Debt Obligations (Tables)

12 Months Ended

Dec. 31, 2013

The following table details the repurchase obligations outstanding as of December 31, 2013 ($ in thousands):


			Collateral Assets				Repurchase Borrowings⁽³⁾
Lender	Maximum Facility Size⁽¹⁾		Principal Balance⁽²⁾		Net Book Value⁽²⁾		Potential		Current		Available
Revolving Repurchase Facilities
Bank of America	$	500,000	$	355,981	$	352,995	$	280,500	$	271,320	$	9,180
Citibank		500,000		613,339		609,236		460,765		334,692		126,073
JP Morgan⁽⁴⁾		614,525		442,035		439,706		340,912		257,610		83,302

Subtotal		1,614,525		1,411,355		1,401,937		1,082,177		863,622		218,555
Asset-Specific Repurchase Agreements
Wells Fargo⁽⁵⁾		288,354		334,857		333,418		245,731		245,731		—

Total	$	1,902,879	$	1,746,212	$	1,735,355	$	1,327,908	$	1,109,353	$	218,555

(1)	Maximum facility size represents the total amount of borrowings provided for in each repurchase agreement, however these borrowings are only available to us once sufficient collateral assets have been pledged under each facility.

(2)	The difference between principal balance and net book value of collateral assets is due to deferred origination fees.

(3)	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.

(4)	The JP Morgan maximum facility size is composed of a $250.0 million facility, a £153.0 million ($252.5 million) facility, and $112.0 million related solely to a specific asset with a repurchase date of June 27, 2014.

(5)	Represents an aggregate of four asset-specific repurchase agreements with Wells Fargo.

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):


	December 31, 2013				December 31, 2012		December 31, 2013
Non-Recourse Securitized Debt Obligations	Principal Balance		Book Value		Book Value		Coupon⁽¹⁾			All-In Cost⁽¹⁾			Maturity Date⁽²⁾
CT CDO I	$	40,181	$	40,181	$	91,131		L+2.23	%		L+2.23	%		July 2039
GSMS 2006-FL8A		—		—		48,053		—			—			N/A

	$	40,181	$	40,181	$	139,184		L+2.23	%		L+2.23	%		July 2039

(1)	Represents a weighted-average for the facility. All non-recourse securitization obligations are floating rate obligations indexed to LIBOR as of December 31, 2013.

(2)

Maturity date represents 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 the vehicle, and is generally expected to occur prior to the maturity date above.