Subordinate Loans (Tables)

9 Months Ended

Sep. 30, 2015

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.