Loan Description | Principal | Unamortized (Discount) Premium (1) | Carrying Value (2) | |||||||||
December 31, 2013: | ||||||||||||
Commercial real estate loans: | ||||||||||||
Whole loans | $ | 749,083 | $ | (3,294 | ) | $ | 745,789 | |||||
B notes | 16,288 | (83 | ) | 16,205 | ||||||||
Mezzanine loans | 64,417 | (100 | ) | 64,317 | ||||||||
Total commercial real estate loans | 829,788 | (3,477 | ) | 826,311 | ||||||||
Bank loans (3) | 555,806 | (4,033 | ) | 551,773 | ||||||||
Middle-market loans | 10,250 | — | 10,250 | |||||||||
Residential mortgage loans (4) | 16,915 | — | 16,915 | |||||||||
Subtotal loans before allowances | 1,412,759 | (7,510 | ) | 1,405,249 | ||||||||
Allowance for loan loss | (13,807 | ) | — | (13,807 | ) | |||||||
Total | $ | 1,398,952 | $ | (7,510 | ) | $ | 1,391,442 | |||||
December 31, 2012: | ||||||||||||
Commercial real estate loans: | ||||||||||||
Whole loans (5) | $ | 569,829 | $ | (1,891 | ) | $ | 567,938 | |||||
B notes | 16,441 | (114 | ) | 16,327 | ||||||||
Mezzanine loans | 82,992 | (206 | ) | 82,786 | ||||||||
Total commercial real estate loans | 669,262 | (2,211 | ) | 667,051 | ||||||||
Bank loans (3) | 1,218,563 | (25,249 | ) | 1,193,314 | ||||||||
Subtotal loans before allowances | 1,887,825 | (27,460 | ) | 1,860,365 | ||||||||
Allowance for loan loss | (17,691 | ) | — | (17,691 | ) | |||||||
Total | $ | 1,870,134 | $ | (27,460 | ) | $ | 1,842,674 | |||||
(1) | Amounts include deferred amendment fees of $216,000 and $450,000 and deferred upfront fees of $141,000 and $334,000 being amortized over the life of the bank loans as of December 31, 2013 and 2012, respectively. Amounts include loan origination fees of $3.3 million and $1.9 million and loan extension fees of $73,000 and $214,000 being amortized over the life of the commercial real estate loans as of December 31, 2013 and 2012, respectively. |
(2) | Substantially all loans are pledged as collateral under various borrowings at December 31, 2013 and 2012, respectively. |
(3) | Amounts include $6.9 million and $14.9 million of bank loans held for sale at December 31, 2013 and 2012, respectively. |
(4) | Amount includes $15.0 million of residential mortgage loans held for sale at December 31, 2013. |
(5) | Amount includes $34.0 million from two whole loans which are classified as loans held for sale at December 31, 2012. |