XML 44 R31.htm IDEA: XBRL DOCUMENT v3.6.0.2
Schedule IV - Mortgage Loans on Real Estate
 12 Months Ended
Dec. 31, 2016
Mortgage Loans on Real Estate [Abstract]  
Schedule IV - Mortgage Loans on Real Estate
Schedule IV — Mortgage Loans on Real Estate
December 31, 2016
 
Property Type
Location
 
 Contractual Interest
Rate
 
Final
Extended Maturity
Date (1)
 
Periodic
Payment Terms
 
Face
amount of
loans
 
Carrying
amount of
loans
 
Commercial mortgage loans
 
 
 
 
 
 
 
 
 
 
 
 
Condo Construction
Maryland
 
 L+15.00%
 
Apr-17
 
Interest only
 
$51,695
 
$52,476
 
Vacation Home Portfolio
Various
 
7.50%
 
Apr-19
 
Principal and interest
 
88,876
 
88,195
 
Hotel
Pennsylvania
 
 L+4.55%
 
May-19
 
Interest only
 
34,000
 
33,987
 
Mixed Use
Ohio
 
 L+9.00%
 
May-20
 
Interest only
 
165,000
 
163,987
 
Multifamily
North Dakota
 
 L+5.90%
 
Nov-19
 
Interest only
 
49,706
 
39,713
 
Vacation Home Portfolio
Various US cities
 
7.00%
 
Nov-21
 
Interest only
 
59,500
 
59,193
 
Mixed Use
New York
 
 L+7.00%
 
Mar-17
 
Interest only
 
85,770
 
86,142
 
Retail redevelopment
Florida
 
 L+6.00%
 
Jan-18
 
Interest only
 
45,000
 
45,415
 
Retail
New York
 
 L+7.00%
 
Mar-17
 
Interest only
 
23,000
 
23,012
 
Hotel
New York
 
 L+5.25%
 
Sept-20
 
Interest only
 
108,857
 
108,768
 
Retail
New York
 
 L+7.00%
 
Mar-17
 
Interest only
 
5,910
 
5,921
 
Hotel
U.S. Virgin Islands
 
 L+4.95%
 
Jan-21
 
Interest only
 
42,000
 
41,795
 
Office
Virginia
 
 L+5.15%
 
Jan-20
 
Interest only
 
54,000
 
53,849
 
Retail redevelopment
Florida
 
 L+6.25%
 
Jan-19
 
Interest only
 
220,000
 
218,771
 
Office
Massachusetts
 
 L+6.25%
 
Sept-18
 
Interest only
 
28,659
 
28,543
 
Mixed Use
New York
 
 L+6.00%
 
Dec-18
 
Interest only
 
45,789
 
45,541
 
Condo Conversion
New York
 
 L+6.50%
 
Jun-18
 
Interest only
 
41,016
 
40,825
 
Hotel
New York
 
 L+6.30%
 
Aug-21
 
Interest only
 
78,140
 
77,297
 
Mixed Use
Illinois
 
 L+5.50%
 
Oct-20
 
Interest only
 
129,397
 
128,271
 
Retail
New York
 
 L+7.00%
 
Mar-17
 
Interest only
 
7,500
 
7,489
 
Data Center
Virginia
 
8.00%
 
Aug-19
 
Interest only
 
80,000
 
79,634
 
Retail
New York
 
 L+5.75%
 
Dec-18
 
Interest only
 
60,300
 
59,775
 
Office
New York
 
 L+4.70%
 
Dec-18
 
Interest only
 
105,000
 
104,005
 
Mixed Use Pre-development
California
 
 L+6.75%
 
Dec-20
 
Interest only
 
50,000
 
49,252
 
Total commercial mortgage loans
 
 
 
 
 
 
 
$1,659,115
 
$1,641,856
 
Subordinate loans (2)
 
 
 
 
 
 
 
 
 
 
 
