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Schedule IV - Real Estate Mortgage Loans
 12 Months Ended
Dec. 31, 2014
Mortgage Loans on Real Estate [Abstract]  
Schedule IV - Real Estate Mortgage Loans
 
Location
Number of RE Assets
Interest Rate
Fixed / Variable
Maturity Date
Monthly Debt Service
Face Value
Net Book Value
Prior Liens
 
 
First Mortgages
 
 
 
 
 
 
 
 
Florida
1
9.75%
F
12/31/2018
$
50

$
5,564

$
5,249

$
—

 
Washington
1
8.00%
F
8/1/2020
167

25,000

24,795

—

 
Washington
1
6.00%
F
7/5/2017
44

6,335

6,208

—

 
Multiple
27
8.93%
V
3/31/2017
577

83,107

83,107

—

 
California
11
9.42%
F
12/31/2017
1,627

179,495

174,790

—

 
Multiple
3
9.21%
V
6/30/2019
131

17,023

17,023

—

 
Texas
1
9.00%
F
12/1/2017
13

419

—

—

 
 
 
 
 
 
 
 
 
 
Second Mortgages
 
 
 
 
 
 
 
 
Multiple
9
10.50%
V
10/23/2019
45

5,000

4,959

*
 
 
 
 
 
 
 
 
 
 
Mezzanine Loans
 
 
 
 
 
 
 
 
Virginia
1
10.00%
F
12/10/2019
16

3,131

3,131

—

 
Multiple**
217
8.14%
F/V
12/9/2016
2,953

421,268

421,268

2,191,230

 
 
 
 
 
 
 
 
 
 
Construction Loans
 
 
 
 
 
 
 
 
Colorado
1
8.75%
V
2/6/2021
4

1,114

229

—

 
 
 
 
 
 
 
 
 
 
* The Second Mortgage loan is a $5 million participation in a second lien term loan with an aggregate commitment of $215 million
** The variable portion of this investment has a maturity date of 12/9/2016, with extension options to 12/9/2019.
 
Mortgage Loan Reconciliation
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2014
2013
2012
 
 
 
 
 
(in thousands)

 
Beginning Balance
 
$
335,656

$
622,139

$
206,050

 
 
Additions:
 
 
 
 
 
 
New Loans
 
451,269

3,500

440,000

 
 
Construction Draws
 
—

694

12,119

 
 
Total additions
 
 
451,269

4,194

452,119

 
 
 
 
 
 
 
 
 
 
Deductions:
 
 
 
 
 
 
 
Principal Repayments
(15,548
)
(75,738
)
(36,030
)
 
 
Conversions to Real Property
(18,310
)
—

—

 
 
Sales and Syndications
 
(5,611
)
(214,939
)
—

 
 
Total deductions
(39,469
)
(290,677
)
(36,030
)
 
 
 
 
 
 
 
 
 
Ending Balance
 
$
747,456

$
335,656

$
622,139