Secured Financings (Tables)

9 Months Ended

Sep. 30, 2014

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

(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 and a £153.0 million ($248.5 million) facility.

(5)	The Morgan Stanley maximum facility size represents a £250.0 million ($406.0 million) facility.

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

(1)	Represents a weighted-average based on collateral assets pledged and borrowings outstanding as of September 30, 2014.

(2)	Represents weighted-average cash coupon on borrowings outstanding as of September 30, 2014. As of September 30, 2014, 91% of our revolving repurchase agreements are indexed to one-month USD LIBOR, 7% are indexed to three-month GBP LIBOR, and 2% referencing other floating rate indices.

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

(6)	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.

(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.

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


	September 30, 2014						December 31, 2013
	Participations			Underlying			Participations			Underlying
	Sold			Loans			Sold			Loans
Number of loans		3			3			1			1
Principal balance	$	447,977		$	619,323		$	90,000		$	173,837
Weighted-average cash coupon⁽¹⁾		L+3.01	%		L+4.56	%		L+5.12	%		L+5.66	%
Weighted-average all-in yield / cost⁽¹⁾		L+3.22	%		L+5.81	%		L+5.26	%		L+9.25	%

(1)	As of September 30, 2014, 40% of our participations sold are indexed to one-month LIBOR and 60% are indexed to three-month LIBOR. In addition to cash coupon, all-in yield / cost includes the amortization of deferred origination fees / financing costs.

Asset-Specific Repurchase Agreements [Member]

Asset-Specific Repurchase Agreements

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


	September 30, 2014						December 31, 2013
	Repurchase			Collateral			Repurchase			Collateral
	Agreements			Assets			Agreements			Assets
Number of loans		3			4			4			4
Principal balance	$	226,961		$	288,831		$	245,731		$	334,857
Weighted-average cash coupon⁽¹⁾		L+2.62	%		L+4.73	%		L+2.55	%		L+4.79	%
Weighted-average all-in yield / cost⁽¹⁾		L+3.00	%		L+5.22	%		L+3.03	%		L+5.38	%

(1)	As of September 30, 2014, all of our asset-specific repurchase agreements are indexed to one-month USD LIBOR. In addition to cash coupon, all-in yield / cost includes the amortization of deferred origination fees / financing costs.