Summary of Significant Accounting Policies (Tables) (Taxable REIT Subsidiaries (TRSs))

12 Months Ended

Dec. 31, 2012

Taxable REIT Subsidiaries (TRSs)

Schedule of entity's TRS income tax expense

The following represents the Company's TRS income tax expense ($ in thousands):



	For the Years Ended December 31,
	2012		2011			2010
Current tax expense	$	8,445	$	9,010		$	2,550
Deferred tax expense (benefit)(1)	—		(13,729		)	4,473
Total income tax expense (benefit)	$	8,445	$	(4,719	)	$	7,023

Explanatory Note:

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(1)	During the year ended December 31, 2011, the Company sold its investment in Oak Hill Advisors L.P. (see Note 6) and recognized a deferred tax benefit resulting from the reversal of a deferred tax liability associated with the investment. See the table below for the Company's deferred tax assets and liabilities as of December 31, 2012 and 2011.

Schedule of deferred tax assets and liabilities of the entity's TRS entities

Deferred tax assets and liabilities of the Company's TRS entities were as follows ($ in thousands):



	As of December 31,
	2012			2011
Deferred tax assets(1)	$	40,800		$	50,889
Valuation allowance	(40,800		)	(50,889		)
Net deferred tax assets (liabilities)	$	—		$	—

Explanatory Note:

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(1)

Deferred tax assets as of December 31, 2012, include real estate basis differences of $31.2 million, net operating loss carryforwards of $10.8 million and investment basis differences of $(1.2) million. Deferred tax assets as of December 31, 2011, include real estate basis differences of $30.8 million, net operating loss carryforwards of $22.8 million and investment basis differences of $(0.6) million.