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Subordinate Loans | 12 Months Ended
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Dec. 31, 2015
Mortgage Loans on Real Estate [Line Items] |
Loans | Schedule IV — Mortgage Loans on Real Estate December 31, 2015
Property Type | Location |  | Interest Rate |  | Final Extended Maturity Date |  | Periodic Payment Terms |  | Face amount of loans |  | Carrying amount of loans |
Commercial mortgage loans |  |  |  |  |  |  |  |  |  |  |  |
Condo Conversion | New York |  | 7.00 | % |  | Sept - 16 |  | Interest only |  | 24,114 |  |  | 24,289 |  |
Condo Construction | Maryland |  | 10.50 | % |  | Mar-17 |  | Interest only |  | 65,125 |  |  | 65,087 |  |
Vacation Home Portfolio | Various |  | 7.50 | % |  | Apr-19 |  | Principal and interest |  | 94,147 |  |  | 93,277 |  |
Hotel | Pennsylvania |  | 4.74 | % |  | May-19 |  | Interest only |  | 34,000 |  |  | 33,994 |  |
Condo Construction | Maryland |  | 10.75 | % |  | Jun-17 |  | Interest only |  | 50,000 |  |  | 49,960 |  |
Multifamily | New York |  | 4.41 | % |  | Aug-19 |  | Interest only |  | 34,500 |  |  | 34,886 |  |
Mixed Use | Ohio |  | 9.25 | % |  | May-20 |  | Interest only |  | 165,000 |  |  | 163,173 |  |
Condo Conversion | New York |  | 3.75 | % |  | Jun-16 |  | Interest only |  | 67,300 |  |  | 67,038 |  |
Multifamily | North Dakota |  | 6.15 | % |  | Nov-19 |  | Principal and interest |  | 49,691 |  |  | 49,665 |  |
Vacation Home Portfolio | Various US cities |  | 7.00 | % |  | Nov-21 |  | Interest only |  | 50,000 |  |  | 49,595 |  |
Mixed Use | New York |  | 7.25 | % |  | Mar-17 |  | Interest only |  | 85,770 |  |  | 85,658 |  |
Retail redevelopment | Florida |  | 6.25 | % |  | Jan-18 |  | Interest only |  | 45,000 |  |  | 44,925 |  |
Retail redevelopment | Florida |  | 6.25 | % |  | Jul-17 |  | Interest only |  | 33,000 |  |  | 32,804 |  |
Retail | New York |  | 10.25 | % |  | Mar-17 |  | Interest only |  | 1,653 |  |  | 1,636 |  |
Hotel | New York |  | 5.50 | % |  | Sept-20 |  | Interest only |  | 98,373 |  |  | 97,381 |  |
Retail | New York |  | 7.25 | % |  | Mar-17 |  | Interest only |  | 5,910 |  |  | 5,858 |  |
Hotel | U.S. Virgin Islands |  | 5.27 | % |  | Jan-21 |  | Interest only |  | 42,000 |  |  | 41,600 |  |
Office | Virginia |  | 5.53 | % |  | Jan-20 |  | Principal and interest |  | 54,000 |  |  | 53,475 |  |
Total commercial mortgage loans |  |  |  |  |  |  |  | 999,583 |  |  | 994,301 |  |
Subordinate loans (1) |  |  |  |  |  |  |  |  |  |  |  |
Office | Michigan |  | 13.00 | % |  | Jun - 20 |  | Principal and interest |  | 8,753 |  |  | 8,753 |  |
Mixed Use | North Carolina |  | 11.10 | % |  | Aug - 22 |  | Interest only |  | 6,525 |  |  | 6,525 |  |
Office Complex | Missouri |  | 11.75 | % |  | Oct - 22 |  | Principal and interest |  | 9,566 |  |  | 9,566 |  |
Hotel Portfolio | Missouri |  | 11.00 | % |  | Feb - 18 |  | Principal and interest |  | 24,182 |  |  | 24,182 |  |
