Loans Held for Sale, Net

12 Months Ended

Dec. 31, 2011

Notes to Financial Statements

Loans Held for Sale, Net

Note 5. Loans Held-for-Sale, Net

Activity relating to our loans held-for-sale for the year ended December 31, 2011 was as follows (in thousands):

	Gross Book Value			Valuation Allowance			Net Book Value
December 31, 2010		$16,130			($10,380	)		$5,750
Satisfactions		(16,130	)		10,380			(5,750	)
December 31, 2011		$—			$—			$—

During the second quarter of 2010, we reclassified a $16.1 million mezzanine loan to loans held-for-sale, against which we have previously recorded a provision for loan losses of $10.6 million. During 2010, we increased the book value of this loan by $263,000 resulting in a net book value of $5.8 million as of December 31, 2010. The loan was subsequently sold in January 2011 for its net book value of $5.8 million.