Secured Financing Agreements (Tables)

9 Months Ended

Sep. 30, 2013

Secured Financing Agreements

Summary of secured financing agreements

The following table is a summary of our secured financing agreements in place as of September 30, 2013 (in thousands).  Refer to our Form 10-K for additional information regarding our secured financing agreements:

	Facility Type	Revolver	Eligible Assets	Current Maturity	Extended Maturity (a)	Pricing	Pledged Asset Carrying Value		Maximum Facility Size		Carrying Value
Wells Fargo II	Repurchase	Yes	Identified Loans	Aug 2014	Aug 2015	LIBOR + 1.75% to 6%	$	842,044	$	550,000	$	246,810
Wells Fargo III	Repurchase	Yes	Identified RMBS	(c)	N/A	LIBOR + 1.90%	$	289,830	$	175,000	$	72,719
Wells Fargo IV	Repurchase	No	Identified Loans	Dec 2014	Dec 2016	LIBOR + 2.75%	$	210,949	$	154,935	$	154,935
Goldman III	Repurchase	No	Single Borrower Secured Note	Sep 2015	N/A	LIBOR + 3.70%	$	210,125	$	149,989	$	149,989
Citibank	Repurchase	Yes	Identified Loans	Mar 2014	Mar 2017	LIBOR + 1.75% to 3.75%	$	158,643	$	125,000	$	100,952
Borrowing Base	Bank Credit Facility	Yes	Identified Loans	Sep 2015	Sep 2017	LIBOR + 3.25% (b)	$	591,916	$	250,000	—
Onewest Bank	Repurchase	No	Identified Loans	Jul 2015	Jul 2017	LIBOR + 3.00%	$	124,822	$	84,012	$	84,012
Conduit I	Repurchase	Yes	Identified Loans	Sep 2014	Sep 2014	LIBOR + 2.20%	$	75,234	$	250,000	$	55,395
Conduit II	Repurchase	Yes	Identified Loans	Nov 2014	Nov 2014	LIBOR + 2.10%	$	203,887	$	150,000	$	149,438
Term Loan	Syndicated Facility	Yes	Specifically Identified Assets	Apr 2020	Apr 2020	LIBOR + 2.75% (b)	$	1,726,171	$	298,500	$	297,794	(d)
									Total		$	1,312,044

(a)	Subject to certain conditions as defined in facility agreement.
(b)	Subject to borrower’s option to choose alternative benchmark based rates pursuant to the terms of the credit agreement. The Term Loan is also subject to a 75 basis point floor.
(c)	The date that is 180 days after the buyer delivers notice to seller, subject to a maximum date of March 13, 2015.
(d)	Term loan outstanding balance is net of $706 thousand in discount amortization.

Schedule of five-year principal repayments for secured financings

2013 (remainder of)	$	239,106
2014	589,295
2015	192,599
2016	3,000
2017 and thereafter (1)	288,750
Total	$	1,312,750

(1) Principal paydown of the Term Loan in 2020 excludes $706 thousand in discount amortization.