Schedule IV-Mortgage Loans on Real Estate

12 Months Ended

Dec. 31, 2011

Schedule IV-Mortgage Loans on Real Estate

Schedule IV-Mortgage Loans on Real Estate

Schedule IV—Mortgage Loans on Real Estate

December 31, 2011

(Amounts in thousands)

Description/Location	Prior Liens(1)		Face Amount		Carrying Amount		Interest Rate(3)			Payment Terms(2)	Maturity Date(7)
First Mortgages:
Retail, Chandler, AZ		—	$	1,000	$	742		CL + 1.25	%	I/O		10/31/2015
Multi-family, Anaheim, CA		—		25,600		21,170		CL + 1.00	%	I/O		10/12/2017
Multi-family, Cupertino, CA		—		20,000		19,159		CL + 1.15	%	I/O		2/13/2013
Retail, Escondido, CA		—		9,079		8,060		CL + 1.30	%	P&I		5/12/2015
Mixed Use, Irvine, CA		—		2,291		2,247		5.48	%	P&I		11/19/2014
Hospitality, Laguna Beach, CA		—		18,000		17,966		9.00	%	I/O		12/1/2013
Industrial, Orange, CA		—		1,285		1,289		9.75	%	P&I		6/20/2017
Multi-family, Redding, CA		—		4,400		4,157		3.85	%	P&I		8/16/2015
Office, Sacramento, CA—1		—		2,313		2,293		6CL + 3.50	%	P&I		9/24/2014
Office, Sacramento, CA—2		—		46,250		43,258		CL + 3.50	%	P&I		9/24/2014
Retail, San Bernardino, CA		—		1,256		1,263		10.13	%	P&I		5/1/2017
Office, San Francisco, CA		—		17,500		14,539		3L + 3.50	%	I/O*		10/1/2020
Multi-family, Southgate, CA		—		8,925		8,309		CL + 4.50	%	P&I		10/1/2014
Hospitality, Walnut Creek, CA		—		20,547		20,555		15.00	%	I/O		5/6/2012
Retail, Aspen, CO		—		8,000		5,690		CL + 1.00	%	I/O		1/19/2017
Retail, Fort Meyers, FL		—		5,636		5,703		5.93	%	P&I		10/16/2016
Industrial, Jacksonville, FL—1		—		4,866		4,253		7.80	%	P&I		8/31/2017
Industrial, Jacksonville, FL—2		—		9,905		7,280		8.18	%	I/O*		8/31/2024
Industrial, Jacksonville, FL—3		—		4,996		2,673		8.18	%	I/O		8/31/2024
Industrial, Ocala, FL		—		12,159		12,152		9.83	%	P&I		2/5/2017
Industrial, Orlando, FL—1		—		4,932		4,311		7.80	%	P&I		8/31/2017
Industrial, Orlando, FL—2		—		10,039		7,379		8.18	%	I/O*		8/31/2024
Industrial, Orlando, FL—3		—		5,063		2,709		8.18	%	I/O		8/31/2024
Retail, Spring Hill, FL		—		3,690		3,684		9.75	%	P&I		9/1/2019
Office, Tampa, FL		—		17,000		16,926		L + 5.00	%(6)	I/O		7/6/2016
Retail, Various, FL		—		5,085		4,973		CL + 2.00	%	I/O		7/31/2012
Hospitality, New Orleans, LA—1		—		1,476		1,476		11.00	%	P&I		9/10/2014
Hospitality, New Orleans, LA—2		—		65,108		62,739		11.00	%	I/O		8/1/2016
Mixed Use, Baltimore, MD		—		54,827		53,288		5.25	%	P&I		12/1/2017
Retail, Greenville, MI		—		1,507		1,504		10.25	%	P&I		10/1/2017
Retail, Ionia, MI		—		1,886		1,883		10.00	%	P&I		10/1/2017
Office, Minnetonka, MN—1		—		22,849		22,950		7.68	%	P&I		9/1/2012
Office, Minnetonka, MN—2		—		4,784		4,805		7.69	%	P&I		9/1/2012
Office, Minnetonka, MN—3		—		22,828		22,930		8.10	%	P&I		9/1/2012
Office, Minnetonka, MN—4		—		4,784		4,805		7.69	%	P&I		9/1/2012
Multi-family, Robbinsdale, MN		—		1,612		1,613		9.50	%	P&I		10/10/2014
Office, St. Louis Park, MN		—		1,985		1,996		10.50	%	P&I		5/1/2014
Retail, Glendale, USA		—		8,686		7,617		CL + 2.00	%	P&I		11/14/2012
Hospitality, Various, USA—1		—		13,000		13,264		10.00	%	I/O		7/6/2012
Hospitality, Various, USA—2		—		73,722		74,124		9.50	%	I/O		1/1/2013
Hospitality, Various, USA—3		—		185,000		182,509		L + 5.38	%(5)	I/O*		9/1/2014
Retail, Various, USA—1		—		9,199		8,502		6.08	%	P&I		10/21/2018
Retail, High Point, NC		—		174,317		172,940		L + 6.00	%(5)	P&I		7/6/2016
Retail, Devils Lake, ND		—	$	1,602	$	1,600		10.00	%	P&I		1/1/2017
Retail, Chester, NJ		—		15,300		15,206		7.75	%	I/O*		10/5/2015
Hospitality, Newark, NJ		—		10,958		10,967		7.13	%	P&I		7/6/2014
Industrial, South Plainfield, NJ		—		146		146		9.75	%	P&I		8/1/2012
Retail, Las Vegas, NV		—		9,685		9,208		CL + 1.65	%	P&I		4/7/2013
Multi-family, Reno, NV		—		4,500		3,745		6CL + 1.15	%	I/O		1/31/2016
Retail, East Hampton, NY—1		—		4,782		4,788		6.25	%	P&I		3/1/2016
Retail, East Hampton, NY—2		—		8,940		8,854		4.91	%	P&I		3/1/2013
Retail, Garden City, NY		—		2,844		2,819		5.74	%	P&I		11/30/2017
Hospitality, New York, NY—1		—		23,000		22,907		L + 5.75	%	I/O		7/6/2016
Hospitality, New York, NY—2		—		26,500		26,335		8.15	%	I/O		11/1/2013
