Real Estate Securities (Tables)

3 Months Ended

Mar. 31, 2013

Real Estate Securities

Schedule of the Company's CRE securities

The following table presents CRE securities (dollars in thousands):

											Weighted Average
							Cumulative Unrealized Gain (Loss) on Investments
	Number		Principal Amount(1)		Amortized Cost				Fair Value		Coupon(2)			Unleveraged Current Yield
CMBS:
March 31, 2013		8	$	104,542	$	52,596	$	1,403	$	53,999		4.53	%		9.08	%
December 31, 2012		4	$	30,575	$	29,124	$	458	$	29,582		5.39	%		5.71	%

(1)

Certain CRE securities serve as collateral for financing transactions including carrying value of $18.2 million for the CMBS Facilities (refer to Note 7). The remainder is unleveraged.

(2)

All CMBS are fixed rate.