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Subordinate Loans (Tables) | 9 Months Ended
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Sep. 30, 2015
Subordinate loans [Member] |
Mortgage Loans on Real Estate [Line Items] |
Schedule of Mortgage Loans on Real Estate | 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.
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.

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