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