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Real Estate Debt Investments

6 Months Ended

Jun. 30, 2013

3. Real Estate Debt Investments

The following table presents the Company’s real estate debt investments as of June 30, 2013:

Asset Type:		Number				Maturity Date		Extended Maturity Date		Principal Amount ⁽¹⁾				Carrying Amount				Spread over LIBOR⁽²⁾				Unleveraged Current Yield
First mortgage loan			1			Mar-16		Mar-18		$	2,500,000			$	2,500,000				7.00	%			8.08	%

(1)

Represents a pari passu participation interest in an $11.25 million first mortgage loan. The Company will purchase additional amounts as additional capital is raised.

(2)

Subject to a fixed minimum LIBOR rate of 1.0%, resulting in a minimum interest rate of 8.0% per annum.