SCHEDULE IV

Schedule IV - Mortgage Loans on Real Estate

December 31, 2014

(dollars in thousands)

Description	Location	Prior Liens (1)		Face Amount		Carrying Amount		Interest Rate (2)		Libor Floor			Payment Terms	Maturity Date (3)	Months to Open Period (2% Penalty or Less)
First Mortgages:
Office	CA	$	-	$	65,000	$	64,501	LIBOR+3.00	%		0.25	%	Interest Only	3/1/2019	8
Multi-Family	FL		-		26,000		26,000	LIBOR+4.50	%		0.25	%	Interest Only	5/9/2019	5
Multi-Family	CA		-		13,000		12,951	LIBOR+4.70	%		0.20	%	Interest Only	8/1/2019	3
Office	FL		-		12,166		12,015	EURIBOR+5.00	%		N/A		Interest Only	12/6/2019	11
Multi-Family	CA		-		8,000		7,970	LIBOR+4.70	%		0.20	%	Interest Only	8/1/2019	7
Mixed	NY		-		230,000		230,000	10.00	%		N/A		Interest Only	6/30/2015	0
Retail (4)	CO		13,931		17,164		17,485	5.58	%		N/A		Amortizing	5/1/2017	23
Panoramic View	NY		-		12,973		12,973	Non-accrual			N/A		IO/Sellout	12/1/2013	0
First Mortgages - Securitized:
Multi-Family	IL		-		115,000		114,780	LIBOR+4.10	%		0.20	%	Interest Only	11/1/2017	0
Hotel	CO		-		51,000		50,964	LIBOR+5.45	%		0.25	%	Interest Only	11/9/2018	3
Multi-Family	AZ		-		48,685		48,462	LIBOR+5.00	%		0.25	%	Interest Only	1/1/2018	6
Industrial	TX		-		46,500		46,432	LIBOR+5.40	%		1.00	%	Interest Only	8/10/2017	0
Office	OH		-		38,270		38,221	LIBOR+5.50	%		0.25	%	Interest Only	8/9/2018	1
Retail	IN		-		37,680		37,680	LIBOR+5.75	%		0.92	%	Interest Only	11/9/2016	0
Hotel	GA		-		20,156		20,051	LIBOR+4.95	%		0.20	%	Interest Only	8/9/2018	0
Office	OK		-		17,500		17,476	LIBOR+5.75	%		0.25	%	Interest Only	9/6/2018	0
Hotel	LA		-		15,500		15,379	LIBOR+5.75	%		1.00	%	Interest Only	8/9/2018	14
Hotel	LA		-		9,250		9,189	LIBOR+6.5	%		0.25	%	Interest Only	10/1/2018	15
Mezzanine Loans:
Retail	Various		387,161		86,067		86,506	11.25	%		N/A		Amortizing	4/10/2017	25
Office	Various		575,522		65,968		65,929	LIBOR+8.75	%		0.75	%	Interest Only	1/20/2017	4
Industrial	Various		100,000		50,000		49,928	8.11	%		N/A		Interest Only	6/28/2022	6
Retail	Various		574,600		43,900		43,945	7.71	%		N/A		Amortizing	12/1/2015	0
Mixed	OH		137,250		37,400		37,400	9.50	%		N/A		Interest Only	11/22/2023	59
Hotel	Various		175,000		25,000		25,034	LIBOR+9.95	%		0.20	%	Interest Only	2/14/2019	25
Office	NY		157,449		18,000		18,041	11.15	%		N/A		Interest Only	9/6/2021	69
Hotel	NY		49,051		16,677		16,677	LIBOR+9.83	%		1.00	%	Interest Only	9/8/2015	0
Office	GA		50,604		15,483		15,452	12.17	%		N/A		Interest Only	4/9/2015	0
Hotel	NY		65,728		12,753		12,753	LIBOR+11.61	%		1.00	%	Interest Only	9/8/2015	0
Hotel	Various		50,525		12,375		12,408	LIBOR+8.65	%		0.16	%	Interest Only	8/9/2019	1
Office	CA		-		11,473		11,419	LIBOR+26.33	%		0.25	%	Interest Only	3/1/2019	14
Office	MD		56,280		10,130		10,091	11.20	%		N/A		Interest Only	8/1/2017	26
Office	MD		55,547		9,942		9,904	11.70	%		N/A		Interest Only	8/1/2017	26
Retail	MA		64,500		10,000		10,000	10.00	%		N/A		Interest Only	9/6/2023	21
Hotel	CA		50,000		10,000		10,000	10.25	%		N/A		Interest Only	2/6/2019	46
Office	NY		62,000		10,000		9,977	10.00	%		N/A		Interest Only	10/6/2018	22
Office	TX		43,500		9,187		9,122	9.50	%		N/A		Interest Only	9/1/2018	24
Office	GA		56,833		9,000		9,000	11.00	%		N/A		Interest Only	7/10/2015	0
Office	LA		64,000		8,700		8,700	10.75	%		N/A		Interest Only	10/29/2023	46
Office	CA		45,300		8,700		8,760	LIBOR+9.50	%		0.25	%	Interest Only	3/31/2019	13
Multi-Family	OH		83,549		8,300		8,236	10.25	%		N/A		Interest Only	12/1/2022	16
Hotel	CA		42,872		8,000		8,031	12.25	%		N/A		Interest Only	4/1/2017	3
Office	TX		52,000		7,000		7,000	10.10	%		N/A		Interest Only	12/1/2024	35
Office	CO		13,750		6,000		6,000	11.06	%		N/A		Interest Only	8/6/2018	7
Hotel	LA		-		5,000		5,000	13.50	%		N/A		Interest Only	8/9/2018	14
Office	TX		72,069		7,418		7,418	10.25	%		N/A		Interest Only	8/1/2018	19
Preferred Equity:
Multi-Family	CA		361,304		83,385		82,767	10.00	%		N/A		Interest Only	9/16/2020	9
Multi-Family	CA		70,468		31,500		31,266	10.00	%		N/A		Interest Only	9/16/2020	9
Condo	NY		181,000		51,000		50,688	12.00	%		N/A		Interest Only	11/21/2018	0
Multi-Family	MD		371,420		39,770		39,253	11.00	%		N/A		Interest Only	8/1/2022	56
Mixed	PA		26,000		9,000		8,931	11.00	%		N/A		Interest Only	11/27/2018	11
		$	4,109,213	$	1,520,972	$	1,518,165

(1) Represents third-party priority liens.
(2) LIBOR represents the one month London Interbank Offer Rate, EURIBOR represents the one month Eurodollar deposit rate.
(3) Assumes all extension options are exercised.
(4) Includes senior position sold to third party that did not qualify for GAAP sale accounting. The Company’s economic interest is limited to a B-Note with an outstanding face of $3.8 million and a basis of approximately $1.9 million.