Real Estate Debt Investments (Tables)

6 Months Ended

Jun. 30, 2014

The following table presents CRE debt investments, as of December 31, 2013 (dollars in thousands):



								Weighted Average						Floating Rate as % of Principal Amount
Asset Type:	Number	Principal Amount ⁽¹⁾		Carrying Value ⁽²⁾⁽³⁾		Allocation by Investment Type⁽⁴⁾		Fixed Rate		Spread Over LIBOR ⁽⁵⁾		Total Unleveraged Current Yield		Floating Rate as % of Principal Amount
First mortgage loans	29	$	915,380	$	904,918	80.6	%	12.96	%	6.86	%	7.26	%	94.6	%
Mezzanine loans	4	186,693		154,105		16.5	%	—	%	14.19	%	14.27	%	100.0	%
Subordinate interests	1	33,250		33,250		2.9	%	13.11	%	—	%	13.24	%	—	%
Total/Weighted average	34	$	1,135,323	$	1,092,273	100.0	%	13.02	%	7.97	%	8.43	%	92.4	%

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(1)	Includes future funding commitments of $44.6 million and a $17.5 million mezzanine loan participation classified as held for sale.


(2)	Certain CRE debt investments serve as collateral for financing transactions including carrying value of $711.5 million for Securitization Financing Transactions (including $42.6 million of cash pending investment) and $30.9 million for Term Loan Facilities (refer to Note 7). The remainder is unleveraged.


(3)	Includes a $17.5 million mezzanine loan participation classified as held for sale.


(4)	Based on principal amount.


(5)	Includes a LIBOR floor. As of December 31, 2013, the Company had $898.2 million principal amount of floating-rate loans subject to a LIBOR floor with the weighted average LIBOR floor of 1.07%.

The following table presents CRE debt investments, as of June 30, 2014 (dollars in thousands):



								Weighted Average						Floating Rate as % of Principal Amount
Asset Type:	Number	Principal Amount ⁽¹⁾		Carrying Value ⁽²⁾		Allocation by Investment Type ⁽³⁾		Fixed Rate		Spread over LIBOR ⁽⁴⁾		Total Unleveraged Current Yield		Floating Rate as % of Principal Amount
First mortgage loans	28	$	1,102,475	$	1,078,223	83.7	%	12.00	%	6.47	%	6.58	%	99.0	%
Mezzanine loans	5	181,193		148,332		13.8	%	10.10	%	13.70	%	13.79	%	93.4	%
Subordinate interests	1	33,250		33,250		2.5	%	13.11	%	—	%	13.24	%	—	%
Total/Weighted average	34	$	1,316,918	$	1,259,805	100.0	%	12.25	%	6.98	%	7.61	%	95.7	%

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(1)	Includes future funding commitments of $59.3 million.


(2)	Certain CRE debt investments serve as collateral for financing transactions including carrying value of $701.7 million for Securitization Financing Transactions (including $0.8 million of cash pending investment) and $251.7 million for Term Loan Facilities (refer to Note 7). The remainder is unleveraged.


(3)	Based on principal amount.


(4)	Includes a fixed minimum LIBOR rate (“LIBOR floor”), as applicable. As of June 30, 2014, the Company had $981.3 million principal amount of floating-rate loans subject to a LIBOR floor with the weighted average LIBOR floor of 0.89%.

The following table presents maturities of CRE debt investments based on principal amount as of June 30, 2014 (dollars in thousands):



	Initial Maturity		Maturity Including Extensions ⁽¹⁾
July 1 to December 31, 2014	$	129,685	$	—
Years Ending December 31:
2015	378,320		12,480
2016	313,600		175,205
2017	187,300		320,320
2018	—		413,600
Thereafter	308,013		395,313
Total	$	1,316,918	$	1,316,918

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(1)	Assumes that all debt with extension options will qualify for extension at such maturity according to the conditions set forth in the governing documents.