Fair Values (Tables)

3 Months Ended

Mar. 31, 2013

Fair Values Tables

Assets and liabilities, including those of CT Legacy Partners and our consolidated securitization vehicles, which are recorded at fair value

The following table summarizes our assets and liabilities, including those of CT Legacy Partners and our consolidated securitization vehicles, which are recorded at fair value as of March 31, 2013 ($ in thousands):

				Fair Value Measurements Using
	Total Fair Value  at March 31, 2013			Quoted Prices in Active Markets (Level 1)		Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Measured on a recurring basis:
Securities, at fair value	$	11,702		$	—	$	2,274		$	9,428
Loans receivable, at fair value	$	150,332		$	—	$	—		$	150,332
Loans held-for-sale, net	$	1,800		$	—	$	—		$	1,800
Interest rate swap liabilities	($	6,119	)	$	—	($	6,119	)	$	—
Measured on a nonrecurring basis:
Securitization vehicles’ impaired loans receivable (1)	$	—		$	—	$	—		$	—

(1) Loans receivable against which we have recorded a loan loss reserve as of March 31, 2013.

Reconciliation of the beginning and ending balances of assets measured at fair value on a recurring basis using Level 3 inputs

The following table reconciles the beginning and ending balances of assets measured at fair value on a recurring basis using Level 3 inputs ($ in thousands):

	Securities, at fair value		Loans Receivable, at fair value		Loans Held-for-Sale, net			Investment in CT Legacy Assets
December 31, 2012	$	—	$	—	$	—		$	132,000
Consolidation of CT Legacy Parent		11,702		150,332		—			(132,000	)
Transfer from loans receivable, net		—		—		2,000			—
Adjustments to fair value included in earnings:
Valuation allowance on loans held-for-sale		—		—		(200	)		—
March 31, 2013	$	11,702	$	150,332	$	1,800		$	—

Schedule of the range of key assumptions used for arriving at the fair value of each of these types of loans receivable

The following table lists the range of key assumptions used in arriving at the fair value of each of these types of loans receivable as of March 31, 2013 ($ in millions):

	Assumption Ranges for Significant				Book Value
	Unobservable Inputs (Level 3) (1)				Sensitivity to a
		Recovery			100bps Discount
Collateral Type	Discount Rate	Percentage (2)	Book Value		Rate Increase
Hotel	8% - 12%	84% - 100%	$	50.7		(0.6	%)
Mixed Use / Other	15% - 20%	100%		43.0		(0.4	%)
Multifamily	3%	100%		12.8		(3.5	%)
Office	7% - 18%	77% - 100%		43.8		(1.5	%)
			$	150.3

(1) Excludes loans for which there is no expectation of future cash flows.

(2) Represents the proportion of the principal expected to be collected relative to the loan balance as of March 31, 2013.

Schedule of the details of the carrying amount, face amount, and approximate fair value of financial instruments

The following table details the carrying amount, face amount, and approximate fair value of the financial instruments described above ($ in thousands). All fair value estimates, except for cash and cash equivalents, are measured using significant unobservable inputs, or Level 3 inputs, as further described above.

Fair Value of Financial Instruments
	March 31, 2013						December 31, 2012
	Carrying Amount		Face Amount		Fair Value		Carrying Amount		Face Amount		Fair Value
Financial assets:
Cash and cash equivalents	$	15,361	$	15,361	$	15,361	$	15,423	$	15,423	$	15,423
Restricted cash		12,719		12,719		12,719		14,246		14,246		14,246
Loans receivable, net		139,500		157,579		136,484		141,500		164,180		133,682
Financial liabilities:
Secured notes		8,671		8,671		7,596		8,497		8,497		7,374
Repurchase obligations		20,214		20,214		20,537		—		—		—
Securitized debt obligations		136,944		136,944		88,051		139,184		139,184		89,880