Loans Receivable, At Fair Value (Tables)

9 Months Ended

Sep. 30, 2013

Receivables [Abstract]

Activity Relating to Loans Receivable, at Fair Value

Activity relating to our loans receivable, at fair value was ($ in thousands):

December 31, 2012	$	—
Consolidation of CT Legacy Partners		150,332
Capitalized interest		325
Loan satisfactions		(79,959	)
Partial loan repayments		(1,721	)
Unrealized gain on investments at fair value		3,899
Reclassification to other assets		(6,813	)
September 30, 2013	$	66,063

Overall Statistics for Loans Receivable Portfolio Held at Fair Value

The following table details overall statistics for CT Legacy Partners’ loans receivable, which is held at fair value as of September 30, 2013 ($ in thousands):

	Loans Receivable, at Fair Value
	Floating Rate			Fixed Rate			Total
Number of loans		6			3			9
Net book value	$	42,452		$	23,611		$	66,063
Weighted-average cash coupon (1)		L+3.78	%		8.14	%		5.13	%
Weighted-average all-in yield (1)		L+3.78	%		8.14	%		5.13	%
Weighted-average maximum maturity (years) (2)		1.1			1.1			1.1

(1) Floating rate loans are indexed to LIBOR as of September 30, 2013. LIBOR was 0.18% as of September 30, 2013; however, certain of our loans receivable earn interest based on a minimum LIBOR floor of 2.00%. Amounts exclude all non-performing loans.

(2) Maximum maturity date assumes all extension options are exercised.

Types of Loans in Loan Portfolio, as the Property Type and Geographic Distribution of the Properties Securing these Loans

The tables below detail the types of loans in CT Legacy Partners’ loan portfolio, as well as the property type and geographic distribution of the properties securing these loans ($ in thousands):

	September 30, 2013
Asset Type	Fair Value		Percentage
Senior mortgages	$	25,597		39	%
Mezzanine loans		40,466		61
Total	$	66,063		100	%
Property Type	Fair Value		Percentage
Office	$	39,560		60	%
Hotel		26,503		40
Total	$	66,063		100	%
Geographic Location	Fair Value		Percentage
Northeast	$	39,560		60	%
West		14,604		22
Southeast		11,899		18
Total	$	66,063		100	%

Schedule of Loans Receivable on Nonaccrual Status

The following table details CT Legacy Partner’s loans receivable which are on nonaccrual status ($ in thousands):

	September 30, 2013
	Principal
Asset Type	Balance		Fair Value
Subordinate Interests in Mortgages	$	43,448	$	—
Mezzanine & Other Loans		69,146		11,899
Total	$	112,594	$	11,899