Investments In Loans (Tables)

6 Months Ended

Jun. 30, 2013

Investments in Loans

The following table summarizes our investments in commercial mortgages, mezzanine loans, other loans and preferred equity interests as of June 30, 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	$	813,289		$	(22,428	)	$	790,861			60		6.3	%	Aug. 2013 to Jul. 2023
Mezzanine loans		276,264			(3,933	)		272,331			80		9.4	%	Aug. 2013 to Apr. 2024
Preferred equity interests		64,753			(986	)		63,767			15		9.8	%	Mar. 2014 to Aug. 2025
Total CRE Loans		1,154,306			(27,347	)		1,126,959			155		7.2	%
Other loans		35,019			(97	)		34,922			2		4.6	%	Aug. 2013 to Oct. 2016
Total Loans	$	1,189,325		$	(27,444	)	$	1,161,881			157		7.1	%
Deferred fees		(115	)		0			(115	)
Total investments in loans	$	1,189,210		$	(27,444	)	$	1,161,766

(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 June 30, 2013 and December 31, 2012:

Delinquency Status	As of June 30, 2013		As of December  31, 2012
30 to 59 days	$	963	$	1,974
60 to 89 days		5,211		5,211
90 days or more		24,556		37,130
In foreclosure or bankruptcy proceedings		16,697		9,420
Total	$	47,427	$	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 June 30, 2013 and 2012:

	For the Three-Month Period Ended June 30, 2013			For the Three-Month Period Ended June 30, 2012
Beginning balance	$	26,206		$	39,715
Provision		500			500
Charge-offs, net of recoveries		(2,484	)		(338	)
Ending balance	$	24,222		$	39,877

The following table provides a roll-forward of our allowance for losses for our commercial mortgages, mezzanine loans, and other loans for the six-month periods ended June 30, 2013 and 2012:

	For the Six-Month Period Ended June 30, 2013			For the Six-Month Period Ended June 30, 2012
Beginning balance	$	30,400		$	46,082
Provision		1,000			1,000
Charge-offs, net of recoveries		(7,178	)		(7,205	)
Ending balance	$	24,222		$	39,877