 
Mixed Use
North Carolina
 
11.10%
 
Aug - 22
 
Interest only
 
$6,525
 
$6,525
 
Office Complex
Missouri
 
11.75%
 
Oct - 22
 
Principal and interest
 
9,414
 
9,414
 
Hotel Portfolio
Missouri
 
11.00%
 
Feb - 18
 
Principal and interest
 
23,863
 
23,863
 
Warehouse Portfolio
Various US cities
 
11.50%
 
May - 23
 
Interest only
 
32,000
 
32,000
 
Office Condo
New York
 
11.25%
 
Jul - 22
 
Interest only
 
14,000
 
13,679
 
Ski Resort
Montana
 
14.00%
 
Sept - 20
 
Interest only
 
15,000
 
14,773
 
Mixed Use
New York
 
 L+10.50%
 
Dec - 19
 
Interest only
 
99,581
 
99,660
 
Senior Housing
United Kingdom
 
 3ML+8.25%
 
Dec - 19
 
Principal and interest
 
41,693
 
41,693
 
Hotel
California
 
10.40%
 
Jan-20
 
Interest only
 
20,000
 
20,000
 
Multifamily Portfolio
Florida
 
 L+11.50%
 
May-20
 
Interest only
 
22,000
 
21,967
 
Multifamily Portfolio
Florida
 
 L+11.50%
 
May-20
 
Interest only
 
15,500
 
15,477
 
Mixed Use
Various US
 
 L+9.05%
 
May-20
 
Interest only
 
45,000
 
45,174
 
Hotel
Arizona
 
11.50%
 
Jul-25
 
Interest only
 
25,000
 
25,000
 
Hotel
Washington, DC
 
 L+9.60%
 
Jul-19
 
Interest only
 
20,000
 
19,978
 
Condo Development
New York
 
 L+12.75%
 
Jul-20
 
Interest only
 
56,925
 
56,693
 
Condo Conversion
New York
 
 L+12.25%
 
Aug-20
 
Interest only
 
59,636
 
59,442
 
Mixed Use
New York
 
 L+10.00%
 
Oct-19
 
Interest only
 
30,000
 
29,926
 
Hotel
New York
 
 L+5.25%
 
Sept-20
 
Interest only
 
7,573
 
7,513
 
Destination Resort
Various US cities
 
 L+8.90%
 
May-22
 
Interest only
 
75,000
 
72,877
 
Multifamily
New York
 
 L+10.50%
 
May-19
 
Interest only
 
55,000
 
54,775
 
Hotel
New York
 
 L+12.00%
 
Mar-17
 
Interest only
 
50,000
 
50,228
 
Condo Pre-development
United Kingdom
 
 3ML+12.50%
 
Dec-17
 
Interest only
 
123,400
 
123,400
 
Multifamily
North Dakota
 
 L+5.90%
 
Nov-19
 
Interest only
 
5,000
 
—
 
Condo Conversion
New York
 
 L+10.75%
 
Jul-20
 
Interest only
 
48,944
 
48,399
 
Healthcare Portfolio
Various US
 
 L+10.00%
 
Oct-21
 
Interest only
 
130,000
 
128,856
 
Mixed Use
New York
 
 L+12.00%
 
Oct-20
 
Interest only
 
30,175
 
29,924
 
Total subordinate loans
 
 
 
 
 
 
 
 
$1,061,229
 
$1,051,236
 
Total
 
 
 
 
 
 
 
$2,720,344
 
$2,693,092
(3
)
(1)
Assumes all extension options are exercised.
(2)
Subject to prior liens.
(3)
The aggregate cost for federal income tax purposes is $2,708,092.

The following table summarizes the changes in the carrying amounts of mortgage loans during 2016 and 2015.
Reconciliation of Carrying Amount of Loans
 
 
2016
 
2015
Balance at beginning of year
$
1,925,652

 
$
1,019,702

Funding of loans
1,127,039

 
1,366,062

Sales
—

 
(136,573
)
Collections of principal
(331,189
)
 
(348,516
)
Participation sold
(24,051
)
 
 
Discount accretion
13,656

 
9,096

Provision for loan losses
(15,000
)
 
—

Foreign currency loss
(33,383
)
 
(6,116
)
Payment-in-kind
30,368

 
21,997

Balance at the close of year
$
2,693,092

 
$
1,925,652