Variable Interest Entities

12 Months Ended

Dec. 31, 2015

Variable Interest Entities [Abstract]

19.	Variable Interest Entities

As of December 31, 2015, and 2014, we held variable interests in PGRESS-H, Residential Fund Feeder and Fund VII-H, which were determined to be VIEs. As of December 31, 2014, we also held variable interest in PGRESS-A, which was determined to be a VIE (See Note 5, Preferred Equity Investments for details). We are required to consolidate our interests in these entities because we are deemed to be the primary beneficiary and have the power to direct the activities of the entity that most significantly affect economic performance and the obligation to absorb losses and right to receive benefits that could potentially be significant to the entity. The table below summarizes the assets and liabilities of these entities. The liabilities are secured by only the assets of the entities, and are non-recourse to us.


	Balance as of
(Amounts in thousands)	December 31, 2015		December 31, 2014
Investments, at fair value	$	8,025	$	17,136
Investments, at cost		63,511		63,550
Cash and restricted cash		497		4,976
Total VIE assets	$	72,033	$	85,662

Loans payable to noncontrolling interests	$	45,662	$	42,195
Other liabilities		195		131
Total VIE liabilities	$	45,857	$	42,326