Warehouse Portfolio | Various US cities |  | 11.50 | % |  | May - 23 |  | Interest only |  | 32,000 |  |  | 32,000 |  |
Office Condo | New York |  | 11.25 | % |  | Jul - 22 |  | Interest only |  | 14,000 |  |  | 13,631 |  |
Condo Conversion | New York |  | 7.00 | % |  | Sept - 16 |  | Interest only |  | 6,386 |  |  | 6,415 |  |
Mixed Use | Various US cities |  | 14.00 | % |  | Dec - 18 |  | Interest only |  | 19,500 |  |  | 19,377 |  |
Mixed Use | England |  | 10.25 | % |  | Jan - 16 |  | Interest only |  | 50,676 |  |  | 50,676 |  |
Healthcare Portfolio | Various US |  | 9.47 | % |  | Jun - 19 |  | Interest only |  | 39,223 |  |  | 39,223 |  |
Ski Resort | Montana |  | 14.00 | % |  | Sept - 20 |  | Interest only |  | 15,000 |  |  | 14,878 |  |
Mixed Use | New York |  | 10.69 | % |  | Dec - 19 |  | Interest only |  | 88,368 |  |  | 87,818 |  |
Senior Housing | United Kingdom |  | 8.83 | % |  | Dec - 19 |  | Principal and interest |  | 79,735 |  |  | 79,735 |  |
Hotel | California |  | 10.40 | % |  | Jan-20 |  | Principal and interest |  | 20,000 |  |  | 20,000 |  |
Multifamily Portfolio | Florida |  | 11.70 | % |  | May-20 |  | Interest only |  | 22,000 |  |  | 21,895 |  |
Multifamily Portfolio | Florida |  | 11.70 | % |  | May-20 |  | Interest only |  | 15,500 |  |  | 15,426 |  |
Mixed Use | Various US |  | 9.30 | % |  | May-20 |  | Interest only |  | 45,000 |  |  | 44,854 |  |
Hotel | Arizona |  | 11.50 | % |  | Jul-25 |  | Interest only |  | 25,000 |  |  | 25,000 |  |
Hotel | Washington, DC |  | 9.80 | % |  | Jul-19 |  | Interest only |  | 20,000 |  |  | 19,934 |  |
Condo Development | New York |  | 13.00 | % |  | Jul-20 |  | Interest only |  | 34,184 |  |  | 33,567 |  |
Condo Conversion | New York |  | 12.75 | % |  | Jul-20 |  | Interest only |  | 52,418 |  |  | 51,941 |  |
Mixed Use | New York |  | 10.25 | % |  | Mar-17 |  | Interest only |  | 12,347 |  |  | 12,222 |  |
Mixed Use | New York |  | 10.50 | % |  | Oct-19 |  | Interest only |  | 30,000 |  |  | 29,785 |  |
Hotel | New York |  | 5.50 | % |  | Sept-20 |  | Interest only |  | 2,595 |  |  | 2,458 |  |
Destination Resort | Various US cities |  | 9.10 | % |  | May-22 |  | Interest only |  | 75,000 |  |  | 71,362 |  |
Multifamily | New York |  | 10.75 | % |  | May-19 |  | Interest only |  | 55,000 |  |  | 54,558 |  |
Hotel | New York |  | 12.36 | % |  | Mar-17 |  | Interest only |  | 50,000 |  |  | 49,522 |  |
Condo Pre-development | United Kingdom |  | 11.14 | % |  | Dec-16 |  | Interest only |  | 81,048 |  |  | 81,048 |  |
Multifamily | North Dakota |  | 6.15 | % |  | Nov-19 |  | Interest only |  | 5,000 |  |  | 5,000 |  |
Total subordinate loans |  |  |  |  |  |  |  |  | 939,006 |  |  | 931,351 |  |
Total |  |  |  |  |  |  |  | $ | 1,938,589 |  |  | $ | 1,925,652 |  | (2 | )
(1) | Subject to prior liens.
(2) | The aggregate cost for federal income tax purposes is $1,925,652.
