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Commercial Mortgage 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 |
Commercial mortgage loans [Member] |
Mortgage Loans on Real Estate [Line Items] |
Loans | Commercial Mortgage Loans The Company’s commercial mortgage loan portfolio was comprised of the following at December 31, 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 |  |  | $ | 24,114 |  |  | $ | 24,289 |  |  | Floating |  |  | 40,000 sq. ft.
Condo Construction - Potomac, MD (2) | Feb-14 |  | Sept-16 |  | 80,000 |  |  | 65,125 |  |  | 65,087 |  |  | Floating |  |  | 50 units
Vacation Home Portfolio - Various (1) | Apr-14 |  | Apr-19 |  | 101,000 |  |  | 94,147 |  |  | 93,277 |  |  | Fixed |  |  | 229 properties
Hotel - Philadelphia, PA (1)(3) | May-14 |  | May-17 |  | 34,000 |  |  | 34,000 |  |  | 33,994 |  |  | Floating |  |  | 301 rooms
Condo Construction - Bethesda, MD (4) | Jun-14 |  | Dec-16 |  | 50,000 |  |  | 50,000 |  |  | 49,960 |  |  | Floating |  |  | 40 units
Multifamily - Brooklyn, NY (1)(5) | Jul-14 |  | Aug-16 |  | 34,500 |  |  | 34,500 |  |  | 34,886 |  |  | Floating |  |  | 63 units
Mixed Use - Cincinnati, OH (1)(3) | Nov-14 |  | May-18 |  | 165,000 |  |  | 165,000 |  |  | 163,173 |  |  | Floating |  |  | 65 acres
Condo Conversion - New York, NY (1) | Nov-14 |  | Jun-16 |  | 67,300 |  |  | 67,300 |  |  | 67,038 |  |  | Floating |  |  | 86,000 sq. ft.
Multifamily - Williston, ND (1)(3) | Nov-14 |  | Nov-17 |  | 58,000 |  |  | 49,691 |  |  | 49,665 |  |  | Floating |  |  | 366 units/homes
Vacation Home Portfolio - Various U.S. (1)(3) | Nov-14 |  | Nov-19 |  | 50,000 |  |  | 50,000 |  |  | 49,595 |  |  | Fixed |  |  | 24 properties
Mixed Use - Brooklyn, NY (1)(6) | Feb-15 |  | Mar-17 |  | 85,770 |  |  | 85,770 |  |  | 85,658 |  |  | Floating |  |  | 330,000 sq. ft.
Retail redevelopment - Miami, FL (1)(7) | Jun-15 |  | Jan-17 |  | 45,000 |  |  | 45,000 |  |  | 44,925 |  |  | Floating |  |  | 63,300 sq. ft.
Retail redevelopment - Miami, FL (1) | Jun-15 |  | Jul-17 |  | 33,000 |  |  | 33,000 |  |  | 32,804 |  |  | Floating |  |  | 16,600 sq. ft.
Retail - Brooklyn, NY (1)(8) | Aug-15 |  | Mar-17 |  | 1,653 |  |  | 1,653 |  |  | 1,636 |  |  | Floating |  |  | 10,500 sq. ft.
Hotel - New York, NY (1)(9) | Sept-15 |  | Sept-18 |  | 97,807 |  |  | 98,373 |  |  | 97,381 |  |  | Floating |  |  | 317 rooms
Retail - Brooklyn, NY (1) | Nov-15 |  | Mar-17 |  | 5,910 |  |  | 5,910 |  |  | 5,858 |  |  | Floating |  |  | 5,500 sq. ft.
Hotel - U.S. Virgin Islands (10) | Dec-15 |  | Jan-18 |  | 42,000 |  |  | 42,000 |  |  | 41,600 |  |  | Floating |  |  | 180 rooms
Office - Richmond, VA (11) | Dec-15 |  | Jan-18 |  | 54,000 |  |  | 54,000 |  |  | 53,475 |  |  | Floating |  |  | 262,000 sq. ft.
Total/Weighted Average |  |  |  |  | $ | 1,037,940 |  |  | $ | 999,583 |  |  | $ | 994,301 |  |  | 7.08 | % |  |
(1) | At December 31, 2015, this loan was pledged to secure borrowings under the Company’s master repurchase facility entered into with JPMorgan Chase Bank, N.A. (the “JPMorgan Facility”) or Company's repurchase agreement with Goldman Sachs Bank USA (the “Goldman Loan”). See Note 8 – Borrowings for a description of these facilities.
(2) | This loan includes a six-month extension option subject to certain conditions and the payment of a fee.
(3) | This loan includes two one-year extension options subject to certain conditions and the payment of a fee.
(4) | This loan includes a six-month extension option subject to certain conditions and the payment of a fee. As of December 31, 2015, the Company had $15,100 of unfunded loan commitments related to this loan.
(5) | This loan includes three one-year extension options subject to certain conditions and the payment of a fee for each extension.
(6) | As of December 31, 2015, the Company had $6,730 of unfunded loan commitments related to this loan.
(7) | This loan includes two six-month extension options subject to certain conditions and the payment of a fee.
(8) | As of December 31, 2015, the Company had $9,000 of unfunded loan commitments related to this loan.
(9) | This loan includes two one-year extension options subject to certain conditions and the payment of a fee. As of December 31, 2015, the Company had $40,034 of unfunded loan commitments related to this loan.
(10) | This loan includes three one-year extension options subject to certain conditions and the payment of a fee for each extension. As of December 31, 2015, the Company had $1,500 of unfunded loan commitments related to this loan.
(11) | This loan includes two one-year extension options subject to certain conditions and the payment of a fee. As of December 31, 2015, the Company had $1,000 of unfunded loan commitments related to this loan.
During April 2015, the Company received the full repayment from a commercial mortgage loan secured by a hotel in Silver Spring, Maryland. During October 2015, the Company received the full repayment from a $45,400 pari passu note that was part of a $227,000 first mortgage loan secured by a portfolio of 21 limited service and extended stay hotels throughout the United States. The Company’s commercial mortgage 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 |  | 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 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.
During November 2014, the Company received the full repayment from a whole loan secured by an office condominium in New York City as well as a hotel in New York City. During the fourth quarter of 2014, the Company received the full repayment from a whole loan secured by a condominium conversion project in New York City. The Company evaluates each loan for possible impairment on a quarterly basis. The Company regularly evaluates the extent and impact of any credit deterioration associated with the performance and/or value of the underlying collateral property as well as the financial and operating capability of the borrower/sponsor on a loan by loan basis. Specifically, a property’s operating results and any cash reserves are analyzed and used to assess (i) whether cash from operations are sufficient to cover the debt service requirements currently and into the future, (ii) the ability of the borrower to refinance the loan, and/or (iii) the property’s liquidation value. The Company also evaluates the financial wherewithal of any loan guarantors as well as the borrower’s competency in managing and operating the properties. In addition, the Company considers the overall economic environment, real estate sector, and geographic sub-market in which the borrower operates. Such loan loss analyses are completed and reviewed by asset management and finance personnel, who utilize various data sources, including (i) periodic financial data such as debt service coverage ratio, property occupancy, tenant profile, rental rates, operating expenses, the borrower’s exit plan, and capitalization and discount rates, (ii) site inspections, and (iii) current credit spreads and discussions with market participants. An allowance for loan loss is established when it is deemed probable that the Company will not be able to collect all amounts due according to the contractual terms of the loan. The Company has determined that an allowance for loan losses was not necessary at December 31, 2015 and 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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