Mixed Use, New York, NY—1		—		7,719		7,102		3CL + 1.55	%	P&I		9/16/2013
Mixed Use, New York, NY—2		—		5,200		5,121		6.40	%	I/O		11/21/2013
Office, New York, NY—1		—		30,722		26,957		5.24	%	P&I		4/20/2020
Office, New York, NY—2		—		26,415		23,178		5.10	%	P&I		12/31/2014
Retail, Baden, PA		—		4,000		3,938		10.00	%	I/O		7/6/2014
Retail, Pleasant Hills, PA		—		56,500		56,725		L + 4.50	%	I/O		7/9/2016
Retail, Mitchell, SD		—		1,646		1,643		10.00	%	P&I		1/1/2017
Retail, Oak Ridge, TN—1		—		1,628		1,631		10.00	%	P&I		4/15/2017
Retail, Oak Ridge, TN—2		—		563		564		9.25	%	P&I		10/15/2013
Office, Fort Worth, TX		—		28,231		28,370		7.45	%	P&I		10/1/2012
Retail, Various, TX		—		6,171		5,856		CL + 1.25	%	P&I		2/28/2013
Other, Midvale, UT		—		11,436		11,202		5.71	%	P&I		3/30/2013
Hospitality, Roanoke, VA		—		4,845		4,499		5.63	%	P&I		5/5/2015
Multi-family, Washington DC, VA		—		34,520		34,194		L + 5.50	%(4)	I/O		11/10/2016
Retail, Poulsbo, WA		—		3,310		3,372		6.10	%	I/O		9/13/2017
Subordinated Debt and Mezzanine:
Mixed Use, Mobile, AL		15,500		4,750		4,773		12.02	%	I/O*		7/6/2021
Industrial, Montgomery, AL—1		8,765		18,050		13,999		8.18	%	I/O*		8/31/2024
Industrial, Montgomery, AL—2		—		4,552		2,725		8.18	%	I/O		8/31/2024
Office, Century City, CA		112,212		77,852		78,416		7.30	%	P&I		5/11/2013
Mixed Use, San Francisco, CA—1		42,500		6,500		6,404		L + 2.75	%	I/O		7/9/2016
Mixed Use, San Francisco, CA—2		—		13,500		13,305		L + 16.64	%	I/O		7/9/2016
Hospitality, Estes Park, CO—1		10,294		4,270		4,254		17.45	%	P&I		1/5/2016
Industrial, Opa Locka, FL—1		3,134		530		285		8.18	%	I/O		8/31/2024
Industrial, Opa Locka, FL—2		8,427		17,354		13,459		8.18	%	I/O*		8/31/2024
Industrial, Opa Locka, FL—3		—		4,377		2,620		8.18	%	I/O		8/31/2024
Industrial, Fitzgerald, GA		9,185		1,553		831		8.18	%	I/O		8/31/2024
Retail, Orlando Park, IL—1		—		13,292		13,193		5.00	%	P&I		12/31/2014
Retail, Orlando Park, IL—2		—		2,467		2,449		24.16	%	P&I		12/31/2014
Office, Chicago, IL—1		—		37,340		37,123		5.00	%	I/O*		6/1/2015
Office, Chicago, IL—2		—		21,660		21,534		13.17	%	I/O*		6/1/2015
Hospitality, UK, International		1,158,975		143,889		128,831		3L + 2.24	%	I/O		10/1/2013
Industrial, West Hammond, LA—1		10,576		21,778		16,889		8.18	%	I/O*		8/31/2024
Industrial, West Hammond, LA—2		—	$	5,492	$	3,287		8.18	%	I/O		8/31/2024
Office, New York, NY—3		256,287		11,400		9,953		7.19	%	P&I		7/11/2016
Retail, Columbus, OH		320,000		85,000		71,039		6.97	%	I/O		8/8/2017
Retail, Various, USA—2		100,000		42,200		42,111		14.28	%	I/O*		11/1/2015
Office, Chicago, IL—3		49,000		16,000		15,944		L + 9.00	%(5)	I/O		6/9/2016
Industrial, Los Angeles, CA		34,500		10,453		10,453		12.00	%	I/O		5/5/2016
Hospitality, Mammoth Lakes, CA		192,000		35,000		35,099		13.25	%	I/O		4/13/2017
Hospitality, San Diego, CA		17,500		6,500		6,500		12.66	%	I/O*		3/6/2016
Hospitality, Estes Park, CO—2		—		7,695		7,676		14.00	%	I/O*		1/6/2016
Office, Chicago, IL—4		28,000		5,000		4,948		11.00	%	I/O		3/6/2016
Retail, Europe, International		568,632		57,041		56,018		12.00	%	I/O		6/21/2017
Hospitality, Various, USA—4		100,000		92,000		92,886		11.26	%	I/O*		1/6/2016
Hospitality, Various, USA—5		817,536		137,650		128,760		L + 7.00	%(4)	I/O		3/9/2014
Hospitality, Various, USA—6		75,000		70,000		70,406		11.87	%	I/O		5/16/2016
Retail, Various, USA—3		25,901		8,083		8,049		11.81	%	I/O*		1/6/2016
Hospitality, New York, NY—3		55,000		15,000		14,052		10.00	%	I/O		11/25/2014
Office, Nashville, TN		15,000		2,908		2,908		12.00	%	P&I		4/20/2016
Office, Rosslyn, VA		567,675		169,201		164,717		L + 2.40	%	I/O		5/15/2012
Hospitality, Seattle, WA		31,774		10,300		10,407		11.00	%	I/O		7/6/2016
First Mortgages held for sale:
Mixed Use, Napa, CA		—		8,723		9,408		6.40	%	P&I		4/6/2021
Office, Sacramento, CA—3		—		10,638		10,595		5.77	%	P&I		6/6/2021
Retail, San Francisco, CA		—		18,406		18,829		5.48	%	P&I		7/6/2021
Retail, Various, USA—4		—		17,931		19,043		6.03	%	I/O*		3/6/2021
Retail, Various, USA—5		—		21,635		22,533		5.65	%	I/O		7/6/2021
Multi-family, Richmond, VA		—		45,500		48,185		6.01	%	I/O*		4/6/2021
	$	4,633,373	$	2,552,020	$	2,447,508

