Secured Debt Agreements (Tables)

6 Months Ended

Jun. 30, 2015

Debt Disclosure [Abstract]

Schedule of Secured Debt Agreements

The following table details our secured debt agreements ($ in thousands):

	Secured Debt Agreements Borrowings Outstanding
	June 30, 2015		December 31, 2014
Revolving repurchase facilities	$	2,636,822	$	2,040,783
GE portfolio acquisition facility		4,038,165		—
Asset-specific repurchase agreements		413,751		324,553
	$	7,088,738	$	2,365,336

Revolving Repurchase Facilities

The following table details our revolving repurchase facilities as of June 30, 2015 ($ in thousands):

	Maximum Facility Size(1)		Collateral Assets(2)		Repurchase Borrowings
Lender					Potential		Outstanding		Available(3)
Bank of America	$	750,000	$	815,125	$	642,169	$	606,535	$	35,634
JP Morgan(4)		753,348		832,222		653,830		566,063		87,767
Wells Fargo		1,000,000		887,926		689,679		549,858		139,821
MetLife		750,000		556,409		433,445		364,153		69,292
Citibank		500,000		575,506		439,239		362,562		76,677
Morgan Stanley(5)		393,450		243,383		190,850		187,651		3,199
	$	4,146,798	$	3,910,571	$	3,049,212	$	2,636,822	$	412,390

(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 ($240.8 million) facility, and $262.5 million related solely to a specific asset with a repurchase date of January 9, 2018.

(5) The Morgan Stanley maximum facility size represents a £250.0 million ($393.5 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
Bank of America		L+1.69	%	50%	79.5%	Collateral marks only	May 21, 2019(5)
JP Morgan		L+1.81	%	25%	80.3%	Collateral marks only	Term matched(6)(7)
Wells Fargo		L+1.80	%	25%	79.2%	Collateral marks only	Term matched(6)
MetLife		L+1.80	%	50%	77.9%	Collateral marks only	February 24, 2021(8)
Citibank		L+1.93	%	25%	76.7%	Collateral marks only	Term matched(6)
Morgan Stanley		L+2.34	%	25%	78.4%	Collateral marks only	March 3, 2017

(1) Represents a weighted-average based on collateral assets pledged and borrowings outstanding as of June 30, 2015.

(2) Represents weighted-average cash coupon on borrowings outstanding as of June 30, 2015. As of June 30, 2015, 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) 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 January 7, 2018.

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

Summary of Statistics for Asset-Specific Repurchase Agreements

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

	June 30, 2015						December 31, 2014
	Repurchase Agreements			Collateral Assets			Repurchase Agreements			Collateral Assets
Number of loans		4			5			3			4
Principal balance	$	413,751		$	548,837		$	324,553		$	429,197
Weighted-average cash coupon(1)		L+2.75	%		L+5.21	%		L+2.68	%		L+5.07	%
Weighted-average cost / all-in yield(1)		L+3.19	%		L+5.70	%		L+3.16	%		L+5.53	%

(1) As of June 30, 2015, 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, cost / all-in yield includes the amortization of deferred origination fees / financing costs.