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Investments in Loans Held at Amortized Cost
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9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2013
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| Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investments in Loans Held at Amortized Cost | Investments in Loans Held at Amortized Cost The components of the Company’s loan portfolio were as follows:
Total loans include net deferred loan origination fees of $356 at September 30, 2013. There were no such items recorded at December 31, 2012. Commercial real estate - Westside As of September 30, 2013 and December 31, 2012, the Company through its subsidiary, Care, had a loan investment that was secured by skilled nursing facilities, as well as collateral relating to assisted living facilities and a multifamily property. The properties securing the loan are all located in Louisiana. The loan investment was previously syndicated to three lenders (including the Company), each of which owned an approximate one-third interest in the loan at December 31, 2012. In March 2013, the Company purchased the remaining approximately two-thirds interest for $17,258. Asset backed - Siena Siena structures asset-based loan facilities in the $1,000 to $20,000 range across diversified industries which include manufacturing distribution, wholesale, and service companies. As of September 30, 2013, the Company carried $9,463 in loans receivable on its consolidated balance sheet which is net of a participated interest of $2,565. Collateral for asset-backed loan receivables as of September 30, 2013 consisted of inventory and accounts receivable. As of September 30, 2013, there were no delinquencies in the Siena portfolio and all loans were classified as performing. Other loans - Terraces loan In August 2013, the Company, through indirect subsidiaries of Care, acquired two assisted living and memory care facilities located in upstate New York for an aggregate purchase price of $21,200 ( Terraces Portfolio). The properties are leased to affiliates of Premier Senior Living, LLC (Premier), a privately-held owner and operator of senior housing facilities pursuant to a triple net master lease (Premier Master Lease). In connection therewith, an indirect subsidiary of Care, made a loan to the lessees of the properties. The loan is secured by a pledge of outstanding equity interest in the lessees. Our cost basis in the loan at September 30, 2013 was approximately $700 which equals its carrying value. |
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