Fair Values (Tables)

9 Months Ended

Sep. 30, 2012

Fair Values Tables

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

The following table summarizes our assets and liabilities, including those of CT Legacy REIT and our consolidated securitization vehicles, which are recorded at fair value as of September 30, 2012 (in thousands):

				Fair Value Measurements Using
				Quoted Prices		Other			Significant
	Total			in Active		Observable			Unobservable
	Fair Value at			Markets		Inputs			Inputs
	September 30, 2012			(Level 1)		(Level 2)			(Level 3)
Measured on a recurring basis:
Investment in CT Legacy Asset		$100,100			$—		$—			$100,100
Securitization vehicles' interest rate hedge liabilities		($19,089	)		$—		($19,089	)		$—
Measured on a nonrecurring basis:
Securitization vehicles' impaired loans receivable (1) :
Subordinate interests in mortgages		$4,130			$—		$—			$4,130

(1) Loans receivable against which we have recorded a provision for loan losses as of September 30, 2012.

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):

	Loans			Real Estate			Investment in
	Held-for-Sale			Held-for-Sale			CT Legacy Assets
December 31, 2011		$30,875			$10,342			$—
Deconsolidation of CT Legacy Asset		(30,875	)		(10,342	)		89,676
Contributions to CT Legacy Asset		—			—			73,064
Distributions from CT Legacy Asset		—			—			(82,285	)
Adjustments to fair value included in earnings:
Fair value adjustment on investment in CT Legacy Asset		—			—			19,645
September 30, 2012		$—			$—			$100,100

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

The following table lists the range of key assumptions used for arriving at the fair value of each of these types of loans.

	Assumption Ranges for Significant Unobservable Inputs (Level 3)
Collateral Type	Capitalization Rate	Occupancy	Loss Severity (1)
Office	N/A	N/A	70%
Hotel	9% - 15%	75% - 83%	N/A
Retail	10%	90%	N/A
Mixed Use / Other	N/A	N/A	79%

(1) In certain cases a loss severity based on inputs from third-parties including appraisals on, and bids for, underlying collateral were utilized to compute the fair value of the impaired loans.

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 are measured using significant unobservable inputs, or Level 3 inputs as further described above.

Fair Value of Financial Instruments
	September 30, 2012						December 31, 2011
	Carrying Amount		Face Amount		Fair Value		Carrying Amount		Face Amount		Fair Value
Financial assets:
Cash and cash equivalents		$38,867		$38,867		$38,867		$34,818		$34,818		$34,818
Loans receivable, net		—		—		—		19,282		19,282		17,354
CT Legacy REIT
Restricted cash		16,145		16,145		16,145		12,985		12,985		12,985
Securities held-to-maturity		N/A		N/A		N/A		2,602		29,251		1,638
Loans receivable, net		N/A		N/A		N/A		206,514		435,973		180,439
Investment in CT Legacy Asset		100,100		N/A		100,100		N/A		N/A		N/A
Securitization Vehicles
Securities held-to-maturity		154,848		236,390		144,742		358,972		490,940		350,180
Loans receivable, net		214,457		292,828		200,028		612,598		815,716		570,936
Financial liabilities:
Secured notes		8,326		8,326		7,158		7,847		7,847		6,436
Participations sold		—		—		—		19,282		19,282		17,354
CT Legacy REIT
Repurchase obligations		N/A		N/A		N/A		58,464		58,464		54,556
Mezzanine loan		N/A		N/A		N/A		55,111		55,111		71,475
Participations sold		N/A		N/A		N/A		97,465		97,465		—
Securitization Vehicles
Securitized debt obligations		497,423		497,423		302,698		1,211,407		1,210,992		767,619