Note 14. Gain on Extinguishment of Debt

Gain on extinguishment of debt for the nine months ended September 30, 2011 and 2010 consisted of the following (in thousands):

	Nine Months Ended September 30,
Gain on Extinguishment of Debt	2011		2010
Extinguishment of senior credit facility and junior subordinated notes (1)		$174,846		$—
Termination of loan participation sold (2)		75,000		—
Securitized debt obligations (3)		21,185		648
Total		$271,031		$648


(1)	Represents the gain recorded on the extinguishment of certain of our legacy debt obligations as part of our March 2011 restructuring. See Note 1 for further discussion.
(2)	Represents the gain recorded on the termination of a loan participation sold which had previously been impaired. See Note 8 for further discussion.
(3)	Represents the gain recorded as a result of realized losses in consolidated securitization vehicles. As losses in these vehicles are realized, they result in the extinguishment of certain subordinate classes of securitized debt. See Note 10 for further discussion.