Secured Debt Agreements (Tables)

9 Months Ended

Sep. 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
	September 30, 2015		December 31, 2014
Revolving repurchase facilities	$	2,780,205	$	2,040,783
GE portfolio acquisition facility		3,570,131		—
Asset-specific repurchase agreements		235,318		324,553
	$	6,585,654	$	2,365,336

Revolving Repurchase Facilities

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

	Maximum		Collateral		Repurchase Borrowings
Lender	Facility Size(1)		Assets(2)		Potential		Outstanding		Available(3)
Bank of America	$	750,000	$	833,772	$	658,608	$	618,944	$	39,664
Wells Fargo		1,000,000		908,925		704,733		567,299		137,434
JP Morgan(4)		744,365		847,313		663,958		565,233		98,725
Citibank		500,000		607,186		465,753		397,126		68,627
MetLife		750,000		593,203		462,849		393,557		69,292
Morgan Stanley(5)		378,775		240,413		185,634		182,554		3,080
Société Générale(6)		449,960		69,365		55,492		55,492		—
	$	4,573,100	$	4,100,177	$	3,197,027	$	2,780,205	$	416,822

(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, a £153.0 million ($231.9 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 ($378.8 million) facility.

(6) The Société Générale maximum facility size represents a €400.0 million ($450.0 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(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)
Wells Fargo		L+1.80%		25%		79.3%	Collateral marks only	Term matched(6)
JP Morgan		L+1.81%		25%		80.4%	Collateral marks only	Term matched(6)(7)
Citibank		L+1.93%		25%		77.7%	Collateral marks only	Term matched(6)
MetLife		L+1.79%		50%		78.1%	Collateral marks only	February 24, 2021(8)
Morgan Stanley		L+2.34%		25%		78.5%	Collateral marks only	March 3, 2017
Société Générale		L+1.60%		25%		80.0%	Collateral marks only	July 13, 2018(9)

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

(2) Represents weighted-average cash coupon on borrowings outstanding as of September 30, 2015. As of September 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.

(9) Includes a one-year extension option which, subject to certain provisions, may be exercised at our discretion.

Summary of Statistics for Asset-Specific Repurchase Agreements

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

	September 30, 2015						December 31, 2014
	Repurchase			Collateral			Repurchase			Collateral
	Agreements			Assets			Agreements			Assets
Number of loans		3			3			3			4
Principal balance	$	235,318		$	308,786		$	324,553		$	429,197
Weighted-average cash coupon(1)		L+2.64	%		L+5.01	%		L+2.68	%		L+5.07	%
Weighted-average cost / all-in yield(1)		L+3.06	%		L+5.48	%		L+3.16	%		L+5.53	%

(1) Our floating rate loans and related liabilities are indexed to the various benchmark rates relevant in each arrangement 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.