Investments In Loans (Tables)

9 Months Ended

Sep. 30, 2014

Investments in Loans

The following table summarizes our investments in commercial mortgages, mezzanine loans, other loans and preferred equity interests as of September 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 (2)	$	1,068,977		$	(15,787	)	$	1,053,190			86		5.9	%	Dec. 2014 to Jul. 2044
Mezzanine loans		257,553			(2,576	)		254,977			77		9.4	%	Dec. 2014 to Jan. 2029
Preferred equity interests		42,608			0			42,608			10		7.7	%	May 2015 to Aug. 2025
Total CRE Loans		1,369,138			(18,363	)		1,350,775			173		6.6	%
Other loans		20,138			53			20,191			1		2.8	%	Oct. 2016
Total Loans	$	1,389,276		$	(18,310	)	$	1,370,966			174		6.6	%
Deferred fees		(1,184	)		0			(1,184	)
Total investments in loans	$	1,388,092		$	(18,310	)	$	1,369,782

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

(2) Commercial mortgages includes 11 conduit loans with an unpaid principal balance and carrying amount of $107,164, a weighted-average coupon of 4.6% and maturity dates ranging from September 2021 through July 2044. These commercial mortgages are classified as loans held for sale.

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 (2)	$	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.

(2) Commercial mortgages includes six conduit loans with an unpaid principal balance and carrying amount of $61,825, a weighted-average coupon of 5.3% and maturity dates ranging from January 2024 through January 2029. These commercial mortgages are classified as loans held for sale.

Delinquency Statistics of Commercial Real Estate Loan

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

Delinquency Status	As of September 30, 2014		As of December 31, 2013
30 to 59 days	$	0	$	0
60 to 89 days		0		6,441
90 days or more		32,811		13,603
In foreclosure or bankruptcy proceedings		7,930		23,470
Total	$	40,741	$	43,514

Roll-Forward of Allowance for Losses for Commercial Mortgages Mezzanine 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 September 30, 2014 and 2013:

	For the Three-Month Period Ended September 30, 2014			For the Three-Month Period Ended September 30, 2013
Beginning balance	$	15,336		$	24,222
Provision		1,500			500
Charge-offs, net of recoveries		(1,174	)		(1,405	)
Ending balance	$	15,662		$	23,317

The following table provides a roll-forward of our allowance for losses for our commercial mortgages, mezzanine loans and other loans for the nine-month periods ended September 30, 2014 and 2013:

	For the Nine-Month Period Ended September 30, 2014			For the Nine-Month Period Ended September 30, 2013
Beginning balance	$	22,955		$	30,400
Provision		3,500			1,500
Charge-offs, net of recoveries		(10,793	)		(8,583	)
Ending balance	$	15,662		$	23,317