
Subordinate Loans | Subordinate Loans The Company’s subordinate loan portfolio was comprised of the following at September 30, 2015:
Description | Date of Investment |  | Maturity Date |  | Original Face Amount |  | Current Face Amount |  | Carrying Value |  | Coupon
Office - Michigan | May-10 |  | Jun-20 |  | $ | 9,000 |  |  | $ | 8,769 |  |  | $ | 8,769 |  |  | Fixed |
Mixed Use – North Carolina | Jul-12 |  | Aug-22 |  | 6,525 |  |  | 6,525 |  |  | 6,525 |  |  | Fixed |
Office Complex - Missouri | Sept-12 |  | Oct-22 |  | 10,000 |  |  | 9,604 |  |  | 9,604 |  |  | Fixed |
Condo Construction – New York, NY (1) | Jan-13 |  | Jul-17 |  | 60,000 |  |  | 84,396 |  |  | 84,234 |  |  | Fixed |
Hotel Portfolio – Rochester, MN | Jan-13 |  | Feb-18 |  | 25,000 |  |  | 24,261 |  |  | 24,261 |  |  | Fixed |
Warehouse Portfolio - Various | May-13 |  | May-23 |  | 32,000 |  |  | 32,000 |  |  | 32,000 |  |  | Fixed |
Office Condo - New York, NY | Jul-13 |  | Jul-22 |  | 14,000 |  |  | 14,000 |  |  | 13,622 |  |  | Fixed |
Condo Conversion – New York, NY (2) | Aug-13 |  | Sept-16 |  | 29,400 |  |  | 11,437 |  |  | 11,535 |  |  | Floating |
Mixed Use - Various (3) | Dec-13 |  | Dec-18 |  | 17,000 |  |  | 19,500 |  |  | 19,365 |  |  | Fixed |
Mixed Use - London, England | Apr-14 |  | Jan-16 |  | 52,024 |  |  | 52,024 |  |  | 52,024 |  |  | Fixed |
Healthcare Portfolio - Various (4) | Jun-14 |  | Jun-16 |  | 50,000 |  |  | 45,588 |  |  | 45,588 |  |  | Floating |
Ski Resort - Big Sky, MT | Aug-14 |  | Sept-20 |  | 15,000 |  |  | 15,000 |  |  | 14,874 |  |  | Fixed |
Mixed Use - New York, NY (5) | Dec-14 |  | Dec-17 |  | 70,943 |  |  | 75,473 |  |  | 74,806 |  |  | Floating |
Senior Housing - United Kingdom | Jan-15 |  | Dec-17 |  | 82,063 |  |  | 82,063 |  |  | 82,063 |  |  | Floating |
Hotel - Burbank, CA | Feb-15 |  | Jan-20 |  | 20,000 |  |  | 20,000 |  |  | 20,000 |  |  | Fixed |
Multifamily Portfolio - Florida (4) | Apr-15 |  | May-17 |  | 22,000 |  |  | 22,000 |  |  | 21,851 |  |  | Floating |
Multifamily Portfolio - Florida (4) | Apr-15 |  | May-17 |  | 15,500 |  |  | 15,500 |  |  | 15,395 |  |  | Floating |
Mixed Use - Various (4) | Jun-15 |  | May-17 |  | 45,000 |  |  | 45,000 |  |  | 44,719 |  |  | Floating |
Hotel - Phoenix, AZ | Jun-15 |  | Jul-25 |  | 25,000 |  |  | 25,000 |  |  | 25,000 |  |  | Fixed |
Hotel - Washington, DC (3) | Jun-15 |  | Jul-17 |  | 20,000 |  |  | 20,000 |  |  | 19,896 |  |  | Floating |
Condo development - New York, NY (1)(6) | Jun-15 |  | Jul-19 |  | 72,093 |  |  | 73,072 |  |  | 70,337 |  |  | Floating |
Condo Conversion - New York, NY (3) | Jul-15 |  | Aug-18 |  | 50,000 |  |  | 50,764 |  | 50,175 |  | Floating |
Mixed Use - New York, NY | Aug-15 |  | Mar-17 |  | 14,000 |  |  | 12,347 |  | 12,168 |  | Floating |
Mixed Use - New York, NY (1) | Sept-15 |  | Oct-18 |  | 30,000 |  |  | 30,000 |  | 29,706 |  | Floating |
Hotel - New York, NY (7) | Sept-15 |  | Sept-18 |  | 2,562 |  |  | 2,562 |  | 2,411 |  | Floating |
Destination Resort - Various (8) | Sept-15 |  | May-18 |  | 75,000 |  |  | 75,000 |  | 70,880 |  | Floating |
Total/Weighted Average |  |  |  |  | $ | 864,110 |  |  | $ | 871,885 |  |  | $ | 861,808 |  |  | 11.20 | %
(1) | Includes a one-year extension option subject to certain conditions and the payment of an extension fee.
