Annual report pursuant to Section 13 and 15(d)

REAL ESTATE RELATED LOANS, RESIDENTIAL MORTGAGE LOANS AND SUBPRIME MORTGAGE LOANS - Loans and Other Receivables (Details)

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REAL ESTATE RELATED LOANS, RESIDENTIAL MORTGAGE LOANS AND SUBPRIME MORTGAGE LOANS - Loans and Other Receivables (Details) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2013
Integer
Dec. 31, 2012
Integer
Number of Investments 165 229
Weighted Average Yield 5.44% 4.69%
Weighted Average Coupon 3.65% 3.04%
Weighted Average Maturity (Years) 2 years 10 months 24 days [1] 4 years [1]
Mezzanine Loans
    
Outstanding Face Amount $ 172,197  
Carrying Value 139,720 [2] 442,529 [2]
Number of Investments 9  
Weighted Average Yield 6.63% 10.10%
Weighted Average Coupon 7.00%  
Weighted Average Maturity (Years) 1 year 3 months 18 days [1]  
Floating Rate Loans as a % of Face Amount 77.50%  
Delinquent Face Amount 12,000 [3]  
Corporate Bank Loans
    
Outstanding Face Amount 256,594  
Carrying Value 166,710 [2] 208,863 [2]
Number of Investments 5  
Weighted Average Yield 24.18% 18.85%
Weighted Average Coupon 13.39%  
Weighted Average Maturity (Years) 0 years 10 months 24 days [1]  
Floating Rate Loans as a % of Face Amount 9.90%  
Delinquent Face Amount    [3]  
B-Notes
    
Outstanding Face Amount 109,323  
Carrying Value 101,385 [2] 161,610 [2]
Number of Investments 4  
Weighted Average Yield 10.12% 10.40%
Weighted Average Coupon 5.30%  
Weighted Average Maturity (Years) 1 year 6 months [1]  
Floating Rate Loans as a % of Face Amount 79.30%  
Delinquent Face Amount    [3]  
Whole Loans
    
Outstanding Face Amount 29,715  
Carrying Value 29,715 [2] 30,130 [2]
Number of Investments 2  
Weighted Average Yield 3.65% 5.21%
Weighted Average Coupon 3.72%  
Weighted Average Maturity (Years) 0 years [1]  
Floating Rate Loans as a % of Face Amount 98.00%  
Delinquent Face Amount    [3]  
Total Real Estate Related and Other Loans Held for Sale
    
Outstanding Face Amount 567,829 [4]  
Carrying Value 437,530 [2],[4] 843,132 [2]
Number of Investments 20 [4]  
Weighted Average Yield 13.92% [4] 12.15%
Weighted Average Coupon 9.39% [4]  
Weighted Average Maturity (Years) 1 year 1 month 6 days [1],[4]  
Floating Rate Loans as a % of Face Amount 48.40% [4]  
Delinquent Face Amount 12,000 [3],[4]  
Non-Securitized Manufacturing Housing Loan Portfolio I
    
Outstanding Face Amount 501  
Carrying Value 130 [2] 163 [2]
Number of Investments 14  
Weighted Average Yield 81.79% 38.84%
Weighted Average Coupon 7.90%  
Weighted Average Maturity (Years) 0 years 10 months 24 days [1]  
Floating Rate Loans as a % of Face Amount 0.00%  
Delinquent Face Amount    [3]  
Non-Securitized Manufacturing Housing Loan Portfolio II
    
Outstanding Face Amount 2,628  
Carrying Value 2,055 [2] 2,308 [2]
Number of Investments 97  
Weighted Average Yield 15.39% 15.46%
Weighted Average Coupon 10.05%  
Weighted Average Maturity (Years) 5 years 1 month 6 days [1]  
Floating Rate Loans as a % of Face Amount 9.50%  
Delinquent Face Amount 216 [3]  
Total Residential Mortgage Loans Held For Sale
    
Outstanding Face Amount 3,129 [5]  
Carrying Value 2,185 [2],[5] 2,471 [2],[5]
Number of Investments 111 [5]  
Weighted Average Yield 19.34% [5] 17.00% [5]
Weighted Average Coupon 9.71% [5]  
Weighted Average Maturity (Years) 4 years 4 months 24 days [1],[5]  
Floating Rate Loans as a % of Face Amount 8.00% [5]  
Delinquent Face Amount 216 [3],[5]  
Securitized Manufacturing Housing Loan Portfolio I
    
Outstanding Face Amount 102,681  
Carrying Value 91,924 [2] 100,124 [2]
Number of Investments 2,820  
Weighted Average Yield 9.44% 9.48%
Weighted Average Coupon 8.60%  
Weighted Average Maturity (Years) 6 years 1 month 6 days [1]  
Floating Rate Loans as a % of Face Amount 0.60%  
Delinquent Face Amount 976 [3]  
Securitized Manufacturing Housing Loan Portfolio II
    
Outstanding Face Amount 128,975  
Carrying Value 128,117 [2] 150,123 [2]
Number of Investments 4,653  
Weighted Average Yield 8.11% 7.54%
Weighted Average Coupon 9.62%  
Weighted Average Maturity (Years) 4 years 10 months 24 days [1]  
Floating Rate Loans as a % of Face Amount 16.50%  
Delinquent Face Amount 1,998 [3]  
Residential Mortgage Loans
    
Outstanding Face Amount 45,968  
Carrying Value 35,409 [2] 42,214 [2]
Number of Investments 172  
Weighted Average Yield 7.49% 7.41%
Weighted Average Coupon 2.26%  
Weighted Average Maturity (Years) 5 years 2 months 12 days [1]  
Floating Rate Loans as a % of Face Amount 100.00%  
Delinquent Face Amount 6,756 [3]  
Total Residential Mortgage Loans Held For Investment
    
Outstanding Face Amount 277,624 [5],[6]  
Carrying Value 255,450 [2],[5],[6] 292,461 [2],[5]
Number of Investments 7,645 [5],[6]  
Weighted Average Yield 8.50% [5],[6] 8.19% [5]
Weighted Average Coupon 8.02% [5],[6]  
Weighted Average Maturity (Years) 5 years 4 months 24 days [1],[5],[6]  
Floating Rate Loans as a % of Face Amount 24.40% [5],[6]  
Delinquent Face Amount 9,730 [3],[5],[6]  
Subprime Mortgage Loans Subject to Call
    
Outstanding Face Amount 406,217  
Carrying Value $ 406,217 [2] $ 405,814 [2]
[1] The weighted average maturity is based on the timing of expected principal reduction on the assets.
[2] The aggregate United States federal income tax basis for such assets at December 31, 2013 was approximately $748.5 million (unaudited), excluding the securitized subprime mortgage loans, which are fully consolidated for tax purposes. Carrying value includes interest receivable of $0.1 million for the residential housing loans and principal and interest receivable of $4.3 million for the manufactured housing loans.
[3] Includes loans that are 60 days or more past due (including loans that are in foreclosure and borrowers in bankruptcy) or considered real estate owned ("REO"). As of December 31, 2013 and December 31, 2012, $76.5 million and $137.7 million face amount of real estate related and other loans, respectively, was on non-accrual status.
[4] Loans which are more than 3% of the total current carrying value (or $13.1 million) at December 31, 2013 are as follows: (See Schedule of large loans)
[5] Loans acquired at a discount for credit quality.
[6] The following is an aging analysis of past due residential loans held-for-investment as of December 31, 2013: (See Schedule of aging of past due residential loans held for investment).