Investments In Loans (Tables)

3 Months Ended

Mar. 31, 2013

Investments in Loans

The following table summarizes our investments in commercial mortgages, mezzanine loans, other loans and preferred equity interests as of March 31, 2013:

	Unpaid Principal Balance			Unamortized (Discounts) Premiums			Carrying Amount			Number of Loans		Weighted- Average Coupon (1)			Range of Maturity Dates
Commercial Real Estate (CRE) Loans
Commercial mortgages	$	779,441		$	(23,617	)	$	755,824			58		6.4	%		May 2013 to Apr. 2023
Mezzanine loans		274,324			(4,192	)		270,132			82		9.3	%		May 2013 to Nov. 2038
Preferred equity interests		64,753			(1,009	)		63,744			15		9.7	%		Mar. 2014 to Aug. 2025
Total CRE Loans		1,118,518			(28,818	)		1,089,700			155		7.3	%
Other loans		35,020			(63	)		34,957			2		4.6	%		May 2013 to Oct. 2016
Total Loans	$	1,153,538		$	(28,881	)	$	1,124,657			157		7.2	%
Deferred fees		(613	)		0			(613	)
Total investments in loans	$	1,152,925		$	(28,881	)	$	1,124,044

(1) Weighted-average coupon is calculated on the unpaid principal amount of the underlying instruments, which does not necessarily correspond to the carrying amount.

The following table summarizes our investments in commercial mortgages, mezzanine loans, other loans and preferred equity interests as of December 31, 2012:

	Unpaid Principal Balance			Unamortized (Discounts) Premiums			Carrying Amount			Number of Loans		Weighted- Average Coupon (1)			Range of Maturity Dates
Commercial Real Estate (CRE) Loans
Commercial mortgages	$	728,774		$	(25,807	)	$	702,967			50		6.4	%		Mar. 2013 to Jan. 2023
Mezzanine loans		275,457			(4,355	)		271,102			83		9.3	%		Mar. 2013 to Nov. 2038
Preferred equity interests		64,752			(1,031	)		63,721			15		9.7	%		Mar. 2014 to Aug. 2025
Total CRE Loans		1,068,983			(31,193	)		1,037,790			148		7.4	%
Other loans		38,600			(30	)		38,570			2		4.9	%		Mar. 2013 to Oct. 2016
Total Loans		1,107,583			(31,223	)		1,076,360			150		7.3	%
Deferred fees		(1,231	)		0			(1,231	)
Total investments in loans	$	1,106,352		$	(31,223	)	$	1,075,129

(1) Weighted-average coupon is calculated on the unpaid principal amount of the underlying instruments which does not necessarily correspond to the carrying amount.

Delinquency Statistics of Commercial Real Estate Loan

The following table summarizes the delinquency statistics of our commercial real estate loans as of March 31, 2013 and December 31, 2012:

Delinquency Status	As of March 31, 2013		As of December  31, 2012
30 to 59 days	$	0	$	1,974
60 to 89 days		0		5,211
90 days or more		39,703		37,130
In foreclosure or bankruptcy proceedings		9,420		9,420
Total	$	49,123	$	53,735

Roll-Forward of Allowance for Losses

The following table provides a roll-forward of our allowance for losses for our commercial mortgages, mezzanine loans, and other loans for the three-month periods ended March 31, 2013 and 2012:

	For the  Three-Month Period Ended March 31, 2013			For the  Three-Month Period Ended March 31, 2012
Beginning balance	$	30,400		$	46,082
Provision		500			500
Charge-offs, net of recoveries		(4,694	)		(6,867	)
Ending balance	$	26,206		$	39,715