As of June 30, 2015, the Company’s structured financing portfolio, net consisted of notes receivable and preferred equity investments, aggregating $168.9 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	Notes	Effective interest rate (1)	First Priority liens	Net Carrying Amounts of Structured Financing Investments as of June 30, 2015		Net Carrying Amounts of Structured Financing Investments as of December 31, 2014		Maturity date	Extension Options
First Mortgage Loan		7.7%		$	12,000	$	12,000	7/15/2015
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) (3)	24.0%	166,200	—		4,986		1/3/2016
First Mortgage Loan		5.5%		4,000		4,000		4/1/2016	1 x 6 Months
First Mortgage Loan	(4)	6.0%		15,000		—		5/1/2016	1 x 12 Months
Preferred Equity		13.5%		4,000		4,000		5/9/2016
Other	(5)	17.0%		6,500		—		6/1/2016
Other		18.0%		3,607		3,307		7/1/2017
Preferred Equity		8.1%	20,855	13,000		13,000		9/1/2017
First Mortgage Loan	(6)	LIBOR + 7.1%		26,000		—		6/25/2018	1 x 12 Months
Zero Coupon Loan	(2) (7)	2.5%		29,793		—		5/31/2020
Mezzanine Loan		15.0%		30,879		30,879		11/9/2020
Other		LIBOR + 2.5%		—		4,000		12/30/2020
Mezzanine Loan	(8)	10.0%	87,477	7,983		7,983		Demand
Individually less than 3%	(9) (10) (11)	11.6%		669		2,631		12/31/2015
Total				$	168,931	$	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) During April 2015, the Company converted a $5.6 million loan into an equity interest in a shopping center (Note 4).

(4) During May 2015, the Company made a $15.0 million loan, which is collateralized by a property, bears interest at 6.0% and matures May 1, 2016.

(5) During June 2015, the Company made a $6.5 million loan, which bears interest at 17.0% and matures June 1, 2016.

(6) During June 2015, the Company made a $26.0 million loan, which is collateralized by a property, bears interest at LIBOR + 7.1% and matures June 25, 2018.


6.	STRUCTURED FINANCINGS, NET (continued)

(7) During June 2015, the Company made a $29.8 million loan in connection with the disposition of City Point's Phase III (Note 4), which is collateralized by the purchaser's interest of the property. The loan bears interest at 2.5% and matures May 31, 2020.

(8) Comprised of three cross-collateralized loans from one borrower, which are non-performing. Subsequent to June 30, 2015, these notes were repaid in full (Note 13).

(9) Consists of one loan as of June 30, 2015.