Debt Obligations, net (Tables)

6 Months Ended

Jun. 30, 2012

As of June 30, 2012 and December 31, 2011, the Company's debt obligations were as follows ($ in thousands):



	Carrying Value as of
	June 30, 2012			December 31, 2011			Stated Interest Rates			Scheduled Maturity Date
Secured credit facilities and term loans:
2011 Tranche A-1 Facility	$	646,068		$	961,580		LIBOR + 3.75%		(1)	June 2013
2011 Tranche A-2 Facility	1,450,000			1,450,000			LIBOR + 5.75%		(1)	June 2014
2012 Tranche A-1 Facility	328,605			—			LIBOR + 4.00%		(2)	March 2016
2012 Tranche A-2 Facility	470,000			—			LIBOR + 5.75%		(2)	March 2017
Term loans collateralized by net lease assets	238,425			293,192			5.05% - 7.68%			Various through 2026
Total secured credit facilities and term loans	$	3,133,098		$	2,704,772
Unsecured credit facility:
Line of credit	$	—		$	243,650		LIBOR + 0.85%			June 2012
Unsecured notes:
5.15% senior notes	—			263,466			5.15	%		March 2012
5.50% senior notes	—			92,845			5.50	%		June 2012
LIBOR + 0.50% senior convertible notes(3)	469,166			784,750			LIBOR + 0.50%			October 2012
8.625% senior notes	501,701			501,701			8.625	%		June 2013
5.95% senior notes	448,453			448,453			5.95	%		October 2013
6.5% senior notes	67,055			67,055			6.5	%		December 2013
5.70% senior notes	200,601			200,601			5.70	%		March 2014
6.05% senior notes	105,765			105,765			6.05	%		April 2015
5.875% senior notes	261,403			261,403			5.875	%		March 2016
5.85% senior notes	99,722			99,722			5.85	%		March 2017
9.0% senior notes	275,000			—			9.0	%		June 2017
Total unsecured notes	$	2,428,866		$	2,825,761
Other debt obligations:
Other debt obligations	$	100,000		$	100,000		LIBOR + 1.5%			October 2035
Total debt obligations	$	5,661,964		$	5,874,183
Debt discounts, net(3)	(58,025		)	(36,643		)
Total debt obligations, net	$	5,603,939		$	5,837,540

Explanatory Notes:

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(1)	These loans each have a LIBOR floor of 1.25%. As of June 30, 2012, inclusive of the floors, the 2011 Tranche A-1 Facility and 2011 Tranche A-2 Facility loans incurred interest at a rate of 5.00% and 7.00%, respectively.


(2)	These loans each have a LIBOR floor of 1.25%. As of June 30, 2012, inclusive of the floors, the 2012 Tranche A-1 Facility and 2012 Tranche A-2 Facility loans incurred interest at a rate of 5.25% and 7.00% respectively.

(3)

The Company's convertible senior floating rate notes due October 2012 ("Convertible Notes") are convertible at the option of the holders into 22.2 shares per $1,000 principal amount of Convertible Notes (reflecting a conversion price of $45.05), on or after August 15, 2012, or prior to that date if certain conditions are met. None of the conversion conditions have been met as of June 30, 2012. As of June 30, 2012, the unamortized discount on these notes was $2.5 million, the net carrying amount of the liability was $466.7 million and the carrying value of the additional paid-in-capital, or equity component of the convertible notes was $34.7 million. For the three and six months ended June 30, 2012, the Company recognized interest expense on the convertible notes of $3.1 million and $8.3 million, respectively, of which $1.8 million and $4.8 million, respectively, related to the amortization of the debt discount. For the three and six months ended June 30, 2011, the Company recognized interest expense on the convertible notes of $4.5 million and $8.9 million respectively, of which $2.9 million and $5.7 million, respectively, related to the amortization of the debt discount.

Schedule of future scheduled maturities of outstanding long-term debt obligations, net

Future Scheduled Maturities—As of June 30, 2012, future scheduled maturities of outstanding long-term debt obligations, net are as follows ($ in thousands)(1):



	Unsecured Debt			Secured Debt			Total
2012 (remaining six months)	$	469,166		$	—		$	469,166
2013	1,017,209			890,941			1,908,150
2014	200,601			1,382,000			1,582,601
2015	105,765			82,000			187,765
2016	261,403			123,000			384,403
Thereafter	474,722			655,157			1,129,879
Total principal maturities	$	2,528,866		$	3,133,098		$	5,661,964
Unamortized debt discounts, net	(23,826		)	(34,199		)	(58,025		)
Total long-term debt obligations, net	$	2,505,040		$	3,098,899		$	5,603,939

Explanatory Note:

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(1)	Includes minimum required amortization payments on the 2011 and 2012 Secured Credit Facilities.

Schedule of carrying value of encumbered assets by asset type

As of June 30, 2012, the carrying value of the Company's unencumbered and encumbered assets by asset type are as follows ($ in thousands):



	As of June 30, 2012				As of December 31, 2011
	Encumbered Assets		Unencumbered Assets		Encumbered Assets		Unencumbered Assets
Loans and other lending investments, net (1)	$	1,723,459	$	634,151	$	1,780,591	$	1,153,671
Net lease assets, net	1,272,528		277,585		1,173,982		528,782
REHI, net	425,514		824,167		359,597		868,537
OREO	417,011		305,156		177,092		500,366
Other investments	69,740		357,761		37,957		419,878
Cash and other assets	—		935,940		—		590,884
Total	$	3,908,252	$	3,334,760	$	3,529,219	$	4,062,118

Explanatory Note:

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(1)	As of June 30, 2012 and December 31, 2011, the amounts presented exclude general reserves for loan losses of $56.8 million and $73.5 million, respectively.