Commercial Mortgage Loans

The Company’s commercial mortgage loan portfolio was comprised of the following at September 30, 2016:

Description

Maturity

Date

Current Principal Balance

Carrying

Value

Fixed/Floating

Property Size

Condominium – New York, NY (1)

Nov-16

3,175

3,198

Floating

40,000 sq. ft.

Condominium – Bethesda, MD (1)(2)

Apr-17

49,893

50,337

Floating

50 units

Vacation Home Portfolio - Various (1)

Apr-19

91,015

90,270

Fixed

229 properties

Hotel - Philadelphia, PA (1)(3)

May-17

34,000

33,980

Floating

301 keys

Condo Construction - Bethesda, MD (4)

Dec-16

51,419

51,737

Floating

40 units

Multifamily - Brooklyn, NY (1)(5)

Oct-16

34,500

34,984

Floating

63 units

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

May-18

165,000

163,517

Floating

65 acres

Multifamily - Williston, ND (1)(3)

Nov-17

49,706

39,715

Floating

366 units/homes

Vacation Home Portfolio - Various U.S. (1)(3)

Nov-19

59,500

59,167

Fixed

29 properties

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

Mar-17

85,770

86,051

Floating

330,000 sq. ft.

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

Jan-17

45,000

45,308

Floating

63,300 sq. ft.

Retail - Brooklyn, NY (1)

Mar-17

23,000

22,982

Floating

10,500 sq. ft.

Hotel - New York, NY (1)(9)

Sept-18

101,764

101,463

Floating

317 keys

Retail - Brooklyn, NY

Mar-17

5,910

5,904

Floating

5,500 sq. ft.

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

Jan-18

42,000

41,747

Floating

180 keys

Office - Richmond, VA (1)(11)

Jan-18

54,000

53,750

Floating

262,000 sq. ft.

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

Jan-18

220,000

218,173

Floating

113,000 sq. ft.

Office - Boston, MA (6)(1)

Mar-18

28,570

28,392

Floating

114,000 sq. ft.

Mixed Use - New York, NY (13)(1)

Jun-18

45,069

44,717

Floating

91,584 sq. ft.

Condo Conversion - Brooklyn, NY (14)(1)

Jun-18

40,600

40,295

Floating

133,550 sq. ft.

Hotel - New York, NY (15)

Aug-18

78,140

77,141

Floating

612 keys

Mixed Use - Chicago, IL (16)

Oct-18

128,000

126,721

Floating

737,382 sq. ft.

Retail - Brooklyn, NY

Mar-17

7,500

7,441

Floating

6,500 sq. ft.

Total

1,443,531

1,426,990


(1)	At September 30, 2016, this loan was pledged to secure borrowings under the Company’s repurchase agreements 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 agreements.


(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.


(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 September 30, 2016, the Company had $2,430 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 September 30, 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 September 30, 2016, the Company had $36,643 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 September 30, 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 September 30, 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.


(13)	This loan includes a six-month extension option subject to certain conditions and the payment of a fee. At September 30, 2016, the Company had $4,931 of unfunded loan commitments related to this loan.


(14)	At September 30, 2016, the Company had $4,900 of unfunded loan commitments related to this loan.


(15)	This loan includes three one-year extension options subject to certain conditions and the payment of a fee. At September 30, 2016, the Company had $26,860 of unfunded loan commitments related to this loan.


(16)	This loan includes two one-year extension options subject to certain conditions and the payment of a fee. At September 30, 2016, the Company had $5,000 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

Maturity

Date

Current Principal Balance

Carrying

Value

Fixed/Floating

Property Size

Condominium – New York, NY (1)

Sept-16

24,114

24,289

Floating

40,000 sq. ft.

Condominium- Bethesda, MD (2)

Sept-16

65,125

65,087

Floating

50 units

Vacation Home Portfolio - Various (1)

Apr-19

94,147

93,277

Fixed

229 properties

Hotel - Philadelphia, PA (1)(3)

May-17

34,000

33,994

Floating

301 keys

Condo Construction - Bethesda, MD (4)

Dec-16

50,000

49,960

Floating

40 units

Multifamily - Brooklyn, NY (1)(5)

Aug-16

34,500

34,886

Floating

63 units

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

May-18

165,000

163,173

Floating

65 acres

Condo Conversion - New York, NY (1)

Jun-16

67,300

67,038

Floating

86,000 sq. ft.

Multifamily - Williston, ND (1)(3)

Nov-17

49,691

49,665

Floating

366 units/homes

Vacation Home Portfolio - Various U.S. (1)(3)

Nov-19

50,000

49,595

Fixed

24 properties

Mixed Use - Brooklyn, NY (1)(6)

Mar-17

85,770

85,658

Floating

330,000 sq. ft.

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

Jan-17

45,000

44,925

Floating

63,300 sq. ft.

Retail Redevelopment - Miami, FL (1)

Jul-17

33,000

32,804

Floating

16,600 sq. ft.

Retail - Brooklyn, NY (1)(8)

Mar-17

1,653

1,636

Floating

10,500 sq. ft.

Hotel - New York, NY (1)(9)

Sept-18

98,373

97,381

Floating

317 keys

Retail - Brooklyn, NY (1)

Mar-17

5,910

5,858

Floating

5,500 sq. ft.

Hotel - U.S. Virgin Islands (10)

Jan-18

42,000

41,600

Floating

180 keys

Office - Richmond, VA (11)

Jan-18

54,000

53,475

Floating

262,000 sq. ft.

Total/Weighted Average

999,583

994,301


(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 agreements.


(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.

During the three and nine months ended September 30, 2016, respectively, the Company recorded a loan loss provision of $0 and $10,000 on a multifamily commercial mortgage loan in Williston, ND. As of September 30, 2016, the aggregate loan loss provision was $10,000. The Company has ceased accruing payment in kind ("PIK") interest associated with the loan. As of December 31, 2015, there was no provision for loan loss.