Mortgage Loans

6 Months Ended

Jun. 30, 2013

Mortgage Loans [Abstract]

Mortgage Loans

5.	Mortgage Loans
	On March 22, 2013, the Company purchased a residential mortgage loan portfolio with an aggregate unpaid principal balance of $17.7 million. On May 30, 2013, the Company entered into the Loan Repurchase Facility and utilized $10.6 million of the Loan Repurchase Facility to finance its then existing residential mortgage loan portfolio. On May 31, 2013, the Company utilized $78.5 million of the Loan Repurchase Facility to fund a portion of the purchase price of its acquisition of a residential mortgage loan portfolio with an unpaid principal balance of $134.5 million.
	The following table presents the fair value, principal balance and weighted coupon and yield of the Company's mortgage loan portfolio as of June 30, 2013:

	June 30, 2013
					Weighted Average
			Principal
	Fair Value		Balance		Coupon		Yield
Loan Type
Performing Loans:
Fixed	$	59,118,932	$	75,383,607	4.92	%	6.99	%
ARM		60,455,915		73,919,489	4.53		6.54
		119,574,847		149,303,096
Nonperforming loans		1,208,578		1,805,103	6.52		9.27
Total	$	120,783,425	$	151,108,199	4.75	%	6.78	%

The following table presents the difference between the fair value and the aggregate unpaid principal balance of the Company's mortgage loans:
	June 30, 2013							December 31, 2012
			Principal							Principal
	Fair Value		Balance		Difference			Fair Value		Balance		Difference
Loan Type
Performing loans:
Fixed		59,118,932		75,383,607		(16,264,675	)		-		-		-
ARM		60,455,915		73,919,489		(13,463,574	)		-		-		-
		119,574,847		149,303,096		(29,728,249	)
Nonperforming loans		1,208,578		1,805,103		(596,525	)		-		-		-
Total	$	120,783,425	$	151,108,199	$	(30,324,774	)	$	-	$	-	$	-

Nonperforming loans includes four loans having a fair value of $358,000 and a principal balance of $555,000 that were on non-accrual status.

As of June 30, 2013, the mortgage loan portfolio consisted of mortgage loans on residential real estate located throughout the United States. The following is a summary of certain concentrations of credit risk in the mortgage loan portfolio:

	June 30, 2013		December 31, 2012
Concentration
Percentage of fair value of mortgage loans with unpaid-principal-balance-to
current -property-value in excess of 100%	92.8	%	-
Mortgage loans secured by properties in the following states:
Each representing 10% or more of fair value:			-
California	21.2	%
Florida	19.7	%

	June 30, 2013		December 31, 2012
Georgia	10.1	%
Additional states each representing more than 5% of fair value	NJ, VA		-