REAL ESTATE LOAN HELD FOR SALE

12 Months Ended

Sep. 30, 2011

REAL ESTATE LOAN HELD FOR SALE

REAL ESTATE LOAN HELD FOR SALE

NOTE 3—REAL ESTATE LOAN HELD FOR SALE

        At September 30, 2011, the Trust had one loan outstanding, which is classified as held for sale. The loan, which represented a pari passu interest in a loan with a principal balance of approximately $17 million, had a carrying value of approximately $8.5 million, and represented 11.2% of total real estate loans and 4.4% of total assets at September 30, 2011. In October 2011, pursuant to a Federal Bankruptcy Court approved joint plan of reorganization, the Trust and its loan participant sold the rights to the loan for net proceeds of approximately $23.5 million. The Trust provided $15 million of financing for the purchase. This loan paid off on December 5, 2011.