Real Estate Loans

6 Months Ended

Mar. 31, 2013

Note 5 — Real Estate Loans

Information relating to real estate loans, all of which are earning interest, is summarized as follows (dollars in thousands):

	March 31, 2013					September 30, 2012
Property Type	Real Estate Loans			Percent		Real Estate Loans			Percent
Multi-family residential	$	42,729		46	%	$	35,096		95	%
Hotel	15,743			17	%	—			—
Parking facility	15,148			17	%	—			—
Retail	10,010			11	%	2,000			5	%
Land	7,846			9	%	—			—
	91,476			100	%	37,096			100	%
Deferred fee income	(1,051		)			(512		)
Real estate loans, net	$	90,425				$	36,584

At March 31, 2013, four separate borrowers had four loans outstanding that in the aggregate were in excess of 10% of total loans. Information regarding these loans all of which are performing is set forth in the table below (dollars in thousands):

Property Type	Gross Loan Balance		% of Gross Loans		% of Assets		State
Multi-Family	$	15,095	16.5	%	3.4	%	GA
Parking Facility	14,522		15.9	%	3.3	%	NY
Hotel	14,100		15.4	%	3.2	%	NY
Multi-Family	9,329		10.2	%	2.1	%	NY

Substantially all of the Trust’s loan portfolio consists of senior mortgage loans secured by real properties, 64% of which are located in New York, 17% in Georgia, 9% in Michigan, 5% in Florida and 5% in two other states.

On December 5, 2012, the Trust originated a loan in the amount of $21,174,000. Gould Investors L.P., a related party, participated in this loan on a pari passu basis and holds a $6,905,000 interest in this loan. The Trust retained a $14,269,000 interest in this loan.