STRUCTURED FINANCINGS, NET (Tables)

3 Months Ended

Mar. 31, 2015

Mortgage Loans on Real Estate [Abstract]

Schedule of Accounts, Notes, Loans and Financing Receivable

As of March 31, 2015, the Company’s structured financing portfolio, net consisted of notes receivable and preferred equity investments, aggregating $98.6 million. These investments were collateralized either by underlying properties, the borrowers' ownership interests in the entities that own properties and/or by the borrowers' personal guarantee subject, as applicable, to senior liens, as follows:

(dollars in thousands)
Description	Effective interest rate (1)	First Priority liens	Net Carrying Amounts of Notes Receivable as of March 31, 2015		Net Carrying Amounts of Notes Receivable as of December 31, 2014		Maturity date	Extension Options
First Mortgage Loan	7.7%		$	12,000	$	12,000	Demand
Mezzanine Loan	12.7%	18,900	8,000		8,000		10/3/2015
First Mortgage Loan	8.8%		7,500		7,500		10/31/2015	1 x 12 Months
Zero Coupon Loan (2)	24.0%	166,200	5,149		4,986		1/3/2016
First Mortgage Loan	5.5%		4,000		4,000		4/1/2016	1 x 6 Months
Preferred Equity	13.5%		4,000		4,000		5/9/2016
Other	18.0%		3,457		3,307		7/1/2017
Preferred Equity	8.1%	20,855	13,000		13,000		9/1/2017
Other	15.0%		30,879		30,879		11/9/2020
Other	LIBOR + 2.5%		—		4,000		12/30/2020
Mezzanine Loan (3)	10.0%	87,477	7,983		7,983		Demand
Individually less than 3% (4)	3.9% to 11.6%		2,592		2,631		12/31/2015 to 5/1/2024
Total			$	98,560	$	102,286

Notes:

(1) Includes origination and exit fees

(2) The principal balance for this accrual-only loan is increased by the interest accrued

(3) Comprised of three cross-collateralized loans from one borrower, which are non-performing

(4) Consists of two loans as of March 31, 2015