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FINANCING (Tables)

3 Months Ended

Mar. 31, 2014

FINANCING

Schedule of repurchase agreement

March 31, 2014

													Remaining				Carrying			Fair
Committed			Outstanding			Committed but			Interest Rate(s)				Extension		Eligible		Amount of			Value of
Amount			Amount			Unfunded			at March 31, 2014		Maturity		Options		Collateral		Collateral			Collateral
													Two additional
													twelve month		First mortgage
													periods at		commercial real
$	300,000,000		$	—		$	300,000,000				5/18/2015		Company’s option		estate loans		$	42,193,299		$	42,193,299
													Two additional
													364 day		First mortgage
									Between 2.40%				periods at		commercial real
$	250,000,000		$	8,959,856		$	241,040,144		and 3.04%		4/10/2016		Company’s option		estate loans		$	18,694,318		$	19,091,939
													Two additional
													twelve month		First mortgage
									Between 2.41%				periods at		commercial real
$	450,000,000		$	71,804,918		$	378,195,082		and 3.17%		5/26/2017		Company’s option		estate loans		$	223,612,914		$	223,612,914
															First mortgage
															commercial real
$	150,000,000		$	—		$	150,000,000				7/24/2014		N/A		estate loans		$	—		$	—
$	1,150,000,000		$	80,764,774		$	1,069,235,226										$	284,500,531		$	284,898,152
															Investment grade
															commercial real
$	300,000,000		$	43,492,265		$	256,507,735		1.25%		4/30/2015		N/A		estate securities		$	107,378,953		$	107,378,953
															Investment grade
															commercial real
$	—		$	246,713,000		$	—				Various		N/A		estate securities		$	294,409,237		$	294,409,237
$	1,450,000,000		$	370,970,039		$	1,325,742,961										$	686,288,721		$	686,686,342

December 31, 2013

													Remaining				Carrying			Fair
Committed			Outstanding			Committed but			Interest Rate(s)				Extension		Eligible		Amount of			Value of
Amount			Amount			Unfunded			at December 31, 2013		Maturity		Options		Collateral		Collateral			Collateral
													Two additional
													twelve month		First mortgage
									Between 2.42%				periods at		commercial real
$	300,000,000		$	22,749,015		$	277,250,985		and 2.67%		5/18/2015		Company’s option		estate loans		$	46,084,620		$	46,483,618
													Two additional
													364 day		First mortgage
									Between 2.42%				periods at		commercial real
$	250,000,000		$	28,407,500		$	221,592,500		and 3.04%		4/10/2014		Company’s option		estate loans		$	41,428,429		$	41,518,063
													Two additional
													twelve month		First mortgage
									Between 2.41%				periods at		commercial real
$	450,000,000		$	60,423,328		$	389,576,672		and 3.18%		5/26/2015		Company’s option		estate loans		$	132,160,677		$	132,673,364
															First mortgage
									Between 2.66%						commercial real
$	300,000,000		$	47,732,500		$	252,267,500		and 2.67%		1/24/2014		N/A		estate loans		$	65,350,000		$	65,813,055
$	1,300,000,000		$	159,312,343		$	1,140,687,657										$	285,023,726		$	286,488,100
															Investment grade
									Between 1.26%						commercial real
$	600,000,000		$	88,921,450		$	511,078,550		and 1.27%		4/30/2015		N/A		estate securities		$	110,400,378		$	110,400,378
															Investment grade
									Between 0.42%						commercial real
$	—		$	361,601,000		$	—		and 1.67%		1/17/2014		N/A		estate securities		$	440,721,692		$	440,721,692
$	1,900,000,000		$	609,834,793		$	1,651,766,207										$	836,145,796		$	837,610,170

Schedule of contractual payments under borrowings by maturity

Period ending December 31,		Borrowings by Maturity
2014 (last 9 months)		$	571,713,000
2015		307,297,183
2016		184,959,856
2017		505,000,000
2018		25,000,000
Thereafter		366,936,919
Total		$	1,960,906,958

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- Definition

Tabular disclosure of the combined aggregate amount of maturities and sinking fund requirements for all long-term borrowings for each of the five years following the date of the latest balance sheet date presented.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 470

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6802200&loc=d3e1835-112601

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- Definition

The entire disclosure for repurchase agreements.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 08

-Paragraph m

-Subparagraph 1

-Article 4



Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 235

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.4-08.(m)(1))

-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

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