4. Real Estate Debt Investments

The following table presents CRE debt investments, all of which have been directly originated by the Company, as of March 31, 2013 (dollars in thousands):

							Weighted Average

							Weighted Average									Floating Rate as % of Principal Amount
	Number		Principal Amount(1)		Carrying Value(2)		Fixed Rate			Spread over LIBOR(3)			Unleveraged Current Yield			Floating Rate as % of Principal Amount
Asset Type:
First mortgage loans		20	$	593,113	$	583,306		12.98	%		6.33	%		8.16	%		89.4	%
Mezzanine loans		2		56,500		41,071		11.50	%		10.00	%		12.05	%		8.0	%

Total/Weighted average		22	$	649,613	$	624,377		12.37	%		6.36	%		8.42	%		82.3	%

(1): Includes interest accretion, to the extent applicable, and future funding commitments of $25.9 million.
(2): Certain CRE debt investments serve as collateral for financing transactions including carrying value of $194.5 million for the Securitization Financing Transaction (refer to Note 7) and $304.8 million for the Term Loan Facilities (refer to Note 7). The remainder is unleveraged.
(3): All floating-rate loans are subject to a fixed minimum LIBOR rate ("LIBOR floor"). As of March 31, 2013, the weighted average LIBOR floor was 1.38%.

The following table presents CRE debt investments, all of which have been directly originated by the Company, as of December 31, 2012 (dollars in thousands):

							Weighted Average

							Weighted Average									Floating Rate as % of Principal Amount
	Number		Principal Amount(1)		Carrying Value(2)		Fixed Rate			Spread over LIBOR(3)			Unleveraged Current Yield			Floating Rate as % of Principal Amount
Asset Type:
First mortgage loans		18	$	486,992	$	476,717		13.25	%		6.14	%		8.22	%		89.5	%
Mezzanine loans		2		56,627		37,341		11.50	%		10.00	%		12.12	%		8.2	%

Total/Weighted average		20	$	543,619	$	514,058		12.47	%		6.18	%		8.50	%		81.0	%

(1): Includes interest accretion, to the extent applicable, and future funding commitments of $29.8 million.

(2): Certain CRE debt investments serve as collateral for financing transactions including carrying value of $194.5 million for the Securitization Financing Transaction (refer to Note 7) and $197.6 million for the Term Loan Facilities (refer to Note 7). The remainder is unleveraged.
(3): All floating-rate loans are subject to a LIBOR floor. As of December 31, 2012, the weighted average LIBOR floor was 1.61%.

Maturities of CRE debt investments based on principal amount as of March 31, 2013 are presented as follows (dollars in thousands):

	Initial Maturity		Maturity Including Extensions(1)

April 1 - December 31, 2013	$	64,480	$	—
Years Ending December 31:
2014		115,763		52,000
2015		313,570		12,480
2016		155,800		75,013
2017		—		354,320
Thereafter		—		155,800

Total	$	649,613	$	649,613

(1): Maturity Including Extensions assumes that all debt with extension options will qualify for extension at initial maturity according to the conditions stipulated in the related debt agreements.

Credit Quality Monitoring

CRE debt investments are typically first mortgage loans secured by direct senior priority liens on real estate properties or by interests in entities that directly own real estate properties, which serve as the primary source of cash for the payment of principal and interest. The Company evaluates its debt investments at least quarterly and differentiates the relative credit quality principally based upon: (i) whether the borrower is currently paying contractual debt service in accordance with its contractual terms, and (ii) whether the Company believes the borrower will be able to perform under its contractual terms in the future, as well as the Company's expectations as to the ultimate recovery of principal at maturity.

The Company categorizes a debt investment for which it expects to receive full payment of contractual principal and interest payments as "performing." The Company will categorize a weaker credit quality debt investment that is currently performing, but for which it believes future collection of all or some portion of principal and interest is in doubt, into a category called "performing with a loan loss reserve." The Company will categorize a weaker credit quality debt investment that is not performing, which the Company defines as a loan in maturity default and/or is past due at least 90 days on its contractual debt service payments, as a non-performing loan ("NPL"). The Company's definition of an NPL may differ from that of other companies that track NPLs.

As of March 31, 2013, all CRE debt investments were performing in accordance with the terms of the loan agreements and were categorized as performing loans. For the three months ended March 31, 2013 and 2012, two and four, respectively, CRE debt investments contributed more than 10% of interest income.