Borrowings (Tables)

6 Months Ended

Jun. 30, 2014

Debt Disclosure [Abstract]

Summary of borrowings

The following table presents borrowings as of June 30, 2014 and December 31, 2013 (dollars in thousands):

				June 30, 2014				December 31, 2013
	Recourse vs. Non-Recourse	Final Maturity	Contractual Interest Rate (1)	Principal Amount		Carrying Value		Principal Amount		Carrying Value
Securitization bonds payable
Securitization 2013-1	Non-recourse	Aug-29	LIBOR + 2.68%	$	382,241	$	382,076	$	382,700	$	382,250
Securitization 2012-1	Non-recourse	Aug-29	LIBOR + 1.77%	100,352		100,423		124,659		124,679
Subtotal securitization bonds payable				482,593		482,499		507,359		506,929
Mortgage notes payable
MF 1 Senior Mortgage	Non-recourse	Dec-23	4.84%	$	43,500	$	43,500	$	43,500	$	43,500
MF 2 Senior Mortgage	Non-recourse	Dec-23	4.94%	43,000		43,000		43,000		43,000
SH 1 Senior Mortgage	Non-recourse	Jan-24	5.15%	16,000		16,000		16,000		16,000
SH 2 Senior Mortgage (2)	Non-recourse	Dec-20	5.27%	12,903		12,903		—		—
SH 3 Senior Mortgage	Non-recourse	Nov-16	5.84%	16,200		16,200		—		—
Subtotal mortgage notes payable				131,603		131,603		102,500		102,500
Credit facilities
Loan Facility 2	Partial Recourse(3)	Oct-17(4)	2.66%(5)	$	51,000	$	51,000	$	—	$	—
Loan Facility 3	Non-recourse	Jul-18 (6)	5.66%(7)	9,000		9,000		16,638		16,638
Loan Facility 4	Partial Recourse(8)	Mar-18(9)	2.65%(10)	97,598		97,598		—		—
CMBS Facilities	Recourse	(11)	1.42%	11,685		11,685		11,685		11,685
Subtotal credit facilities				169,283		169,283		28,323		28,323
Grand Total				$	783,479	$	783,385	$	638,182	$	637,752

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(1) Represents the weighted average as of June 30, 2014.

(2) Represents two separate senior mortgage notes with a weighted average maturity of December 1, 2020 and weighted average interest rate of 5.27%.

(3) Recourse solely with respect to 25.0% of the repurchase price for purchased assets with a lender debt yield equal to or greater than 10% at the time of financing plus 100% of the repurchase price for purchased assets with a lender debt yield less than 10% at the time of financing.

(4) The next maturity date is October 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 governing documents.

(5) The contractual interest rate depends upon asset type and characteristic and ranges from one-month LIBOR plus 2.0% to 4.0%. The Company entered into this facility in the third quarter 2012.

(6) 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 governing documents.

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

(8) Recourse solely with respect to the greater of: (i) 25.0% 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.

(9) The initial maturity date is March 11, 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 governing documents.

(10) The contractual interest rate depends upon asset type and characteristics and ranges from one-month LIBOR plus 2.5% to 3.0%. The Company entered into this facility in the first quarter 2013.

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

Schedule of principal on borrowings based on final maturity

The following table presents scheduled principal on borrowings, based on fully extended maturity as of June 30, 2014 (dollars in thousands):

	Total		Securitization Bonds Payable		Mortgage Notes Payable		Credit Facilities
July 1 to December 31, 2014	$	11,685	$	—	$	—	$	11,685
Years Ending December 31:
2015	—		—		—		—
2016	16,200		—		16,200		—
2017	51,000		—		—		51,000
2018	106,598		—		—		106,598
Thereafter	597,996		482,593		115,403		—
Total	$	783,479	$	482,593	$	131,603	$	169,283