Secured Financings (Tables)

12 Months Ended

Dec. 31, 2014

Revolving Repurchase Facilities Outstanding

The following table details our revolving repurchase facilities outstanding ($ in thousands):


	December 31, 2014										Dec. 31, 2013 Borrowings Outstanding
	Maximum Facility Size⁽¹⁾		Collateral Assets⁽²⁾		Repurchase Borrowings⁽³⁾
Lender	Maximum Facility Size⁽¹⁾		Collateral Assets⁽²⁾		Potential		Outstanding		Available
Wells Fargo	$	1,000,000	$	747,256	$	585,737	$	484,365	$	101,372	$	—
Citibank		500,000		621,025		472,080		392,455		79,625		334,692
Bank of America		500,000		557,810		441,201		389,347		51,854		271,320
JP Morgan⁽⁴⁾		488,155		544,654		422,249		341,487		80,762		257,610
MetLife		500,000		476,499		366,902		305,889		61,013		—
Morgan Stanley⁽⁵⁾		389,050		174,297		137,181		127,240		9,941		—

	$	3,377,205	$	3,121,541	$	2,425,350	$	2,040,783	$	384,567	$	863,622

(1)	Maximum facility size represents the total amount of borrowings in each repurchase agreement, however these borrowings are only available to us once sufficient collateral assets have been pledged under each facility at the discretion of the lender.

(2)	Represents the principal balance of the collateral assets.

(3)	Potential borrowings represent the total amount we could draw under each facility based on collateral already approved and pledged. When undrawn, these amounts are immediately available to us at our sole discretion under the terms of each revolving credit facility.

(4)	The JP Morgan maximum facility size is composed of a $250.0 million facility and a £153.0 million ($238.2 million) facility.

(5)	The Morgan Stanley maximum facility size represents a £250.0 million ($389.1 million) facility.

Summary of Key Terms of Revolving Repurchase Facilities

The following table outlines the key terms of our revolving repurchase facilities:


Lender	Rate⁽¹⁾⁽²⁾			Guarantee⁽¹⁾⁽³⁾			Advance Rate⁽¹⁾			Margin Call⁽⁴⁾	Term/Maturity
Wells Fargo		L+1.82	%		25	%		78.82	%	Collateral marks only	Term matched⁽⁵⁾
Citibank		L+1.93	%		25	%		76.68	%	Collateral marks only	Term matched⁽⁵⁾
Bank of America		L+1.77	%		50	%		79.59	%	Collateral marks only	May 21, 2019⁽⁶⁾
JP Morgan		L+1.94	%		25	%		77.92	%	Collateral marks only	Term matched⁽⁵⁾⁽⁷⁾
MetLife		L+1.81	%		50	%		77.27	%	Collateral marks only	June 29, 2020⁽⁸⁾
Morgan Stanley		L+2.32	%		25	%		78.71	%	Collateral marks only	March 3, 2017

(1)	Represents a weighted-average based on collateral assets pledged and borrowings outstanding as of December 31, 2014.

(2)

Represents weighted-average cash coupon on borrowings outstanding as of December 31, 2014. As of December 31, 2014, our floating rate loans and related liabilities were indexed to the various benchmark rates relevant in each case in terms of currency and payment frequency. Therefore the net exposure to each benchmark rate is in direct proportion to our net assets indexed to that rate.

(3)	Other than amounts guaranteed based on specific collateral asset types, borrowings under our revolving repurchase facilities are not recourse to us.

(4)	Margin call provisions under our revolving repurchase facilities do not permit valuation adjustments based on capital markets activity, and are limited to collateral-specific credit marks.

(5)	These revolving repurchase facilities have various availability periods during which new advances can be made and which are generally subject to each lender’s discretion. Maturity dates for advances outstanding are tied to the term of each respective collateral asset.

(6)	Includes two one-year extension options which may be exercised at our sole discretion.

(7)	Borrowings denominated in British pound sterling under this facility mature on December 30, 2016.

(8)	Includes five one-year extension options which may be exercised at our sole discretion.

Summary of Overall Statistics for our Asset-Specific Repurchase Agreements and Loan Participations Sold

The following table details statistics for our loan participations sold ($ in thousands):


	December 31, 2014						December 31, 2013
	Participations Sold			Underlying Loans			Participations Sold			Underlying Loans
Number of loans		4			4			1			1
Principal balance	$	499,433		$	635,701		$	90,000		$	173,837
Weighted-average cash coupon⁽¹⁾		L+2.51	%		L+4.10	%		L+5.12	%		L+5.66	%
Weighted-average all-in yield / cost⁽¹⁾		L+2.71	%		L+4.71	%		L+5.26	%		L+9.25	%

(1)

As of December 31, 2014, our floating rate loans and related liabilities were indexed to the various benchmark rates relevant in each case in terms of currency and payment frequency. Therefore the net exposure to each benchmark rate is in direct proportion to our net assets indexed to that rate. In addition to cash coupon, all-in yield / cost includes the amortization of deferred origination fees / financing costs.

Asset-Specific Repurchase Agreements [Member]

Summary of Overall Statistics for our Asset-Specific Repurchase Agreements and Loan Participations Sold

Asset-Specific Repurchase Agreements

The following table details statistics for our asset-specific repurchase agreements ($ in thousands):


	December 31, 2014						December 31, 2013
	Repurchase Agreements			Collateral Assets			Repurchase Agreements			Collateral Assets
Number of loans		3			4			4			4
Principal balance	$	324,553		$	429,197		$	245,731		$	334,857
Weighted-average cash coupon⁽¹⁾		L+2.68	%		L+5.07	%		L+2.55	%		L+4.79	%
Weighted-average all-in yield / cost⁽¹⁾		L+3.16	%		L+5.53	%		L+3.03	%		L+5.38	%

(1)