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

33,987

Floating

301 rooms

Condo Construction - Bethesda, MD (4)

Jun-14

Dec-16

50,000

50,158

Floating

40 units

Multifamily - Brooklyn, NY (1)(5)

Jul-14

Aug-16

34,500

34,918

Floating

63 units

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

Nov-14

May-18

165,000

162,422

Floating

65 acres

Condo Conversion - New York, NY (1)

Nov-14

Jun-16

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

49,618

Fixed

24 properties

Mixed Use - Brooklyn, NY (1)(8)

Feb-15

Mar-17

85,770

85,821

Floating

330,000 sq. ft.

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

Jun-15

Jan-17

45,000

45,071

Floating

63,300 sq. ft.

Retail - Brooklyn, NY (1)

Aug-15

Mar-17

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

5,878

Floating

5,500 sq. ft.

Hotel - U.S. Virgin Islands (1)(10)

Dec-15

Jan-18

42,000

41,656

Floating

180 rooms

Office - Richmond, VA (1)(11)

Dec-15

Jan-18

54,000

53,571

Floating

262,000 sq. ft.

Retail redevelopment - Miami, FL (1)(12)

Jan-16

Jan-18

177,500

175,043

Floating

113,000 sq. ft.

Office - Boston, MA (6)

Mar-16

Mar-18

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

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 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.