Subordinate Loans

The Company’s subordinate loan portfolio was comprised of the following at June 30, 2016:

Description

Maturity
Date

Current Principal Balance

Carrying
Value

Fixed/Floating

Property Size

Subordinate to the Company's commercial mortgage loans

Hotel - New York, NY (1)

Sept-18

5,726

5,606

Floating

317 keys

Multifamily - Williston, ND (2)

Nov-17

5,000

—

Floating

366 units

Total - Subordinate to the Company's commercial mortgage loans

10,726

5,606

Subordinate to third party commercial mortgage loans

Office - Michigan

Jun-20

8,721

Fixed

506,598 sq. ft.

Mixed Use – North Carolina

Aug-22

6,525

Fixed

170,897 sq. ft.

Office Complex - Missouri

Oct-22

9,491

Fixed

845,241 sq. ft.

Hotel Portfolio – Rochester, MN

Feb-18

24,025

Fixed

1,222 keys

Warehouse Portfolio - Various

May-23

32,000

Fixed

2,767,047 sq. ft.

Office Condo - New York, NY

Jul-22

14,000

13,651

Fixed

436,598 sq. ft.

Mixed Use - London, England

Sept-16

45,776

Fixed

210,000 sq. ft.

Healthcare Portfolio - Various (2)

Jun-17

39,223

Floating

18,403 beds

Ski Resort - Big Sky, MT

Sept-20

15,000

14,893

Fixed

632 keys

Mixed Use - New York, NY (2)

Dec-17

94,190

93,915

Floating

363 units

Senior Housing - United Kingdom (2)

Dec-17

71,661

Floating

2,128 beds

Hotel - Burbank, CA

Jan-20

20,000

Fixed

488 keys

Multifamily Portfolio - Florida (3)

May-17

22,000

21,926

Floating

621 units

Multifamily Portfolio - Florida (3)

May-17

15,500

15,448

Floating

621 units

Mixed Use - Various (3)

May-17

45,000

44,978

Floating

3,535,774 sq. ft.

Hotel - Phoenix, AZ

Jul-25

25,000

Fixed

744 keys

Hotel - Washington, DC (2)

Jul-17

20,000

19,958

Floating

581 keys

Condo Development - New York, NY (6)

Jul-19

44,908

44,440

Floating

60 units

Condo Conversion - New York, NY (2)

Aug-18

55,908

55,579

Floating

223 units

Mixed Use - New York, NY (7)

Oct-18

30,000

29,865

Floating

363 units

Destination Resort - Various (8)

May-18

75,000

72,127

Floating

5,243 keys

Multifamily - New York, NY (9)(10)

Nov-18

55,000

54,661

Floating

185,000 sq. ft.

Hotel - New York, NY (4)(10)

Mar-17

50,000

49,684

Floating

468 keys

Condo Pre-development - United Kingdom (4)

Sept-16

73,211

Floating

41 units

Condo Conversion - New York, NY (5)

Jul-19

31,558

30,795

Floating

139 units

Total - Subordinate to third party commercial mortgage loans

923,697

917,553

Total/Weighted Average

934,423

923,159


(1)	Includes two one-year extension options subject to certain conditions and the payment of an extension fee. At June 30, 2016, the Company had $9,348 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 June 30, 2016, the Company had $45,442 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 June 30, 2016, the Company had $31,035 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 June 30, 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.

The Company’s subordinate loan portfolio was comprised of the following at December 31, 2015:



Description	Maturity Date	Current Principal Balance		Carrying Value		Fixed/Floating
Subordinate to the Company's commercial mortgage loans
Condominium – New York, NY (1)	Sept-16	$	6,386	$	6,415	Floating
Mixed Use - Brooklyn, NY (1)	Mar-17	12,347		12,222		Floating
Hotel - New York, NY (1)(2)	Sept-18	2,595		2,458		Floating
Multifamily - Williston, ND (1)(3)	Nov-17	5,000		5,000		Floating
Total - Subordinate to the Company's commercial mortgage loans		$	26,328	$	26,095

Subordinate to third party commercial mortgage loans
Office - Michigan	Jun-20	$	8,753	$	8,753	Fixed
Mixed Use – North Carolina	Aug-22	6,525		6,525		Fixed
Office Complex - Missouri	Oct-22	9,566		9,566		Fixed
Hotel Portfolio – Rochester, MN	Feb-18	24,182		24,182		Fixed
Warehouse Portfolio - Various	May-23	32,000		32,000		Fixed
Office Condo - New York, NY	Jul-22	14,000		13,631		Fixed
Mixed Use - Various (3)	Dec-16	19,500		19,377		Fixed
Mixed Use - London, England	Jan-16	50,676		50,676		Fixed
Healthcare Portfolio - Various (4)	Jun-16	39,223		39,223		Floating
Ski Resort - Big Sky, MT	Sept-20	15,000		14,878		Fixed
Mixed Use - New York, NY (5)	Dec-17	88,368		87,818		Floating
Senior Housing - United Kingdom (3)	Dec-17	79,735		79,735		Floating
Hotel - Burbank, CA	Jan-20	20,000		20,000		Fixed
Multifamily Portfolio - Florida (4)	May-17	22,000		21,895		Floating
Multifamily Portfolio - Florida (4)	May-17	15,500		15,426		Floating
Mixed Use - Various (4)	May-17	45,000		44,854		Floating
Hotel - Phoenix, AZ	Jul-25	25,000		25,000		Fixed
Hotel - Washington, DC (3)	Jul-17	20,000		19,934		Floating
Condo Development - New York, NY (6)	Jul-19	34,184		33,567		Floating
Condo Conversion - New York, NY (3)	Aug-18	52,418		51,941		Floating
Mixed Use - New York, NY (7)	Oct-18	30,000		29,785		Floating
Destination Resort - Various (8)	May-18	75,000		71,362		Floating
Multifamily - New York, NY (9)	Nov-18	55,000		54,558		Floating
Hotel - New York, NY (10)	Mar-17	50,000		49,522		Floating
Condo Pre-development - United Kingdom (10)	Sept-16	81,048		81,048		Floating
Total - Subordinate to third party commercial mortgage loans		$	912,678	$	905,256
Total/Weighted Average		$	939,006	$	931,351


(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. During the three and six months ended June 30, 2016, the Company recorded a loan loss provision of $5,000 on a multifamily subordinate loan in Williston, ND. As of June 30, 2016, the aggregate loan loss provision was $5,000. The Company has ceased accruing PIK interest associated with the loan. As of December 31, 2015, there was no provision for loan loss.