Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2013

Segment Reporting

Summary of segment reporting

The following tables present segment reporting for the three and six months ended June 30, 2013 and 2012 (dollars in thousands):

Three Months Ended June 30, 2013	Real Estate Debt			Equity Interests			Real Estate Securities		Corporate(1)			Total
Net interest income
Interest income	$	14,737		$	—		$	1,454	$	—		$	16,191
Interest expense		3,222			—			41		—			3,263
Net interest income		11,515			—			1,413		—			12,928
Expenses		81			691			7		5,019			5,798
Income (loss) from operations		11,434			(691	)		1,406		(5,019	)		7,130
Equity in earnings (losses) of unconsolidated ventures		(181	)		6,008			—		—			5,827
Net income (loss)	$	11,253		$	5,317		$	1,406	$	(5,019	)	$	12,957

Three Months Ended June 30, 2012	Real Estate Debt		Real Estate Securities			Corporate(1)			Total
Net interest income
Interest income	$	4,293	$	415		$	—		$	4,708
Interest expense		150		213			—			363
Net interest income		4,143		202			—			4,345
Expenses		14		—			1,392			1,406
Income (loss) from operations		4,129		202			(1,392	)		2,939
Realized gain (loss) on investments and other		—		3,028			—			3,028
Unrealized gain (loss) on investments and other		—		(2,959	)		—			(2,959	)
Net income (loss)	$	4,129	$	271		$	(1,392	)	$	3,008

Six Months Ended June 30, 2013	Real Estate Debt			Equity Interests			Real Estate Securities		Corporate(1)			Total
Net interest income
Interest income	$	26,462		$	—		$	2,396	$	—		$	28,858
Interest expense		5,712			—			89		—			5,801
Net interest income		20,750			—			2,307		—			23,057
Expenses		150			2,279			14		8,777			11,220
Income (loss) from operations		20,600			(2,279	)		2,293		(8,777	)		11,837
Equity in earnings (losses) of unconsolidated ventures		(181	)		9,223			—		—			9,042
Net income (loss)	$	20,419		$	6,944		$	2,293	$	(8,777	)	$	20,879

Six Months Ended June 30, 2012	Real Estate Debt		Real Estate Securities			Corporate(1)			Total
Net interest income
Interest income	$	6,390	$	882		$	—		$	7,272
Interest expense		175		439			—			614
Net interest income		6,215		443			—			6,658
Expenses		23		—			2,189			2,212
Income (loss) from operations		6,192		443			(2,189	)		4,446
Realized gain (loss) on investments and other		—		3,028			—			3,028
Unrealized gains (losses) on investments and other		—		(2,457	)		—			(2,457	)
Net income (loss)	$	6,192	$	1,014		$	(2,189	)	$	5,017

(1)

Includes unallocated advisory fees—related party and general and administrative expenses.

Summary of total assets by segment

The following table presents total assets by segment as of June 30, 2013 and December 31, 2012 (dollars in thousands):

Total Assets	Real Estate Debt		Equity Interests		Real Estate Securities		Corporate(1)		Total
June 30, 2013	$	1,154,491	$	119,511	$	55,676	$	194,244	$	1,523,922
December 31, 2012	$	617,705	$	—	$	29,712	$	212,521	$	859,938

(1)

Includes cash, unallocated receivables and deferred costs and other assets, net.