Notes to Schedule IV:

(1)

Represents third-party priority liens. Third party portions of pari-passu participations are not considered prior liens. Additionally, excludes the outstanding debt on third party joint ventures of underlying borrowers.

(2)

P&I = principal and interest; I/O = interest only, I/O* = principal payments begin later in loan period

(3)

L = one month LIBOR rate, 3L = three month LIBOR rate, CL = one month Citibank LIBOR rate, 3CL = three month Citibank LIBOR rate, 6CL = six month Citibank LIBOR rate.

(4)

Subject to a 0.5% LIBOR floor.

(5)

Subject to a 1.0% LIBOR floor.

(6)

Subject to a 2.0% LIBOR floor.

(7)

Based on management's judgment of extension options being exercised.

        For the year ended December 31, 2011, activity related to our loan portfolio was as follows:

Balance December 31, 2010	$	1,425,243
Acquisitions/Origination		1,782,964
Additional funding		45,792
Capitalized Interest(1)		7,485
Loans sold		(331,312	)
Loan maturities		(305,316	)
Transfer out—loan converted to a security		(176,635	)
Principal repayments		(26,933	)
Discount/premium amortization		26,966
Unrealized foreign currency remeasurement loss		(6,506	)
Unrealized gains on loans held for sale at fair value		5,760
Balance December 31, 2011	$	2,447,508

(1)

Represents accrued interest income on loans whose terms do not require current payment of interest.

        For the year ended December 31, 2010, activity related to our loan portfolio was as follows:

Balance December 31, 2009	$	214,521
Acquisitions/originations		1,352,253
Capitalized interest(1)		3,323
Carrying amount of loans sold		(28,911	)
Loan maturities		(114,717	)
Principal repayments		(13,642	)
Discount/premium amortization		6,339
Unrealized foreign currency remeasurement gain		6,077
Balance December 31, 2010	$	1,425,243

(1)

Represents accrued interest income on loans whose terms do not require current payment of interest.