Indebtedness (Tables)

12 Months Ended

Dec. 31, 2013

Summary of Total Recourse and Non-Recourse Indebtedness

The following table summarizes our total recourse and non-recourse indebtedness as of December 31, 2013:

Description	Unpaid Principal Balance		Carrying Amount		Weighted- Average Interest Rate			Contractual Maturity
Recourse indebtedness:
7.0% convertible senior notes (1)	$	34,066	$	32,938		7.0	%	Apr. 2031
4.0% convertible senior notes (2)		125,000		116,184		4.0	%	Oct. 2033
Secured credit facilities		11,129		11,129		3.2	%	Oct. 2016 to Dec. 2016
Junior subordinated notes, at fair value (3)		18,671		11,911		0.5	%	Mar. 2035
Junior subordinated notes, at amortized cost		25,100		25,100		2.7	%	Apr. 2037
CMBS facilities		30,618		30,618		2.7	%	Nov. 2014 to Oct. 2015
Commercial mortgage facility		7,131		7,131		2.8	%	Dec. 2014
Total recourse indebtedness (4)		251,715		235,011		3.8	%
Non-recourse indebtedness:
CDO notes payable, at amortized cost (5)(6)		1,204,117		1,202,772		0.6	%	2045 to 2046
CDO notes payable, at fair value (3)(5)(7)		865,199		377,235		0.9	%	2037 to 2038
CMBS securitization (8)		100,139		100,139		2.1	%	Jan. 2029
Loans payable on real estate		171,244		171,244		5.3	%	Sep. 2015 to Dec. 2023
Total non-recourse indebtedness		2,340,699		1,851,390		1.1	%
Total indebtedness	$	2,592,414	$	2,086,401		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) Our 4.0% convertible senior notes are redeemable at par, at the option of the holder, in October 2018, October 2023, and October 2028.

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

(4) Excludes senior secured notes issued by us with an aggregate principal amount equal to $86,000 with a weighted average coupon of 7.0%, which are eliminated in consolidation.

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

(6) Collateralized by $1,662,537 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.

(7) Collateralized by $989,781 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, 2013 was $746,939. 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.

(8) Excludes the FL1 junior notes purchased by us which are eliminated in consolidation. Collateralized by $131,843 principal amount of commercial mortgages loans and participation 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.

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.

Aggregate Contractual Maturities of Indebtedness by Year

The following table displays the aggregate contractual maturities of our indebtedness by year:

2014 (1)	$	17,763
2015		59,666
2016		29,315
2017		1,888
2018		14,090
Thereafter (2)		2,526,687
Total	$	2,649,409

(1) Includes $6,129 of our secured credit facility that was prepaid in January 2014. This was payable in December 2016 under the terms of the secured credit facility.

(2) Includes $34,066 of our 7.0% convertible senior notes which are redeemable, at par at the option of the holder in April 2016, April 2021, and April 2026. Includes $125,000 of our 4.0% convertible senior notes which are redeemable, at par at the option of the holder in October 2018, October 2023, and October 2028.