Commercial Mortgage Loans (Tables)

9 Months Ended

Sep. 30, 2015

Commercial mortgage loans [Member]

Mortgage Loans on Real Estate [Line Items]

Schedule of Mortgage Loans on Real Estate

The Company’s commercial mortgage 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

Property Size

Condo Conversion – New York, NY (1)

Aug-13

Sept-16

33,000

24,131

24,252

Floating

40,000 sq. ft.

Condo Construction - Potomac, MD (3)

Feb-14

Sept-16

80,000

79,739

Floating

50 units

Vacation Home Portfolio - Various (1)

Apr-14

Apr-19

101,000

95,984

95,086

Fixed

229 properties

Hotel - Philadelphia, PA (1)(4)

May-14

May-17

34,000

33,960

Floating

301 rooms

Condo Construction - Bethesda, MD (5)

Jun-14

Dec-16

33,000

32,900

Floating

40 units

Multifamily - Brooklyn, NY (1)(6)

Jul-14

Aug-16

34,500

34,818

Floating

63 units

Mixed Use - Cincinnati, OH (7)

Nov-14

May-18

128,700

127,074

Floating

65 acres

Condo Conversion - New York, NY (1)(8)

Nov-14

Dec-15

67,300

67,078

Floating

86,000 sq. ft.

Multifamily - Williston, ND (1)(4)

Nov-14

Nov-17

58,000

55,140

54,979

Floating

366 units/homes

Vacation Home Portfolio - Various U.S. (1)(4)

Nov-14

Nov-19

50,000

49,572

Fixed

24 properties

Mixed Use - Brooklyn, NY (1)(9)

Feb-15

Mar-17

85,770

85,414

Floating

330,000 sq. ft.

Hotel Portfolio - Various U.S. (1)(2)

Jun-15

Mar-17

45,400

45,290

Floating

2,690 rooms

Retail redevelopment - Miami, FL (1)(10)

Jun-15

Jan-17

45,000

44,740

Floating

63,300 sq. ft.

Retail redevelopment - Miami, FL (1)

Jun-15

Jul-17

33,000

32,719

Floating

16,600 sq. ft.

Retail - Brooklyn, NY (1)(11)

Aug-15

Mar-17

1,653

1,629

Floating

10,500 sq. ft.

Hotel - New York, NY (12)

Sept-15

Sept-18

97,807

96,431

Floating

317 rooms

Total/Weighted Average

928,130

911,385

905,681

7.02


(1)	At September 30, 2015, this loan was pledged to secure borrowings under the Company’s master repurchase facilities entered into with JPMorgan Chase Bank, N.A. (the “JPMorgan Facility”) or Goldman Sachs Bank USA (the “Goldman Loan”). See "Note 8 – Borrowings Under Repurchase Agreements" for a description of these facilities.


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


(3)	This loan includes a six-month extension option subject to certain conditions and the payment of a fee.


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


(5)	This loan includes a six-month extension option subject to certain conditions and the payment of a fee. At September 30, 2015, the Company had $32,100 of unfunded loan commitments related to this loan.


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


(7)	This loan includes two one-year extension options subject to certain conditions and the payment of a fee. At September 30, 2015, the Company had $36,300 of unfunded loan commitments related to this loan.


(8)	This loan includes a six-month extension option subject to certain conditions and the payment of a fee.


(9)	At September 30, 2015, the Company had $6,730 of unfunded loan commitments related to this loan.


(10)	This loan includes two six-month extension options subject to certain conditions and the payment of a fee.


(11)	At September 30, 2015, the Company had $9,000 of unfunded loan commitments related to this loan.


(12)	This loan includes two one-year extension options subject to certain conditions and the payment of a fee. At September 30, 2015, the Company had $40,599 of unfunded loan commitments related to this loan.

The Company’s commercial mortgage 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		Property Size
Hotel - Silver Spring, MD (1)	Mar-10	Apr-15	$	26,000	$	24,590	$	24,557	Fixed		263 rooms
Condo Conversion – New York, NY (1)(2)	Aug-13	Sept-15	33,000		33,846		33,961		Floating		40,000 sq. ft.
Condo Construction - Potomac, MD (3)	Feb-14	Sept-16	28,000		28,000		27,520		Floating		50 units
Vacation Home Portfolio - Various	Apr-14	Apr-19	101,000		100,046		99,086		Fixed		229 properties
Hotel - Philadelphia, PA (1)(4)	May-14	May-17	34,000		34,000		33,842		Floating		301 rooms
Condo Construction - Bethesda, MD (5)	Jun-14	Dec-16	20,000		20,000		19,616		Floating		40 units
Multifamily - Brooklyn, NY (1)(6)	Jul-14	Aug-16	30,000		30,000		30,110		Floating		63 units
Mixed Use - Cincinnati, OH (7)	Nov-14	May-18	20,000		20,000		18,309		Floating		65 acres
Condo Conversion - New York, NY (1)(8)	Nov-14	Dec-15	67,300		67,300		64,714		Floating		86,000 sq. ft.
Multifamily - Williston, ND (1)(4)	Nov-14	Nov-17	58,000		57,792		57,297		Floating		366 units/homes
Vacation Home Portfolio - Various U.S. (4)	Nov-14	Nov-19	50,000		50,000		49,508		Fixed		24 properties
Total/Weighted Average			$	467,300	$	465,574	$	458,520	6.84	%


(1)	At December 31, 2014, this loan was pledged to secure borrowings under the JPMorgan Facility. See "Note 8 – Borrowings Under Repurchase Agreements" for a description of this facility.


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


(3)	This loan includes a six-month extension option subject to certain conditions and the payment of a fee. At December 31, 2014, the Company had $52,000 of unfunded loan commitments related to this loan.


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


(5)	This loan includes a six-month extension option subject to certain conditions and the payment of a fee. At December 31, 2014, the Company had $45,100 of unfunded loan commitments related to this loan.


(6)	This loan includes three one-year extension options subject to certain conditions and the payment of a fee for each extension. At December 31, 2014, the Company had $4,500 of unfunded loan commitments related to this loan.


(7)	This loan includes two one-year extension options subject to certain conditions and the payment of a fee. At December 31, 2014, the Company had $145,000 of unfunded loan commitments related to this loan.


(8)	This loan includes a six-month extension option subject to certain conditions and the payment of a fee.