Investments In Loans (Tables)

12 Months Ended

Dec. 31, 2013

Investments in Loans

The following table summarizes our investments in commercial mortgages, mezzanine loans, other loans and preferred equity interests as of December 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	$	792,526		$	(19,257	)	$	773,269			59		6.4	%		Mar. 2014 to Jan. 2029
Mezzanine loans		269,034			(3,273	)		265,761			81		9.6	%		Mar. 2014 to Jan. 2029
Preferred equity interests		54,389			(939	)		53,450			11		8.6	%		May 2015 to Aug. 2025
Total CRE Loans		1,115,949			(23,469	)		1,092,480			151		7.3	%
Other loans		30,625			72			30,697			2		4.3	%		Mar. 2014 to Oct. 2016
Total Loans		1,146,574			(23,397	)		1,123,177			153		7.2	%
Deferred fees		(800	)		0			(800	)
Total investments in loans	$	1,145,774		$	(23,397	)	$	1,122,377

(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 December 31, 2013 and 2012:

Delinquency Status	As of December 31, 2013		As of December 31, 2012
30 to 59 days	$	0	$	1,974
60 to 89 days		6,441		5,211
90 days or more		2,163		37,130
In foreclosure or bankruptcy proceedings		16,002		9,420
Total	$	24,606	$	53,735

Maturities of Investments in Commercial Mortgages, Mezzanine Loans, Other Loans and Preferred Equity Interests

The following table sets forth the maturities of our investments in commercial mortgages, mezzanine loans, other loans and preferred equity interests by year:

2014	$	31,928
2015		90,895
2016		327,416
2017		428,372
2018		57,561
Thereafter		210,402
Total	$	1,146,574

Roll-Forward of Allowance for Losses

The following table provides a roll-forward of our allowance for losses for the years ended December 31, 2013, 2012 and 2011:

	For the Year Ended December 31, 2013			For the Year Ended December 31, 2012			For the Year Ended December 31, 2011
Beginning balance	$	30,400		$	46,082		$	69,691
Provision		3,000			2,000			3,900
Charge-offs, net of recoveries		(10,445	)		(17,682	)		(27,509	)
Ending balance	$	22,955		$	30,400		$	46,082