Investments in Mortgages, Loans and Preferred Equity Interests (Tables)

12 Months Ended

Dec. 31, 2014

Investments in Loans

The following table summarizes our investments in commercial mortgages, mezzanine loans, other loans and preferred equity interests as of December 31, 2014:

	Unpaid Principal Balance			Unamortized (Discounts) Premiums			Carrying Amount			Number of Loans		Weighted- Average Coupon (1)			Range of Maturity Dates
Commercial Real Estate (CRE)
Commercial mortgages (2)	$	1,148,290		$	(14,519	)	$	1,133,771			95		5.90	%	Jan. 2015 to Jan. 2025
Mezzanine loans		226,105			(1,602	)		224,503			74		9.80	%	Mar. 2015 to Jan. 2029
Preferred equity interests		34,859			(1	)		34,858			9		7.10	%	Feb. 2016 to Aug. 2025
Total CRE		1,409,254			(16,122	)		1,393,132			178		6.50	%
Deferred fees, net		(696	)		—			(696	)
Total	$	1,408,558		$	(16,122	)	$	1,392,436

(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 $93,925, a weighted-average coupon of 4.6% and maturity dates ranging from November 2019 through January 2025. 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)
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		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, net		(800	)		—			(800	)
Total	$	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 December 31, 2014 and 2013:

	As of December 31, 2014
Delinquency Status	Commercial Mortgages		Mezzanine Loans		Preferred Equity		Total
Current	$	1,148,290	$	202,919	$	31,209		1,382,418
30 to 59 days		—		—		—		—
60 to 89 days		—		1,555		—		1,555
90 days or more		—		19,953		3,650		23,603
In foreclosure or bankruptcy proceedings		—		1,678		—		1,678
Total	$	1,148,290	$	226,105	$	34,859	$	1,409,254

	As of December 31, 2013
Delinquency Status	Commercial Mortgages		Mezzanine Loans		Preferred Equity		Other		Total
Current	$	787,315	$	234,381	$	50,739	$	30,625	$	1,103,060
30 to 59 days		—		—		—		—		—
60 to 89 days		5,211		1,230		—		—		6,441
90 days or more		—		9,953		3,650		—		13,603
In foreclosure or bankruptcy proceedings		—		23,470		—		—		23,470
Total	$	792,526	$	269,034	$	54,389	$	30,625	$	1,146,574

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:

2015	$	50,938
2016		363,468
2017		675,227
2018		87,224
2019		23,150
Thereafter		209,247
Total	$	1,409,254

Investment in Loans by Credit Risk Category

We have classified our investment in loans by credit risk category as follows:

	As of December 31, 2014
Credit Status	Commercial Mortgages		Mezzanine Loans		Preferred Equity		Total
Satisfactory	$	1,125,370	$	175,915	$	26,849	$	1,328,134
Watchlist/Impaired		22,920		50,190		8,010		81,120
Total	$	1,148,290	$	226,105	$	34,859	$	1,409,254
	As of December 31, 2013
Credit Status	Commercial Mortgages		Mezzanine Loans		Preferred Equity		Other		Total
Satisfactory	$	792,526	$	217,111	$	46,379	$	20,138	$	1,076,154
Watchlist/Impaired		—		51,923		8,010		10,487		70,420
Total	$	792,526	$	269,034	$	54,389	$	30,625	$	1,146,574

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 years ended December 31, 2014, 2013 and 2012:

	For the Year Ended December 31, 2014
	Commercial Mortgages			Mezzanine Loans			Preferred Equity			Total
Beginning balance	$	—		$	21,636		$	1,319		$	22,955
Provision		360			4,894			246			5,500
Charge-offs, net of recoveries		(360	)		(18,638	)		(239	)		(19,237	)
Ending balance	$	—		$	7,892		$	1,326		$	9,218

	For the Year Ended December 31, 2013
	Commercial Mortgages			Mezzanine Loans			Preferred Equity			Total
Beginning balance	$	—		$	22,819		$	7,581		$	30,400
Provision		344			7,606			(4,950	)		3,000
Charge-offs, net of recoveries		(344	)		(8,789	)		(1,312	)		(10,445	)
Ending balance	$	—		$	21,636		$	1,319		$	22,955

	For the Year Ended December 31, 2012
	Commercial Mortgages			Mezzanine Loans			Preferred Equity		Other			Total
Beginning balance	$	573		$	32,951		$	7,142	$	5,416		$	46,082
Provision		(539	)		7,516			439		(5,416	)		2,000
Charge-offs, net of recoveries		(34	)		(17,648	)		—		—			(17,682	)
Ending balance	$	—		$	22,819		$	7,581	$	—		$	30,400

Loans on Watchlist or Considered to be Impaired

Information on those loans on our watchlist or considered to be impaired was as follows:

	As of December 31, 2014
Watchlist/Impaired Loans	Commercial Mortgages		Mezzanine Loans		Preferred Equity		Total
Watchlist/Impaired loans expecting full recovery	$	22,920	$	40,559	$	4,360	$	67,839
Watchlist/Impaired loans with reserves		—		9,631		3,650		13,281
Total Watchlist/Impaired Loans(1)	$	22,920	$	50,190	$	8,010	$	81,120
Allowance for losses	$	—	$	7,892	$	1,326	$	9,218

(1) As of December 31, 2014, this includes $5,500 of unpaid principal relating to previously identified TDRs that are on accrual status.

	As of December 31, 2013
Watchlist/Impaired Loans	Mezzanine Loans		Preferred Equity		Other		Total
Watchlist/Impaired loans expecting full recovery	$	25,430	$	4,360	$	10,487	$	40,277
Watchlist/Impaired loans with reserves		26,493		3,650		—		30,143
Total Watchlist/Impaired Loans(1)	$	51,923	$	8,010	$	10,487	$	70,420
Allowance for losses	$	21,636	$	1,319	$	—	$	22,955

(1) As of December 31, 2013, there were no previously identified TDRs that were on accrual status included in impaired loans.