| Schedule of contractual obligations |
The table below summarizes the Company’s contractual obligations for the periods indicated. In addition, the Company has off balance sheet arrangements in the form of letters of credit. | | | | | | | | | | | June 30, 2014 | | December 31, 2013 | | Mortgage notes payable and related interest (1) | $ | 106,301 |
| | $ | 107,705 |
| | Notes payable (2) | 88,539 |
| | 91,015 |
| | Notes payable CLOs (3) | 1,633,074 |
| | 1,341,701 |
| | Warehouse borrowings (4) | 24,045 |
| | — |
| | Operating lease obligations (5) | 13,774 |
| | 6,437 |
| | Credit facilities/Lines of credit (6) | 68,662 |
| | 54,871 |
| | Standby letters of credit (7) | 322 |
| | — |
| | Total | $ | 1,934,717 |
| | $ | 1,601,729 |
| |
| | (1) | Mortgage notes payable include mortgage notes entered into by the Company in connection with its acquisition of several properties (See Note 11—Debt). |
| | (2) | Notes payable relates to PFG’s acquisition of the administrative services rights from The Hartford, TFP payment for Series A preferred stock and common shares of PFG and Luxury promissory notes (See Note 11—Debt). |
| | (3) | CLO notes payable principal is payable at stated maturity, 2021 for Telos 1, 2022 for Telos 2, 2024 for Telos 3, 2024 for Telos 4 and 2025 for Telos 5 (See Note 4—CLOs and Consolidated Variable Interest Entities). |
| | (4) | The Company through its subsidiary Luxury has warehouse borrowings with several lenders (See Note 11—Debt). |
| | (5) | Minimum rental obligations for Care, Siena, Luxury and PFG office leases. For the six month periods ended June 30, 2014 and 2013, rent expense for the Company’s office leases were $1,192 and $786, respectively. |
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