Commercial Mortgage Loans (Tables)

12 Months Ended

Dec. 31, 2015

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 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.

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

33,994

Floating

301 rooms

Condo Construction - Bethesda, MD (4)

Jun-14

Dec-16

50,000

49,960

Floating

40 units

Multifamily - Brooklyn, NY (1)(5)

Jul-14

Aug-16

34,500

34,886

Floating

63 units

Mixed Use - Cincinnati, OH (1)(3)

Nov-14

May-18

165,000

163,173

Floating

65 acres

Condo Conversion - New York, NY (1)

Nov-14

Jun-16

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

49,595

Fixed

24 properties

Mixed Use - Brooklyn, NY (1)(6)

Feb-15

Mar-17

85,770

85,658

Floating

330,000 sq. ft.

Retail redevelopment - Miami, FL (1)(7)

Jun-15

Jan-17

45,000

44,925

Floating

63,300 sq. ft.

Retail redevelopment - Miami, FL (1)

Jun-15

Jul-17

33,000

32,804

Floating

16,600 sq. ft.

Retail - Brooklyn, NY (1)(8)

Aug-15

Mar-17

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

5,858

Floating

5,500 sq. ft.

Hotel - U.S. Virgin Islands (10)

Dec-15

Jan-18

42,000

41,600

Floating

180 rooms

Office - Richmond, VA (11)

Dec-15

Jan-18

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.