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Commercial Mortgage Loans | 3 Months Ended
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Mar. 31, 2016
Commercial mortgage loans [Member] |
Mortgage Loans on Real Estate [Line Items] |
Commercial Mortgage Loans | Commercial Mortgage Loans The Company’s commercial mortgage 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 |  | Property Size
Condominium – New York, NY (1) | Aug-13 |  | Sept-16 |  | 33,000 |  |  | 24,114 |  |  | 24,319 |  |  | Floating |  | 40,000 sq. ft.
Condominium - Bethesda, MD (1)(2) | Feb-14 |  | Sept-16 |  | 80,000 |  |  | 53,260 |  |  | 53,388 |  |  | Floating |  | 50 units
Vacation Home Portfolio - Various | Apr-14 |  | Apr-19 |  | 101,000 |  |  | 92,243 |  |  | 91,394 |  |  | Fixed |  | 229 properties
Hotel - Philadelphia, PA (1)(3) | May-14 |  | May-17 |  | 34,000 |  |  | 34,000 |  |  | 33,987 |  |  | Floating |  | 301 rooms
Condo Construction - Bethesda, MD (4) | Jun-14 |  | Dec-16 |  | 50,000 |  |  | 50,000 |  |  | 50,158 |  |  | Floating |  | 40 units
Multifamily - Brooklyn, NY (1)(5) | Jul-14 |  | Aug-16 |  | 34,500 |  |  | 34,500 |  |  | 34,918 |  |  | Floating |  | 63 units
Mixed Use - Cincinnati, OH (1)(3) | Nov-14 |  | May-18 |  | 165,000 |  |  | 165,000 |  |  | 162,422 |  |  | Floating |  | 65 acres
Condo Conversion - New York, NY (1) | Nov-14 |  | Jun-16 |  | 67,300 |  |  | 67,300 |  |  | 67,026 |  |  | Floating |  | 86,000 sq. ft.
Multifamily - Williston, ND (1)(3) | Nov-14 |  | Nov-17 |  | 58,000 |  |  | 49,692 |  |  | 49,688 |  |  | Floating |  | 366 units/homes
Vacation Home Portfolio - Various U.S. (1)(3) | Nov-14 |  | Nov-19 |  | 50,000 |  |  | 50,000 |  |  | 49,618 |  |  | Fixed |  | 24 properties
Mixed Use - Brooklyn, NY (1)(8) | Feb-15 |  | Mar-17 |  | 85,770 |  |  | 85,770 |  |  | 85,821 |  |  | Floating |  | 330,000 sq. ft.
Retail redevelopment - Miami, FL (1)(7) | Jun-15 |  | Jan-17 |  | 45,000 |  |  | 45,000 |  |  | 45,071 |  |  | Floating |  | 63,300 sq. ft.
Retail - Brooklyn, NY (1) | Aug-15 |  | Mar-17 |  | 23,000 |  |  | 23,000 |  |  | 22,906 |  |  | Floating |  | 10,500 sq. ft.
Hotel - New York, NY (1)(9) | Sept-15 |  | Sept-18 |  | 97,807 |  |  | 98,854 |  |  | 98,119 |  |  | Floating |  | 317 rooms
Retail - Brooklyn, NY | Nov-15 |  | Mar-17 |  | 5,910 |  |  | 5,910 |  |  | 5,878 |  |  | Floating |  | 5,500 sq. ft.
Hotel - U.S. Virgin Islands (1)(10) | Dec-15 |  | Jan-18 |  | 42,000 |  |  | 42,000 |  |  | 41,656 |  |  | Floating |  | 180 rooms
Office - Richmond, VA (1)(11) | Dec-15 |  | Jan-18 |  | 54,000 |  |  | 54,000 |  |  | 53,571 |  |  | Floating |  | 262,000 sq. ft.
Retail redevelopment - Miami, FL (1)(12) | Jan-16 |  | Jan-18 |  | 177,500 |  |  | 177,500 |  |  | 175,043 |  |  | Floating |  | 113,000 sq. ft.
Office - Boston, MA (6) | Mar-16 |  | Mar-18 |  | 28,500 |  |  | 28,500 |  |  | 28,202 |  |  | Floating |  | 114,000 sq. ft.
Total/Weighted Average |  |  |  |  | $ | 1,232,287 |  |  | $ | 1,180,643 |  |  | $ | 1,173,185 |  |  |  |  |
(1) | At March 31, 2016, this loan was pledged to secure borrowings under the Company’s master repurchase facilities entered into with JPMorgan Chase Bank, N.A. (the “JPMorgan Facility”) or Goldman Sachs Bank USA (the “Goldman Loan”). See "Note 8 – Borrowings Under Repurchase Agreements" 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. At March 31, 2016, 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.
(6) | This loan includes one six-month extension option subject to certain conditions and the payment of a fee. At March 31, 2016, the Company had $2,500 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 for each extension.
(8) | At March 31, 2016, the Company had $6,730 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. At March 31, 2016, the Company had $39,553 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 such extension. At March 31, 2016, 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. At March 31, 2016, the Company had $1,000 of unfunded loan commitments related to this loan.
(12) | This loan includes a one -year extension option subject to certain conditions and the payment of a fee. At March 31, 2016, the Company had $42,500 of unfunded loan commitments related to this loan.
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
Condominium – New York, NY (1) | Aug-13 |  | Sept-16 |  | $ | 33,000 |  |  | $ | 24,114 |  |  | $ | 24,289 |  |  | Floating |  |  | 40,000 sq. ft.
Condominium- Bethesda, 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 JPMorgan Facility or the Goldman Loan. See "Note 8 – Borrowings Under Repurchase Agreements" 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. At 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) | At 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) | At 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 for each extension. At 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. At December 31, 2015, the Company had $1,500 of unfunded loan commitments related to this loan.
(11) | This loan includes a two one-year extension options subject to certain conditions and the payment of a fee. At December 31, 2015, the Company had $1,000 of unfunded loan commitments related to this loan.
The Company evaluates its loans 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 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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