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.