The following table summarizes our total recourse and non-recourse indebtedness as of June 30, 2013:


Description	Unpaid Principal Balance		Carrying Amount		Weighted- Average Interest Rate			Contractual Maturity
Recourse indebtedness:
7.0% convertible senior notes (1)	$	115,000	$	110,437		7.0	%	Apr. 2031
Secured credit facility		7,121		7,121		3.0	%	Dec. 2016
Junior subordinated notes, at fair value (2)		18,671		11,933		0.5	%	Mar. 2035
Junior subordinated notes, at amortized cost		25,100		25,100		2.8	%	Apr. 2037
CMBS facilities		12,569		12,569		2.7	%	Oct. 2013 to Nov. 2013
Commercial mortgage facility		14,825		14,825		2.2	%	Dec. 2013

Total recourse indebtedness (3)		193,286		181,985		5.0	%
Non-recourse indebtedness:
CDO notes payable, at amortized cost (4)(5)		1,290,484		1,288,968		0.6	%	2045 to 2046
CDO notes payable, at fair value (2)(4)(6)		918,055		304,687		1.0	%	2037 to 2038
Loans payable on real estate		143,980		143,980		5.4	%	Sep. 2015 to Nov. 2022

Total non-recourse indebtedness		2,352,519		1,737,635		1.0	%

Total indebtedness	$	2,545,805	$	1,919,620		1.3	%

(1)	Our 7.0% convertible senior notes are redeemable at par, at the option of the holder, in April 2016, April 2021, and April 2026.

(2)	Relates to liabilities which we elected to record at fair value under FASB ASC Topic 825.

(3)	Excludes senior secured notes issued by us with an aggregate principal amount equal to $90,000 with a weighted average coupon of 7.0%, which are eliminated in consolidation.

(4)	Excludes CDO notes payable purchased by us which are eliminated in consolidation.

(5)

Collateralized by $1,760,167 principal amount of commercial mortgages, mezzanine loans, other loans, and preferred equity interests. These obligations were issued by separate legal entities and consequently the assets of the special purpose entities that collateralize these obligations are not available to our creditors.

(6)

Collateralized by $1,035,821 principal amount of investments in securities and security-related receivables and loans, before fair value adjustments. The fair value of these investments as of June 30, 2013 was $791,642. These obligations were issued by separate legal entities and consequently the assets of the special purpose entities that collateralize these obligations are not available to our creditors.

The following table summarizes our total recourse and non-recourse indebtedness as of December 31, 2012:


Description	Unpaid Principal Balance		Carrying Amount		Weighted- Average Interest Rate			Contractual Maturity
Recourse indebtedness:
7.0% convertible senior notes (1)	$	115,000	$	109,631		7.0	%	Apr. 2031
Secured credit facility		8,090		8,090		3.0	%	Dec. 2016
Junior subordinated notes, at fair value (2)		38,052		29,655		5.2	%	Oct. 2015 to Mar. 2035
Junior subordinated notes, at amortized cost		25,100		25,100		2.8	%	Apr. 2037

Total recourse indebtedness (3)		186,242		172,476		5.9	%
Non-recourse indebtedness:
CDO notes payable, at amortized cost (4)(5)		1,297,069		1,295,400		0.6	%	2045 to 2046
CDO notes payable, at fair value (2)(4)(6)		984,380		187,048		1.0	%	2037 to 2038
Loans payable on real estate		144,671		144,671		5.4	%	Sept. 2015 to May 2021

Total non-recourse indebtedness		2,426,120		1,627,119		1.1	%

Total indebtedness	$	2,612,362	$	1,799,595		1.4	%

(1)	Our 7.0% convertible senior notes are redeemable at par, at the option of the holder, in April 2016, April 2021, and April 2026.

(2)	Relates to liabilities which we elected to record at fair value under FASB ASC Topic 825.

(3)	Excludes senior secured notes issued by us with an aggregate principal amount equal to $94,000 with a weighted average coupon of 7.0%, which are eliminated in consolidation.

(4)	Excludes CDO notes payable purchased by us which are eliminated in consolidation.

(5)

Collateralized by $1,757,789 principal amount of commercial mortgages, mezzanine loans, other loans and preferred equity interests. These obligations were issued by separate legal entities and consequently the assets of the special purpose entities that collateralize these obligations are not available to our creditors.

(6)

Collateralized by $1,118,346 principal amount of investments in securities and security-related receivables and loans, before fair value adjustments. The fair value of these investments as of December 31, 2012 was $849,919. These obligations were issued by separate legal entities and consequently the assets of the special purpose entities that collateralize these obligations are not available to our creditors.