Fair Value (Tables)

6 Months Ended

Jun. 30, 2014

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, 2014 and December 31, 2013 by level within the fair value hierarchy (dollars in thousands):



	June 30, 2014								December 31, 2013
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets:
Investments in private equity funds, at fair value	$	—	$	—	$	144,804	$	144,804	$	—	$	—	$	156,616	$	156,616
Real estate securities, available for sale	—		70,500		—		70,500		—		66,450		—		66,450

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 PE Investments which are measured at fair value on a recurring basis as of June 30, 2014 for which the Company has used Level 3 inputs to determine fair value (dollars in thousands):



Beginning balance	$	156,616
Purchases/contributions	1,093
Distributions	(30,165		)
Equity in earnings	17,260
Ending balance	$	144,804

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, 2014 and December 31, 2013 (dollars in thousands):



	June 30, 2014							December 31, 2013
	Principal Amount			Carrying Value		Fair Value		Principal Amount			Carrying Value		Fair Value
Financial assets: ⁽¹⁾
Real estate debt investments, net	$	1,257,654	⁽²⁾	$	1,259,805	$	1,435,342	$	1,073,189	⁽²⁾	$	1,074,773	$	1,197,383
Real estate debt investments, held for sale	—			—		—		17,500			17,500		17,500
Real estate securities, available for sale ⁽³⁾	104,542			70,500		70,500		104,542			66,450		66,450
Financial liabilities: ⁽¹⁾
Securitization bonds payable	$	482,593		$	482,499	$	482,475	$	507,359		$	506,929	$	507,212
Mortgage notes payable	131,603			131,603		131,830		102,500			102,500		102,500
Credit facilities	169,283			169,283		169,283		28,323			28,323		28,323

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(1)	The fair value of other financial instruments not included in this table is estimated to approximate their carrying value.


(2)	Excludes future funding commitments of $59.3 million as of June 30, 2014 and $44.6 million as of December 31, 2013.


(3)	Refer to the “Determination of Fair Value” above for disclosure 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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