16. Commitments

In the normal course of business, the Company has open purchase and sale commitments. At September 30, 2012, the Company had purchase commitments to fund mortgage loans and other investments of $16.4 million. Included in this total, the Company had commitments to originate mortgage loans of $14.2 million at September 30, 2012 with fixed interest rates ranging from 4.125% to 4.750%. At September 30, 2012, the Company also had a commitment to fund one construction-to-permanent loan of $0.3 million that is subject to the borrower’s performance.

Subsequent to September 30, 2012, the company entered into commitments to fund additional mortgage loans of $6.0 million and $16.5 million for the acquisition and development of real estate investments. In addition, the Company had a commitment to sell its interest in a $30.0 million joint venture investment, and