Borrowings (Tables)

3 Months Ended

Mar. 31, 2013

Borrowings

Summary of borrowings

The following table presents borrowings as of March 31, 2013 and December 31, 2012 (dollars in thousands):

				March 31, 2013				December 31, 2012
	Type	Final Maturity	Contractual Interest Rate(1)	Principal Amount		Carrying Value		Principal Amount		Carrying Value
Securitization bonds payable
Securitization 2012-1	Non-recourse	Aug-29	1.87%	$	124,659	$	124,559	$	124,659	$	124,491
Subtotal securitization bonds payable					124,659		124,559		124,659		124,491
Credit facilities
Loan Facility 1	Partial Recourse(2)	Feb-16(3)	2.95%(4)		32,836		32,836		32,836		32,836
Loan Facility 2	Partial Recourse(5)	Jul-17(6)	3.45%(7)		100,000		100,000		54,950		54,950
Loan Facility 3	Non-recourse	Jul-18(8)	4.91%(9)		35,850		35,850		26,850		26,850
Loan Facility 4	Partial Recourse(10)	(11)	(12)		—		—		—		—
CMBS Facilities	Recourse	(13)	1.57%		11,685		11,685		11,685		11,685
Subtotal credit facilities					180,371		180,371		126,321		126,321
Grand Total				$	305,030	$	304,930	$	250,980	$	250,812

(1)

Represents the weighted average as of March 31, 2013.

(2)

Recourse solely with respect to 25% of "core" assets and 100% of "flex" assets, which may only represent 25% of the total credit facility, as such terms are defined in the governing documents.

(3)

The initial maturity date is February 28, 2014, with two, one-year extensions available at the option of the Company, which may be exercised upon the satisfaction of certain customary conditions set forth in the agreement.

(4)

The contractual interest rate depends upon asset type, subject to adjustment, and ranges from one-month LIBOR plus 2.5% to 3.0%. The Company has also incurred an immaterial amount of non-utilization fees.

(5)

Recourse solely with respect to 25% of the repurchase price for purchased assets with a debt yield equal to or greater than 10% at the time of financing plus 100% of the repurchase price for purchased assets with a debt yield less than 10% at the time of financing.

(6)

The initial maturity date is July 18, 2014, with three, one-year extensions available at the option of the Company, which may be exercised upon the satisfaction of certain customary conditions set forth in the agreement.

(7)

The contractual interest rate depends upon asset type and characteristic and ranges from one-month LIBOR plus 2.0% to 4.0%.

(8)

The initial maturity date is July 30, 2015, with three, one-year extensions available at the option of the Company, which may be exercised upon the satisfaction of certain customary conditions set forth in the agreement.

(9)

The contractual interest rate depends upon asset type and characteristic and ranges from one-month LIBOR plus 3.95% to 5.95%.

(10)

Recourse solely with respect to the greater of: (i) 25% of the financed amount of stabilized loans plus the financed amount of transitional loans; or (ii) the lesser of $25.0 million or the aggregate financed amount of all loans.

(11)

The initial maturity date is March 11, 2014, with four, one-year extensions available at the option of the Company, which may be exercised upon the satisfaction of certain customary conditions set forth in the agreement.

(12)

The contractual interest rate depends upon asset type and characteristics and ranges from one-month LIBOR plus 2.5% to 3.0%.

(13)

The maturity dates on the CMBS Facilities is dependent upon asset type and will typically range from two to three months.

Schedule of principal on borrowings based on final maturity

Scheduled principal on borrowings, based on final maturity, is as follows as of March 31, 2013 (dollars in thousands):

	Total		Securitization Bonds Payable		Credit Facilities
April 1 - December 31, 2013	$	11,685	$	—	$	11,685
Years Ending December 31:
2014		—		—		—
2015		—		—		—
2016		32,836		—		32,836
2017		100,000		—		100,000
Thereafter		160,509		124,659		35,850
Total	$	305,030	$	124,659	$	180,371