SUBSEQUENT EVENTS

12 Months Ended

Dec. 31, 2013

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

NOTE 15 — SUBSEQUENT EVENTS

Mortgage Loan Collections

Subsequent to December 31, 2013, we received mortgage loan payoffs totaling $5.6 million for two of our performing loans.

Asset Sales

Subsequent to December 31, 2013, we sold four REO assets with a carrying value of $18.3 million for a net selling price totaling $23.7 million, of which we financed $8.4 million.

Indebtedness

Subsequent to December 31, 2013, we repaid indebtedness of $10.0 million that was secured by certain REO assets with a carrying value of $24.8 million as of December 31, 2013. In addition, subsequent to December 31, 2013, we negotiated with the lender to extend the maturity date of one of our notes payable in the amount of $24.6 million for a three year period at a reduced annual interest rate of 8.0%, with interest only payments for the first year of the loan, and monthly payments of approximately $0.2 million thereafter until maturity.