5. Securitization of Receivables

We sold financing receivables in securitization transactions, recognizing gains of $5.6 million for the year ended December 31, 2013, as compared to $3.9 million and $4.0 million for the years ended September 30, 2012 and 2011, respectively. For the three months ended December 31, 2012, we sold financing receivables in securitization transactions and recognized a gain of $2.5 million. In connection with securitization transactions, we retained servicing responsibilities and residual assets. In certain instances, we receive annual servicing fees ranging from 0.05% to 0.20% of the outstanding balance. The investors and the securitization trusts have no recourse to our other assets for failure of debtors to pay when due. Our residual assets are subordinate to investors’ interests, and their values are subject to credit, prepayment and interest rate risks on the transferred financial assets.

As of December 31, 2013 and September 30, 2012, the fair values of retained interests, discount rates used in valuing those interests and the sensitivity to an increase in the discount rates of 5% and 10% were as follows (amounts in thousands):

In computing gains and losses on securitizations, the discount rates were consistent with the discount rates presented in the above table. Based on the nature of the receivables and experience-to-date, we do not currently expect to incur any credit losses on the receivables sold.

The following is an analysis of certain cash flows between us and the securitization trusts (amounts in thousands):

As of December 31, 2013 and September 30, 2012, our managed receivables totaled $2.1 billion and $1.6 billion, of which $1.6 billion and $1.4 billion were securitized, respectively. There were no securitization credit losses in 2013, 2012 or 2011, and no material securitization delinquencies as of December 31, 2013 and September 30, 2012.