The following table summarizes the changes in the carrying amounts of mortgage loans during 2015 and 2014. Reconciliation of Carrying Amount of Loans
| 2015 |  | 2014
Balance at beginning of year | $ | 1,019,702 |  |  | $ | 658,583 |
New loans | 1,366,062 |  |  | 802,664 |
Sales | (136,573 | ) |  | (4,950 | )
Collections of principal | (348,516 | ) |  | (299,551 | )
Discount accretion | 9,096 |  |  | 4,316 |
Foreign currency loss | (6,116 | ) |  | (4,095 | )
Payment-in-kind | 21,997 |  |  | 16,570 |
Exchange for CMBS (held-to-maturity) | — |  |  | (153,835 | )
Balance at the close of year | $ | 1,925,652 |  |  | $ | 1,019,702 |
Subordinate Loans [Member] |
Mortgage Loans on Real Estate [Line Items] |
Loans | Subordinate Loans The Company’s subordinate loan portfolio was comprised of the following as of December 31, 2015:
Description | Date of Investment |  | Maturity Date |  | Original Face Amount |  | Current Face Amount |  | Carrying Value |  | Coupon
Subordinate to the Company's commercial mortgage loans |  |  |  |  |  |  |  |  |  |
Condo Conversion – New York, NY (1) | Aug-13 |  | Sept-16 |  | $ | 29,400 |  |  | $ | 6,386 |  |  | $ | 6,415 |  |  | Floating |
Mixed Use - Brooklyn, NY (1) | Aug-15 |  | Mar-17 |  | 12,347 |  |  | 12,347 |  |  | 12,222 |  |  | Floating |
Hotel - New York, NY (1)(2) | Sept-15 |  | Sept-18 |  | 2,562 |  |  | 2,595 |  |  | 2,458 |  |  | Floating |
Multifamily - Williston, ND (1)(3) | Dec-15 |  | Nov-17 |  | 5,000 |  |  | 5,000 |  |  | 5,000 |  |  | Floating |
Total - Subordinate to the Company's commercial mortgage loans |  | $ | 49,309 |  |  | $ | 26,328 |  |  | $ | 26,095 |  |  |
Subordinate to third party commercial mortgage loans |  |  |  |  |  |  |  |
Office - Michigan | May-10 |  | Jun-20 |  | $ | 9,000 |  |  | $ | 8,753 |  |  | $ | 8,753 |  |  | 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 |  |  | 9,566 |  |  | 9,566 |  |  | Fixed |
Hotel Portfolio – Rochester, MN | Jan-13 |  | Feb-18 |  | 25,000 |  |  | 24,182 |  |  | 24,182 |  |  | 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 |  |  | 13,631 |  |  | Fixed |
Mixed Use - Various (3) | Dec-13 |  | Dec-16 |  | 17,000 |  |  | 19,500 |  |  | 19,377 |  |  | Fixed |
Mixed Use - London, England | Apr-14 |  | Jan-16 |  | 50,009 |  |  | 50,676 |  |  | 50,676 |  |  | Fixed |
Healthcare Portfolio - Various (4) | Jun-14 |  | Jun-16 |  | 50,000 |  |  | 39,223 |  |  | 39,223 |  |  | Floating |
Ski Resort - Big Sky, MT | Aug-14 |  | Sept-20 |  | 15,000 |  |  | 15,000 |  |  | 14,878 |  |  | Fixed |
Mixed Use - New York, NY (5) | Dec-14 |  | Dec-17 |  | 81,715 |  |  | 88,368 |  |  | 87,818 |  |  | Floating |
Senior Housing - United Kingdom (3) | Jan-15 |  | Dec-17 |  | 82,063 |  |  | 79,735 |  |  | 79,735 |  |  | 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 |  |  | 21,895 |  |  | Floating |
Multifamily Portfolio - Florida (4) | Apr-15 |  | May-17 |  | 15,500 |  |  | 15,500 |  |  | 15,426 |  |  | Floating |
Mixed Use - Various (4) | Jun-15 |  | May-17 |  | 45,000 |  |  | 45,000 |  |  | 44,854 |  |  | 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 |  |  | 19,934 |  |  | Floating |
Condo Development - New York, NY (6) | Jun-15 |  | Jul-19 |  | 33,840 |  |  | 34,184 |  |  | 33,567 |  |  | Floating |
Condo Conversion - New York, NY (3) | Jul-15 |  | Aug-18 |  | 50,000 |  |  | 52,418 |  |  | 51,941 |  |  | Floating |
Mixed Use - New York, NY (7) | Sept-15 |  | Oct-18 |  | 30,000 |  |  | 30,000 |  |  | 29,785 |  |  | Floating |
Destination Resort - Various (8) | Sept-15 |  | May-18 |  | 75,000 |  |  | 75,000 |  |  | 71,362 |  |  | Floating |
Multifamily - New York, NY (9) | Oct-15 |  | Nov-18 |  | 55,000 |  |  | 55,000 |  |  | 54,558 |  |  | Floating |
Hotel - New York, NY (10) | Dec-15 |  | Mar-17 |  | 50,000 |  |  | 50,000 |  |  | 49,522 |  |  | Floating |
Condo Pre-development - United Kingdom (10) | Dec-15 |  | Sept-16 |  | 81,994 |  |  | 81,048 |  |  | 81,048 |  |  | Floating |
Total - Subordinate to third party commercial mortgage loans |  | $ | 915,646 |  |  | $ | 912,678 |  |  | $ | 905,256 |  |  |
Total/Weighted Average |  | $ | 964,955 |  |  | $ | 939,006 |  |  | $ | 931,351 |  |  | 11.34 | %
(1) | At December 31, 2015, this loan was pledged to secure borrowings under the JPMorgan Facility. See Note 8 – Borrowings for a description of this facility.
