Loans Receivable, at Fair Value (Tables)

12 Months Ended

Dec. 31, 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		984
Loan satisfactions		(110,347	)
Partial loan repayments		(307	)
Gain on investments at fair value		6,816
Reclassification to other assets		(6,813	)
December 31, 2013	$	40,665

Overall Statistics for Loans Receivable Portfolio Held at Fair Value

The following table details overall statistics for CT Legacy Partners’ loans receivable, which were held at fair value as of December 31, 2013 ($ in thousands):

	Loans Receivable, at Fair Value
	Floating Rate			Fixed Rate			Total
Number of loans		4			3			7
Net book value	$	16,990		$	23,675		$	40,665
Weighted-average cash coupon(1)		L+4.26	%		8.14	%		6.24	%
Weighted-average all-in yield(1)		L+4.26	%		8.14	%		6.24	%
Weighted-average maximum maturity (years)(2)		0.9			0.8			0.9

(1) All floating rate loans were indexed to LIBOR as of December 31, 2013, however, one of our loans receivable earns interest based on a minimum LIBOR floor of 2.00%. Rates exclude all non-performing loans.

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

Types of Loans in Loan Portfolio, Property Type and Geographic Distribution of 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):

	December 31, 2013
Asset Type	Fair Value		Percentage
Senior mortgages	$	14,990		37	%
Subordinate loans(1)		25,675		63
	$	40,665		100	%
Property Type	Fair Value		Percentage
Office	$	25,675		63	%
Hotel		14,990		37
	$	40,665		100	%
Geographic Location	Fair Value		Percentage
Northeast	$	25,675		63	%
West		14,990		37
	$	40,665		100	%

(1) Comprised entirely of mezzanine loans as of December 31, 2013.