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Subordinate Loans | 3 Months Ended
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Mar. 31, 2016
Subordinate loans [Member] |
Mortgage Loans on Real Estate [Line Items] |
Subordinate Loans | Subordinate Loans 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.
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 March 31, 2016 or December 31, 2015.

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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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