(2) | Includes two one-year extension options subject to certain conditions and the payment of an extension fee. As of December 31, 2015, the Company had $12,478 of unfunded loan commitments related to this loan.
(3) | Includes two one-year extension options subject to certain conditions and the payment of an extension fee.
(4) | Includes three one-year extension options subject to certain conditions and the payment of an extension fee.
(5) | Includes a two one-year extension options subject to certain conditions and the payment of an extension fee. As of December 31, 2015, the Company had $785 of unfunded loan commitments related to this loan.
(6) | Includes a one-year extension option subject to certain conditions and the payment of an extension fee. As of December 31, 2015, the Company had $41,160 of unfunded loan commitments related to this loan.
(7) | Includes a one-year extension option subject to certain conditions and the payment of an extension fee.
(8) | Includes four one-year extension options subject to certain conditions and the payment of an extension fee.
(9) | Includes a six-month extension option subject to certain conditions and the payment of a fee.
(10) | Includes a three-month extension option subject to certain conditions and the payment of a 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, Pennsylvania. During July 2015, the Company received the full repayment of a subordinate loan secured by the pledge of the equity interests in a borrower that acquired five adjacent commercial buildings in the Gramercy Park neighborhood of New York City. 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 and retained an interest only strip that bore interest at 3.4%. The loan was repaid in December 2015. 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, New York. The Company retained the rights to the prepayment penalty and received a prepayment fee $333 during December 2015. 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. During October 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 condominium town in the TriBeCa neighborhood of New York City. During October 2015, the Company received the full repayment of a subordinate loan secured by a pledge of the equity interests in the owner of two buildings in midtown Manhattan. The Company’s subordinate loan portfolio was comprised of the following as of December 31, 2014:
Description | Date of Investment |  | Maturity Date |  | Original Face Amount |  | Current Face Amount |  | Carrying Value |  | Coupon
Subordinate to the Company's commercial mortgage loans |  |  |  |  |  |  |  |
Condo Conversion – New York, NY (1) | Aug-13 |  | Sept-15 |  | $ | 29,400 |  |  | $ | 29,751 |  |  | $ | 29,762 |  |  | Floating
Total - Subordinate to the Company's commercial mortgage loans |  | $ | 29,400 |  |  | $ | 29,751 |  |  | $ | 29,762 |  |  |
Subordinate to third party commercial mortgage loans |  |  |  |  |  |  |  |
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
Mixed Use - Pittsburgh, PA (3) | Aug-13 |  | Aug-16 |  | 22,500 |  |  | 22,500 |  |  | 22,473 |  |  | Floating
Mixed Use - Various (3) | Dec-13 |  | Dec-16 |  | 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 - Subordinate to third party commercial mortgage loans |  | $ | 533,034 |  |  | $ | 533,848 |  |  | $ | 531,420 |  |  |
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. During August 2014, the Company received the final repayment from a $50,000 mezzanine loan secured by a pledge of the equity interests in a borrower that owns a portfolio of seven office parks throughout Florida. During November 2014, the Company received the final repayment from a $28,250 mezzanine loan secured by a pledge of the equity interests in a borrower that owns the leasehold interest in a hotel in New York City. During the fourth quarter of 2014, the Company received the full repayment from a subordinate loan secured by a condominium conversion project in New York City. 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 December 31, 2015 and 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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