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Subordinate Loans | 9 Months Ended
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Sep. 30, 2016
Subordinate Mortgage Portfolio Segment [Member] |
Mortgage Loans on Real Estate [Line Items] |
Subordinate Loans | Subordinate Loans The Company’s subordinate commercial loan portfolio was comprised of the following at September 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 |  |  | $ | 6,374 |  |  | $ | 6,284 |  |  | Floating |  | 317 keys
Multifamily - Williston, ND (2) |  | Nov-17 |  |  | 5,000 |  |  | — |  |  | Floating |  | 366 units
Total - Subordinate to the Company's commercial mortgage loans |  |  | $ | 11,374 |  |  | $ | 6,284 |  |  |  |  |
Subordinate to third party commercial mortgage loans |  |  |  |  |  |  |  |  |
Mixed Use – North Carolina |  | Aug-22 |  |  | $ | 6,525 |  |  | $ | 6,525 |  |  | Fixed |  | 170,897 sq. ft.
Office Complex - Missouri |  | Oct-22 |  |  | 9,454 |  |  | 9,454 |  |  | Fixed |  | 845,241 sq. ft.
Hotel Portfolio – Rochester, MN |  | Feb-18 |  |  | 23,947 |  |  | 23,947 |  |  | Fixed |  | 1,222 keys
Warehouse Portfolio - Various |  | May-23 |  |  | 32,000 |  |  | 32,000 |  |  | Fixed |  | 2,767,047 sq. ft.
Office Condo - New York, NY |  | Jul-22 |  |  | 14,000 |  |  | 13,665 |  |  | Fixed |  | 436,598 sq. ft.
Healthcare Portfolio - Various (2) |  | Jun-17 |  |  | 38,858 |  |  | 38,858 |  |  | Floating |  | 18,403 beds
Ski Resort - Big Sky, MT |  | Sept-20 |  |  | 15,000 |  |  | 14,758 |  |  | Fixed |  | 632 keys
Mixed Use - New York, NY (2) |  | Dec-17 |  |  | 96,856 |  |  | 96,758 |  |  | Floating |  | 363 units
Senior Housing - United Kingdom (2) |  | Dec-17 |  |  | 69,400 |  |  | 69,400 |  |  | Floating |  | 2,128 beds
Hotel - Burbank, CA |  | Jan-20 |  |  | 20,000 |  |  | 20,000 |  |  | Fixed |  | 488 keys
Multifamily Portfolio - Florida (3) |  | May-17 |  |  | 22,000 |  |  | 21,947 |  |  | Floating |  | 621 units
Multifamily Portfolio - Florida (3) |  | May-17 |  |  | 15,500 |  |  | 15,462 |  |  | Floating |  | 621 units
Mixed Use - Various (3) |  | May-17 |  |  | 45,000 |  |  | 45,076 |  |  | Floating |  | 3,535,774 sq. ft.
Hotel - Phoenix, AZ |  | Jul-25 |  |  | 25,000 |  |  | 25,000 |  |  | Fixed |  | 744 keys
Hotel - Washington, DC (2) |  | Jul-17 |  |  | 20,000 |  |  | 19,968 |  |  | Floating |  | 581 keys
Condo Development - New York, NY (6) |  | Jul-19 |  |  | 50,616 |  |  | 50,266 |  |  | Floating |  | 60 units
Condo Conversion - New York, NY (2) |  | Aug-18 |  |  | 57,750 |  |  | 57,459 |  |  | Floating |  | 223 units
Mixed Use - New York, NY (7) |  | Oct-18 |  |  | 30,000 |  |  | 29,896 |  |  | Floating |  | 363 units
Destination Resort - Various (8) |  | May-18 |  |  | 75,000 |  |  | 72,502 |  |  | Floating |  | 5,243 keys
Multifamily - New York, NY (9)(10) |  | Nov-18 |  |  | 55,000 |  |  | 54,696 |  |  | Floating |  | 185,000 sq. ft.
Hotel - New York, NY (4)(10) |  | Mar-17 |  |  | 50,000 |  |  | 49,956 |  |  | Floating |  | 468 keys
Condo Pre-development - United Kingdom |  | Sep-17 |  |  | 71,346 |  |  | 71,346 |  |  | Floating |  | 41 units
Condo Conversion - New York, NY (5) |  | Jul-19 |  |  | 37,646 |  |  | 36,991 |  |  | Floating |  | 139 units
Total - Subordinate to third party commercial mortgage loans |  |  | $ | 880,898 |  |  | $ | 875,930 |  |  |  |  |
Total/Weighted Average |  |  |  |  | $ | 892,272 |  |  | $ | 882,214 |  |  |  |  |
(1) | Includes two one-year extension options subject to certain conditions and the payment of an extension fee. At September 30, 2016, the Company had $8,699 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 September 30, 2016, the Company had $39,354 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 September 30, 2016, the Company had $35,633 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 September 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 agreements.
The Company’s subordinate commercial 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 nine months ended September 30, 2016, respectively, the Company recorded a loan loss provision of $0 and $5,000 on a multifamily subordinate loan in Williston, ND. As of September 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.

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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 + Details
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