Real Estate Debt Investments (Tables)

6 Months Ended

Jun. 30, 2013

Schedule of CRE debt investments, all of which have been directly originated by the company

The following table presents CRE debt investments, all of which have been directly originated by the Company, as of June 30, 2013 (dollars in thousands):

							Weighted Average									Floating Rate as % of Principal Amount

Asset Type:	Number		Principal Amount(1)		Carrying Value(2)		Fixed Rate			Spread over LIBOR(3)			Unleveraged Current Yield			Floating Rate as % of Principal Amount
First mortgage loans		26	$	856,160	$	836,146		9.31	%		6.66	%		8.24	%		87.2	%
Mezzanine loans		2		56,500		56,500		11.50	%		10.00	%		11.90	%		8.0	%
Subordinate mortgage interests		1		33,250		33,250		13.11	%		0.00	%		13.24	%		0.0	%

Total/Weighted average		29	$	945,910	$	925,896		10.56	%		6.68	%		8.64	%		79.2	%

(1): Includes interest accretion, to the extent applicable, and future funding commitments of $21.8 million.
(2): Certain CRE debt investments serve as collateral for financing transactions including carrying value of $194.5 million for Securitization 2012-1 and $361.0 million for Term Loan Facilities (refer to Note 6). The remainder is unleveraged.
(3): All floating-rate loans are subject to a fixed minimum LIBOR rate ("LIBOR floor"). As of June 30, 2013, the weighted average LIBOR floor was 1.35%.

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									Floating Rate as % of Principal Amount

Asset Type:	Number		Principal Amount(1)		Carrying Value(2)		Fixed Rate			Spread over LIBOR(3)			Unleveraged Current Yield			Floating Rate as % of Principal Amount
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 Securitization 2012-1 and $197.6 million for Term Loan Facilities (refer to Note 6). 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%.

Schedule of maturities of CRE debt investments based on principal amount

The following table presents maturities of CRE debt investments based on principal amount as of June 30, 2013 (dollars in thousands):

	Initial Maturity		Maturity Including Extensions(1)

July 1 - December 31, 2013	$	64,480	$	—
Years Ending December 31:
2014		114,310		52,000
2015		418,070		12,480
2016		259,800		179,512
2017		—		352,868
Thereafter		89,250		349,050

Total	$	945,910	$	945,910

(1): Assumes that all debt with extension options will qualify for extension at such maturity according to the conditions stipulated in the related debt agreements.