Debt Obligations (Tables)

3 Months Ended

Mar. 31, 2014

Debt Disclosure [Abstract]

Repurchase Obligations Outstanding

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

	March 31, 2014										Dec. 31, 2013 Borrowings Outstanding
	Maximum Facility Size(1)		Collateral Assets(2)		Repurchase Borrowings(3)
Lender					Potential		Outstanding		Available
Revolving Repurchase Facilities
Bank of America	$	500,000	$	461,041	$	364,813	$	364,813	$	—	$	271,320
Citibank		500,000		654,924		489,340		307,175		182,165		334,692
JP Morgan(4)		574,130		567,368		437,867		429,978		7,889		257,610
Wells Fargo		500,000		218,650		170,200		139,325		30,875		—
Morgan Stanley(5)		412,600		83,335		66,016		66,016		—		—
Subtotal		2,486,730		1,985,318		1,528,236		1,307,307		220,929		863,622
Asset-Specific Repurchase Agreements
Wells Fargo(6)		253,479		303,857		222,481		222,481		—		245,731
Total	$	2,740,209	$	2,289,175	$	1,750,717	$	1,529,788	$	220,929	$	1,109,353

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

(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, a £153.0 million ($252.5 million) facility, and $71.6 million related solely to a specific asset with a repurchase date of June 27, 2014.

(5) The Morgan Stanley maximum facility size represents a £250.0 million ($412.6 million) facility.

(6) Represents an aggregate of three asset-specific repurchase agreements with Wells Fargo.