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Debt Obligations (Tables)
 9 Months Ended
Sep. 30, 2013
Debt Disclosure [Abstract]  
Repurchase Obligations Outstanding

The following table details the repurchase obligations outstanding as of September 30, 2013 ($ in thousands):

 

            Collateral Assets      Repurchase Borrowings2  
     Maximum      Principal      Net Book                       

Lender

    Facility Size      Balance (1)      Value (1)      Potential      Current      Available  

Revolving Repurchase Facilities

  

            

Bank of America

    $ 500,000       $ 278,811       $ 277,336       $ 210,930       $ 59,404       $ 151,526   

Citibank

      500,000         232,875         232,162         176,168         5,000         171,168   

JP Morgan (3)

      362,000         378,950         376,949         296,760         274,913         21,847   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Subtotal

      1,362,000         890,636         886,447         683,858         339,317         344,541   

Asset-Specific Repurchase Agreements

                  

Wells Fargo (4)

      334,721         401,352         399,444         334,721         303,723         —     
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total

    $ 1,696,721       $ 1,291,988       $ 1,285,891       $ 1,018,579       $ 643,040       $ 344,541   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

 

(1) The difference between principal balance and net book value of collateral assets is due to deferred origination fees.
(2) Potential borrowings represent the total amount we could draw under each facility based on collateral already approved and pledged. When undrawn, these amounts are immediately available to us at our sole discretion under the terms of each revolving credit facility.
(3) JP Morgan has a maximum facility size of $250.0 million plus $112.0 million related solely to a specific asset with a repurchase date of June 27, 2014.
(4) Represents an aggregate of three asset-specific repurchase agreements with Wells Fargo. The $31.0 million of potential borrowings under these agreements are contingent on our funding additional draws by the borrower under a specific collateral asset.
Balances of Each Entity's Outstanding Securitized Debt Obligations, their Respective Coupons and All-in Effective Costs, Including Amortization of Fees and Expenses

The balances of each of our consolidated securitization vehicles’ outstanding securitized debt obligations, their respective coupons and all-in effective costs, including the amortization of fees and expenses, were as follows ($ in thousands):

 

     September 30,      December 31,          September 30,
     2013      2012          2013
Non-Recourse Securitized    Principal      Book      Book                 All-In     Maturity

Debt Obligations

    Balance      Value      Value           Coupon(1)     Cost(1)     Date(2)

CT CDO I

    $ 74,203       $ 74,203       $ 91,131             L+1.60 %      L+1.60 %    July 2039

GSMS 2006-FL8A

      —           —           48,053             —          —        N/A
  

 

 

     

 

 

     

 

 

         

 

 

    

 

 

    

 

Total/Weighted-Average

    $ 74,203       $ 74,203       $ 139,184             L+1.60 %      L+1.60 %    July 2039
  

 

 

     

 

 

     

 

 

         

 

 

    

 

 

    

 

 

(1) Represents a weighted-average for the facility. All non-recourse securitization obligations are floating rate obligations indexed to LIBOR as of September 30, 2013. LIBOR was 0.18% as of September 30, 2013.
(2) Maturity date represent the contractual maturity of the securitization vehicle. Repayment of securitized debt is a function of collateral cash flows which are disbursed in accordance with the contractual provisions of each vehicle, and is generally expected to occur prior to the maturity date above.