Fair Value (Tables)

6 Months Ended

Jun. 30, 2013

Schedule of financial assets accounted for at fair value on a recurring basis by level within the fair value hierarchy

The following table presents financial assets that were accounted for at fair value on a recurring basis as of June 30, 2013 and December 31, 2012 by level within the fair value hierarchy (dollars in thousands):

	June 30, 2013									December 31, 2012

	Level 1			Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Asset type:
Investments in private equity funds	$	7,500	(1)	$	—	$	111,093	$	118,593	$	—	$	—	$	—	$	—
Real estate securities, available for sale		—			55,289		—		55,289		—		29,582		—		29,582

(1): Represents the Company's deposit related to PE Investment II (refer to Note 4).

Table presents additional information about financial assets which are measured at fair value on a recurring basis for which the Company has utilized Level 3 inputs to determine fair value

The following table presents additional information about financial assets which are measured at fair value on a recurring basis as of June 30, 2013 for which the Company has utilized Level 3 inputs to determine fair value (dollars in thousands):

	Investments in Private Equity Funds

Beginning balance	$	—
Purchases/contributions		125,534
Distributions		(23,664	)
Equity in earnings		9,223
Unrealized gains (losses)		—

Ending balance	$	111,093

Schedule of principal amount, carrying value and fair value of certain financial assets and liabilities

The following table presents the principal amount, carrying value and fair value of certain financial assets and liabilities as of June 30, 2013 and December 31, 2012 (dollars in thousands):

	June 30, 2013							December 31, 2012

	Principal Amount			Carrying Value		Fair Value		Principal Amount		Carrying Value		Fair Value
Financial assets:(1)
Real estate debt investments, net	$	924,089	(2)	$	925,896	$	924,089	$	513,833	$	514,058	$	513,833
Real estate securities, available for sale(3)		104,542			55,289		55,289		30,575		29,582		29,582
Financial liabilities:(1)
Securitization bonds payable	$	124,659		$	124,610	$	124,850	$	124,659	$	124,491	$	124,862
Credit facilities		225,871			225,871		225,871		126,321		126,321		126,321

(1): The fair value of other financial instruments not included in this table is estimated to approximate their carrying amounts.
(2): Excludes future funding commitments of $21.8 million.
(3): Refer to the "Determination of Fair Value" above for a discussion of methodologies used to determine fair value.

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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- Definition

Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

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