(2) | At September 30, 2015, this loan was pledged to secure borrowings under the JPMorgan Facility. See "Note 8 – Borrowings Under Repurchase Agreements" for a description of this facility.
(3) | Includes two one-year extension options subject to certain conditions and the payment of a fee for each extension.
(4) | Includes three one-year extension options 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. At September 30, 2015, the Company had $11,557 of unfunded loan commitments related to this loan.
(6) | At September 30, 2015, the Company had $202,197 of unfunded loan commitments related to this loan.
(7) | Includes two one-year extension options subject to certain conditions and the payment of a fee for each extension. At September 30, 2015, the Company had $12,512 of unfunded loan commitments related to this loan.
(8) | Includes four one-year extension options subject to certain conditions and the payment of an extension fee.
During June 2015, the Company received the full repayment of a subordinate loan secured by a pledge of the equity interest in a borrower that owns a mixed use property located in the central business district of Pittsburgh, PA. During August 2015, the Company sold a subordinate loan secured by a pledge of the equity interest in a borrower that owns a portfolio of hotels throughout the United States that is scheduled to mature in November 2015 and retained an interest-only strip (included in other assets on these consolidated financial statements) that bears interest at 3.4% and will mature at the time the loan is repaid. During August 2015, the Company sold a subordinate loan secured by a pledge of the equity interest in a borrower that owns a hotel in New York, NY and retained the rights to the prepayment penalty should the loan repay prior to January 2016, the expiration of the prepayment lockout. During September 2015, the Company received the full repayment of a subordinate loan secured by a pledge of the equity interest in a borrower that owns a ski resort in California. The Company’s subordinate loan portfolio was comprised of the following at December 31, 2014:
Description | Date of Investment |  | Maturity Date |  | Original Face Amount |  | Current Face Amount |  | Carrying Value |  | Coupon
Office - Michigan | May-10 |  | Jun-20 |  | $ | 9,000 |  |  | $ | 8,813 |  |  | $ | 8,813 |  |  | Fixed |
Ski Resort - California | Apr-11 |  | May-17 |  | 40,000 |  |  | 40,000 |  |  | 39,771 |  |  | Fixed |
Mixed Use – North Carolina | Jul-12 |  | Aug-22 |  | 6,525 |  |  | 6,525 |  |  | 6,525 |  |  | Fixed |
Office Complex - Missouri | Sept-12 |  | Oct-22 |  | 10,000 |  |  | 9,711 |  |  | 9,711 |  |  | Fixed |
Hotel Portfolio – Various (1) | Nov-12 |  | Nov-15 |  | 50,000 |  |  | 34,042 |  |  | 33,995 |  |  | Floating |
Condo Construction – New York, NY (1) | Jan-13 |  | Jul-17 |  | 60,000 |  |  | 76,344 |  |  | 76,005 |  |  | Fixed |
Multifamily Conversion – New York, NY (1) | Jan-13 |  | Dec-15 |  | 18,000 |  |  | 14,608 |  |  | 14,703 |  |  | Floating |
Hotel Portfolio – Rochester, MN | Jan-13 |  | Feb-18 |  | 25,000 |  |  | 24,486 |  |  | 24,486 |  |  | Fixed |
Warehouse Portfolio - Various | May-13 |  | May-23 |  | 32,000 |  |  | 32,000 |  |  | 32,000 |  |  | Fixed |
