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Subordinate Loans (Tables) | 3 Months Ended
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Mar. 31, 2016
Subordinate loans [Member] |
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 March 31, 2016:
Description | Date of Investment |  | Maturity Date |  | Original Face Amount |  | Current Face Amount |  | Carrying Value |  | Coupon
Subordinate to the Company's commercial mortgage loans |  |  |  |  |  |  |  |
Condominium – New York, NY (10) | Aug-13 |  | Sept-16 |  | $ | 29,400 |  |  | $ | 6,385 |  |  | $ | 6,449 |  |  | Floating
Hotel - New York, NY (1) | Sept-15 |  | Sept-18 |  | 5,166 |  |  | 5,166 |  |  | 5,029 |  |  | Floating
Multifamily - Williston, ND (2)(10) | Dec-15 |  | Nov-17 |  | 5,000 |  |  | 5,014 |  |  | 5,014 |  |  | Floating
Total - Subordinate to the Company's commercial mortgage loans |  | $ | 39,566 |  |  | $ | 16,565 |  |  | $ | 16,492 |  |  |
Subordinate to third party commercial mortgage loans |  |  |  |  |  |  |  |
Office - Michigan | May-10 |  | Jun-20 |  | 9,000 |  |  | 8,736 |  |  | 8,736 |  |  | 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 |  |  | 9,528 |  |  | 9,528 |  |  | Fixed
Hotel Portfolio – Rochester, MN | Jan-13 |  | Feb-18 |  | 25,000 |  |  | 24,102 |  |  | 24,102 |  |  | 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 |  |  | 13,641 |  |  | Fixed
Mixed Use - London, England | Apr-14 |  | Jan-16 |  | 49,383 |  |  | 49,383 |  |  | 49,383 |  |  | Fixed
Healthcare Portfolio - Various (3) | Jun-14 |  | Jun-16 |  | 50,000 |  |  | 39,223 |  |  | 39,223 |  |  | Floating
Ski Resort - Big Sky, MT | Aug-14 |  | Sept-20 |  | 15,000 |  |  | 15,000 |  |  | 14,883 |  |  | Fixed
Mixed Use - New York, NY (2) | Dec-14 |  | Dec-17 |  | 82,500 |  |  | 91,605 |  |  | 91,199 |  |  | Floating
Senior Housing - United Kingdom (2) | Jan-15 |  | Dec-17 |  | 81,838 |  |  | 77,504 |  |  | 77,504 |  |  | Floating
Hotel - Burbank, CA | Feb-15 |  | Jan-20 |  | 20,000 |  |  | 20,000 |  |  | 20,000 |  |  | Fixed
Multifamily Portfolio - Florida (3) | Apr-15 |  | May-17 |  | 22,000 |  |  | 22,000 |  |  | 21,914 |  |  | Floating
Multifamily Portfolio - Florida (3) | Apr-15 |  | May-17 |  | 15,500 |  |  | 15,500 |  |  | 15,439 |  |  | Floating
Mixed Use - Various (3) | Jun-15 |  | May-17 |  | 45,000 |  |  | 45,000 |  |  | 44,887 |  |  | Floating
Hotel - Phoenix, AZ | Jun-15 |  | Jul-25 |  | 25,000 |  |  | 25,000 |  |  | 25,000 |  |  | Fixed
Hotel - Washington, DC (2) | Jun-15 |  | Jul-17 |  | 20,000 |  |  | 20,000 |  |  | 19,949 |  |  | Floating
Condo Development - New York, NY (6) | Jun-15 |  | Jul-19 |  | 38,424 |  |  | 39,044 |  |  | 38,501 |  |  | Floating
Condo Conversion - New York, NY (2) | Jul-15 |  | Aug-18 |  | 50,000 |  |  | 54,125 |  |  | 53,750 |  |  | Floating
Mixed Use - New York, NY (7) | Sept-15 |  | Oct-18 |  | 30,000 |  |  | 30,000 |  |  | 29,887 |  |  | Floating
Destination Resort - Various (8) | Sept-15 |  | May-18 |  | 75,000 |  |  | 75,000 |  |  | 71,751 |  |  | Floating
Multifamily - New York, NY (9) | Oct-15 |  | Nov-18 |  | 55,000 |  |  | 55,000 |  |  | 54,617 |  |  | Floating
Hotel - New York, NY (4) | Dec-15 |  | Mar-17 |  | 50,000 |  |  | 50,000 |  |  | 49,631 |  |  | Floating
Condo Pre-development - United Kingdom (4) | Dec-15 |  | Sept-16 |  | 81,994 |  |  | 78,980 |  |  | 78,980 |  |  | Floating
Condo Conversion - New York, NY (5) | Jan-16 |  | Jul-19 |  | 23,434 |  |  | 23,633 |  |  | 22,879 |  |  | Floating
Total - Subordinate to third party commercial mortgage loans |  | $ | 926,598 |  |  | $ | 920,888 |  |  | $ | 913,909 |  |  |
Total/Weighted Average |  |  |  |  | $ | 966,164 |  |  | $ | 937,453 |  |  | $ | 930,401 |  |  |
(1) | Includes two one-year extension options subject to certain conditions and the payment of an extension fee. At March 31, 2016, the Company had $9,907 of unfunded loan commitments related to this loan.
(2) | Includes two one-year extension options subject to certain conditions and the payment of a fee for each extension.
(3) | Includes three one-year extension options subject to certain conditions and the payment of an extension fee.
(4) | Includes a three-month extension option subject to certain conditions and the payment of a fee.
(5) | Includes a one-year extension option subject to certain conditions and the payment of an extension fee. At March 31, 2016, the Company had $53,367 of unfunded loan commitments related to this loan.
(6) | Includes a one-year extension option subject to certain conditions and the payment of a fee for each extension. At March 31, 2016, the Company had $36,576 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) | At March 31, 2016, this loan was pledged to secure borrowings under the JPMorgan Facility or the Goldman Loan. See "Note 8 - Borrowings Under Repurchase Agreements" for a description of these facilities.
During February 2016, the Company received the full repayment from a $19,500 preferred equity investment secured by multifamily properties in Florida. The Company’s subordinate 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
Subordinate to the Company's commercial mortgage loans |  |  |  |  |  |  |  |
Condominium – 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 Under Repurchase Agreements" 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 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.

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