Debt Obligations (Tables)

12 Months Ended

Dec. 31, 2015

	December 31, 2015									December 31, 2014
	Debt Principal Balance		Debt Carrying Value		Collateral Carrying Value		Weighted Average Note Rate			Debt Principal Balance		Debt Carrying Value		Collateral Carrying Value		Weighted Average Note Rate
$150 million warehouse repurchase facility	$	58,270,774	$	57,610,463	$	99,641,504		2.70	%	$	—	$	—	$	—		—
$100 million warehousing credit facility		24,582,200		24,328,863		38,000,000		2.62	%		92,520,637		92,324,890		128,593,000		2.45	%
$75 million warehousing credit facility		13,852,500		13,766,445		18,470,000		2.59	%		42,975,000		42,859,751		58,000,000		2.45	%
$75 million warehousing credit facility		—		—		—		—			29,890,563		29,866,116		45,422,236		2.20	%
$25 million warehousing credit facility		24,120,000		24,114,494		30,200,000		2.46	%		—		—		—		—
$16.5 million term credit facility		16,500,000		16,431,870		29,750,000		3.22	%		—		—		—		—
$15 million term credit facility		—		—		—		—			15,000,000		14,996,242		—		7.50	%

Total credit facilities and repurchase agreements	$	137,325,474	$	136,252,135	$	216,061,504		2.69	%	$	180,386,200	$	180,046,999	$	232,015,236		2.84	%

The following table outlines borrowings and the corresponding collateral under our CLOs as of December 31, 2015:

The following table outlines borrowings and the corresponding collateral under our CLOs as of December 31, 2014:


(1)	Represents restricted cash held for principal repayments as well as for reinvestment in the CLOs. Does not include restricted cash related to interest payments, delayed fundings and expenses.
(2)	Amounts represent the face value of collateral in default, as defined by the CLO indenture, as well as assets deemed to be "credit risk." Credit risk assets are reported by each of the CLOs and are generally defined as one that, in the CLO collateral manager's reasonable business judgment, has a significant risk of declining in credit quality or, with a passage of time, becoming a defaulted asset.


(1)	The overcollateralization ratio divides the total principal balance of all collateral in the CLO by the total principal balance of the bonds associated with the applicable ratio. To the extent an asset is considered a defaulted security, the asset's principal balance for purposes of the overcollateralization test is the lesser of the asset's market value or the principal balance of the defaulted asset multiplied by the asset's recovery rate which is determined by the rating agencies. Rating downgrades of CLO collateral will generally not have a direct impact on the principal balance of a CLO asset for purposes of calculating the CLO overcollateralization test unless the rating downgrade is below a significantly low threshold (e.g. CCC–) as defined in each CLO vehicle.
(2)	The interest coverage ratio divides interest income by interest expense for the classes senior to those retained by us.


(1)	The table above represents the quarterly trend of our overcollateralization ratio, however, the CLO determination dates are monthly and we were in compliance with this test for all periods in 2015.

The following table outlines borrowings and the corresponding collateral under our CDOs as of December 31, 2014:


(1)	Amounts include loans to real estate assets consolidated by us that were reclassified to real estate owned and held-for-sale, net on the consolidated financial statements.
(2)	Represents restricted cash held for principal repayments in the CDOs. Does not include restricted cash related to interest payments, delayed fundings and expenses.
(3)	Amounts represent the face value of collateral in default, as defined by the CDO indenture, as well as assets deemed to be "credit risk." Credit risk assets are reported by each of the CDOs and are generally defined as one that, in the CDO collateral manager's reasonable business judgment, has a significant risk of declining in credit quality or, with a passage of time, becoming a defaulted asset.

	December 31, 2015				December 31, 2014
	Debt Carrying Value		Collateral Carrying Value		Debt Carrying Value		Collateral Carrying Value
Junior loan participation, secured by our interest in a first mortgage loan with a principal balance of $1.3 million, participation interest was based on a portion of the interest received from the loan which had a fixed rate of 9.57%	$	—	$	—	$	1,300,000	$	1,300,000

Total note payable	$	—	$	—	$	1,300,000	$	1,300,000