Multifamily Conversion – New York, NY (2) | May-13 |  | Feb-15 |  | 44,000 |  |  | 44,000 |  |  | 43,989 |  |  | Floating |
Office Condo - New York, NY | Jul-13 |  | Jul-22 |  | 14,000 |  |  | 14,000 |  |  | 13,596 |  |  | Fixed |
Condo Conversion – New York, NY (1) | Aug-13 |  | Sept-15 |  | 29,400 |  |  | 29,751 |  |  | 29,762 |  |  | Floating |
Mixed Use - Pittsburgh, PA (3) | Aug-13 |  | Aug-16 |  | 22,500 |  |  | 22,500 |  |  | 22,473 |  |  | Floating |
Mixed Use - Various (3) | Dec-13 |  | Dec-18 |  | 17,000 |  |  | 19,464 |  |  | 19,294 |  |  | Fixed |
Mixed Use - London, England | Apr-14 |  | Jan-15 |  | 50,009 |  |  | 52,355 |  |  | 52,355 |  |  | Fixed |
Healthcare Portfolio - Various (4) | Jun-14 |  | Jun-16 |  | 50,000 |  |  | 50,000 |  |  | 50,000 |  |  | Floating |
Hotel - New York, NY (4) | Jul-14 |  | Jul-16 |  | 20,000 |  |  | 20,000 |  |  | 19,870 |  |  | Floating |
Ski Resort - Big Sky, MT | Aug-14 |  | Sept-20 |  | 15,000 |  |  | 15,000 |  |  | 14,861 |  |  | Fixed |
Mixed Use - New York, NY (5) | Dec-14 |  | Dec-17 |  | 50,000 |  |  | 50,000 |  |  | 48,973 |  |  | Floating |
Total/Weighted Average |  |  |  |  | $ | 562,434 |  |  | $ | 563,599 |  |  | $ | 561,182 |  |  | 11.34 | %
(1) | Includes a one-year extension option subject to certain conditions and the payment of an extension fee.
(2) | Includes a three-month extension option subject to certain conditions and the payment of an extension fee.
(3) | Includes two one-year extension options subject to certain conditions and the payment of a fee for each extension.
(4) | Includes three one-year extension options 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. At December 31, 2014, the Company had $32,500 of unfunded loan commitments related to this loan.
During January 2014, the Company received a $15,000 principal repayment from a subordinate loan secured by a pledge of the equity interests in the owner of a New York City hotel. During June 2014, the Company received a $47,000 principal repayment from a mezzanine loan secured by a pledge of the equity interests in a portfolio of skilled nursing facilities. The Company evaluates its loans for possible impairment on a quarterly basis. See “Note 5 – Commercial Mortgage Loans” for a summary of the metrics reviewed. The Company has determined that an allowance for loan loss was not necessary at September 30, 2015 or December 31, 2014.

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- Definition The entire disclosure for mortgage loans on real estate, this includes the supplemental information pertaining to each mortgage loan receivable that equals or exceeds three percent of the carrying amount of mortgages. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 948 -SubTopic 310 -Section S99 -Paragraph 1 -Subparagraph (SX 210.12-29) -URI http://asc.fasb.org/extlink&oid=6589523&loc=d3e617274-123014 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 10 -Section S99 -Paragraph 6 -Subparagraph (SX 210.5-04.(c) Schedule IV) -URI http://asc.fasb.org/extlink&oid=27047687&loc=d3e5864-122674 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 29 -Article 12 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph c -Subparagraph Schedule IV -Article 5 + Details
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