Par value

Fair Value

Premium (Discount)

Assets

Cash

$

302

$

302

$

—

Loans, held-for-investment, net

22,127

22,282

155

Preferred stock

40,000

40,400

400

Mortgage loans, held-for-investment, net

863,564

934,918

71,354

Accrued interest and dividends

3,616

—

Mortgage loans held in variable interest entities, at fair value

1,790,228

1,790,135

(93

)

$

2,719,837

$

2,791,653

$

71,816

Liabilities

Credit Facility

$

788,764

$

788,764

$

—

Bridge Facility

95,000

—

Bonds payable held in variable interest entities, at fair value

1,655,960

—

$

2,539,724

$

2,539,724

$

—

Total contributions

$

180,113

$

251,929

$

71,816