Resource Capital Corp. | 2013 | FY | 3


The following is a summary of the Company’s loans (in thousands):
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.

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