Investments In Loans (Tables)

6 Months Ended

Jun. 30, 2014

Investments in Loans

The following table summarizes our investments in commercial mortgages, mezzanine loans, other loans and preferred equity interests as of June 30, 2014:

	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	$	1,020,026		$	(16,975	)	$	1,003,051			85		6.0	%	Aug. 2014 to Jul. 2044
Mezzanine loans		263,113			(2,793	)		260,320			80		9.5	%	Sep. 2014 to Jan. 2029
Preferred equity interests		42,609			(888	)		41,721			10		7.7	%	May 2015 to Aug. 2025
Total CRE Loans		1,325,748			(20,656	)		1,305,092			175		6.8	%
Other loans		20,138			66			20,204			1		2.8	%	Oct. 2016
Total Loans	$	1,345,886		$	(20,590	)	$	1,325,296			176		6.7	%
Deferred fees		(1,619	)		0			(1,619	)
Total investments in loans	$	1,344,267		$	(20,590	)	$	1,323,677

(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, 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.

Delinquency Statistics of Commercial Real Estate Loan

The following table summarizes the delinquency statistics of our commercial real estate loans as of June 30, 2014 and December 31, 2013:

Delinquency Status	As of June 30, 2014		As of December 31, 2013
30 to 59 days	$	248	$	0
60 to 89 days		5,211		6,441
90 days or more		20,390		2,163
In foreclosure or bankruptcy proceedings		9,879		16,002
Total	$	35,728	$	24,606

Roll-Forward of Allowance for Losses for Commerical Mortgages Mezzaine Loans, and Other Loans

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, 2014 and 2013:

	For the Three-Month Period Ended June 30, 2014		For the Three-Month Period Ended June 30, 2013
Beginning balance	$	14,279	$	26,206
Provision		1,000		500
Charge-offs, net of recoveries		57		(2,484	)
Ending balance	$	15,336	$	24,222

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, 2014 and 2013:

	For the Six-Month Period Ended June 30, 2014			For the Six-Month Period Ended June 30, 2013
Beginning balance	$	22,955		$	30,400
Provision		2,000			1,000
Charge-offs, net of recoveries		(9,619	)		(7,178	)
Ending balance	$	15,336		$	24,222