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Commercial Mortgage Loans (Tables) | 3 Months Ended
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Mar. 31, 2016
Commercial mortgage loans [Member] |
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 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’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.

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