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Schedule IV - Real Estate Mortgage Loans
 12 Months Ended
Dec. 31, 2015
Mortgage Loans on Real Estate [Abstract]  
Schedule IV - Real Estate Mortgage Loans
SCHEDULE IV
REAL ESTATE MORTGAGE LOANS
December 31, 2015
(Dollars in Thousands)
 
Location
Number of RE Assets
Interest Rate
Fixed / Variable
Maturity Date
Monthly Debt Service
Face Value
Net Book Value
Prior Liens
 
 
First Mortgages
 
 
 
 
 
 
 
 
Washington
1
8.00%
F
8/1/2020
167

25,000

24,826

—

 
Washington
1
6.00%
F
7/5/2017
44

6,187

6,108

—

 
California
11
9.42%
F
12/31/2017
1,624

176,719

173,451

—

 
Multiple
3
9.21%
V
6/30/2019
131

17,023

17,023

—

 
Ohio
5
7.89%
V
10/1/2021
516

78,448

78,448

—

 
 
 
 
 
 
 
 
 
 
Second Mortgages
 
 
 
 
 
 
 
 
Multiple
9
11.25%
V
10/23/2019
48

5,000

4,965

*
 
 
 
 
 
 
 
 
 
 
Mezzanine Loans
 
 
 
 
 
 
 
 
Virginia
1
10.00%
F
12/10/2019
86

10,044

10,044

—

 
Multiple**
214
8.19%
F/V
12/9/2016
2,963

419,964

419,964

2,184,601

 
 
 
 
 
 
 
 
 
 
Construction Loans
 
 
 
 
 
 
 
 
Colorado
1
8.75%
V
2/6/2021
330

46,436

45,680

—

 
 
 
 
 
 
 
 
 
 
* The Second Mortgage loan is a $5 million participation in a second lien term loan with an aggregate commitment of $215 million
** The variable portion of this investment has a maturity date of 12/9/2016, with extension options to 12/9/2019.
 
Mortgage Loan Reconciliation
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2015
2014
2013
 
 
 
 
 
(in thousands)

 
Beginning Balance
 
$
747,456

$
335,656

$
622,139

 
 
Additions:
 
 
 
 
 
 
New Loans
 
88,648

451,269

3,500

 
 
Construction Draws
 
53,708

—

694

 
 
Total additions
 
 
142,356

451,269

4,194

 
 
 
 
 
 
 
 
 
 
Deductions:
 
 
 
 
 
 
 
Principal Repayments
(99,467
)
(21,159
)
(75,738
)
 
 
Conversions to Real Property
—

(18,310
)
—

 
 
Sales and Syndications
 
(5,524
)
—

(214,939
)
 
 
Total deductions
(104,991
)
(39,469
)
(290,677
)
 
 
 
 
 
 
 
 
 
Ending Balance
 
$
784,821

$
747,456

$
335,656