Real Estate Loans

9 Months Ended

Jun. 30, 2013

Note 5 - Real Estate Loans

Information relating to real estate loans, all of which are earning interest, is summarized as follows (dollars in thousands):

	June 30, 2013					September 30, 2012
Property Type	Real Estate Loans			Percent		Real Estate Loans			Percent
Multi-family residential	$	22,090		33	%	$	35,096		95	%
Hotel	15,780			23	%	—			—
Parking facility	16,037			24	%	—			—
Retail	4,600			7	%	2,000			5	%
Land	8,000			12	%
Single family	940			1	%	—			—
	67,447			100	%	37,096			100	%
Deferred fee income	(614		)			(512		)
Real estate loans, net	$	66,833				$	36,584

At June 30, 2013, four separate borrowers had five loans outstanding that in the aggregate were in excess of 10% of total loans. Information regarding these loans all of which are performing is set forth in the table below (dollars in thousands):

Property Type	Gross Loan Balance		% of Gross Loans		% of Assets		State
Parking Facility (a)	$	16,037	23.8	%	3.2	%	NY
Hotel	14,100		20.9	%	2.8	%	NY
Multi-Family	9,798		14.5	%	2.0	%	NY
Land	8,000		11.9	%	1.6	%	NY

(a) Represents two separate loans on a single property.

Substantially all of the Trust’s loan portfolio consists of senior mortgage loans secured by real properties, 84% of which are located in New York, 7% in Florida and 9% in three other states.

On December 5, 2012, the Trust originated a loan in the amount of $21,174,000. Gould Investors L.P., a related party, participated in this loan on a pari passu basis and holds a $6,905,000 interest in this loan. The Trust retained a $14,269,000 interest in this loan.