Secured Debt Agreements, Net (Tables)

12 Months Ended

Dec. 31, 2016

Debt Disclosure [Abstract]

Schedule of Secured Debt Agreements

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

	Secured Debt Agreements Borrowings Outstanding
	December 31, 2016			December 31, 2015
Revolving repurchase facilities	$	3,572,837		$	2,495,805
GE portfolio acquisition facility		1,479,582			3,161,291
Asset-specific financings		679,207			474,655
Revolving credit agreement		—			—
Total secured debt agreements	$	5,731,626		$	6,131,751
Deferred financing costs(1)		(15,272	)		(15,646	)
Net book value of secured debt	$	5,716,354		$	6,116,105

(1) Costs incurred in connection with our secured debt agreements are recorded on our consolidated balance sheet when incurred and recognized as a component of interest expense over the life of each related agreement.

Revolving Repurchase Facilities

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

	December 31, 2016
	Maximum Facility Size(1)		Collateral Assets(2)		Repurchase Borrowings
Lender					Potential(3)		Outstanding		Available(3)
Wells Fargo	$	2,000,000	$	1,718,874	$	1,339,942	$	1,107,733	$	232,209
MetLife		1,000,000		1,106,017		862,454		862,454		—
Bank of America		750,000		794,881		617,694		617,694		—
JP Morgan(4)		500,000		550,560		420,414		316,219		104,195
Morgan Stanley(5)		308,500		344,056		272,221		231,930		40,291
Citibank		500,000		508,989		394,677		229,629		165,048
Société Générale(6)		420,680		274,351		207,178		207,178		—
	$	5,479,180	$	5,297,728	$	4,114,580	$	3,572,837	$	541,743
	December 31, 2015
	Maximum Facility Size(1)		Collateral Assets(2)		Repurchase Borrowings
Lender					Potential(3)		Outstanding		Available(3)
Bank of America	$	750,000	$	840,884	$	665,861	$	618,944	$	46,917
Wells Fargo		1,000,000		879,155		687,200		562,382		124,818
JP Morgan(4)		524,547		589,752		464,723		382,042		82,681
Citibank		500,000		568,032		436,217		344,879		91,338
MetLife		750,000		593,273		462,849		324,587		138,262
Morgan Stanley(5)		370,400		273,280		212,050		209,038		3,012
Société Générale(6)		437,320		67,416		53,933		53,933		—
	$	4,332,267	$	3,811,792	$	2,982,833	$	2,495,805	$	487,028

(1) Maximum facility size represents the largest amount of borrowings available under a given facility once sufficient collateral assets have been approved by the lender and pledged by us.

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

(3) Potential borrowings represents 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) As of December 31, 2016, the JP Morgan maximum facility size was composed of a general $500.0 million facility size, under which U.S. Dollars and British Pound Sterling borrowings are contemplated. As of December 31, 2015, the JP Morgan maximum facility was composed of general $250.0 million facility size plus a general £153.0 million ($226.7 million) facility size provided under a related agreement that contemplated U.S. Dollars and British Pound Sterling borrowings, and additional capacity of £32.3 million ($47.8 million) on the £153.0 million facility.

(5) The Morgan Stanley maximum facility size represents a £250.0 million facility size that was translated to $308.5 million as of December 31, 2016, and $370.4 million as of December 31, 2015. Borrowings denominated in British Pound Sterling and Euro are contemplated under this facility.

(6) The Société Générale maximum facility size represents a € 400.0 million facility size that was translated to $420.7 million as of December 31, 2016, and $437.3 million as of December 31, 2015. As of December 31, 2016, borrowings denominated in U.S. Dollars, British Pound Sterling, and Euro are contemplated under the facility.

Summary of Key Terms of Revolving Repurchase Facilities

The following table outlines the key terms of our revolving repurchase facilities as of December 31, 2016:

Lender	Currency	Rate(1)			Guarantee(2)			Advance Rate(3)			Margin Call(4)		Term/Maturity
Wells Fargo	$		L+1.79	%		25	%		79.7	%		Collateral marks only		Term matched(5)
MetLife	$		L+1.86	%		50	%		78.9	%		Collateral marks only		April 22, 2022(6)
Bank of America	$		L+1.66	%		50	%		79.4	%		Collateral marks only		May 21, 2021(7)
JP Morgan	$/£		L+1.83	%		50	%		78.3	%		Collateral marks only		January 7, 2019
Citibank	$		L+1.82	%		25	%		77.8	%		Collateral marks only		Term matched(5)
Morgan Stanley	£/€		L+2.29	%		25	%		79.1	%		Collateral marks only		March 1, 2019
Société Générale	$/£/€		L+1.75	%		25	%		80.0	%		Collateral marks only		Term matched(5)

(1) Represents weighted-average cash coupon based on borrowings outstanding. In instances where our borrowings are denominated in currencies other than the U.S. Dollar, interest accrues at a rate equivalent to a margin plus a base rate other than 1-month USD LIBOR, such as 3-month GBP LIBOR, 3-month EURIBOR, or 3-month CDOR.

(2) Other than amounts guaranteed based on specific collateral asset types, borrowings under our revolving repurchase facilities are non-recourse to us.

(3) Represents weighted-average advance rate based on the outstanding principal balance of the collateral assets pledged.

(4) Margin call provisions under our revolving repurchase facilities do not permit valuation adjustments based on capital markets events, 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 five one-year extension options which may be exercised at our sole discretion.

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

Summary of Statistics for Asset-Specific Financings

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

	December 31, 2016
Lender	Count		Principal Balance		Book Value		Wtd. Avg. Yield/Cost(1)			Guarantee(2)		Wtd.  Avg. Term(3)
JP Morgan(4)
Collateral assets		1	$	284,012	$	282,818		L+3.88	%		n/a		Jan. 2020
Financing provided		1		233,679		233,626		L+1.89	%	$	116,839		Jan. 2020
Citibank(4)
Collateral assets		2		203,656		203,555		L+4.40	%		n/a		Nov. 2020
Financing provided		2		158,652		158,609		L+2.42	%		39,663		Nov. 2020
Deutsche Bank
Collateral assets		1		183,300		180,866		L+5.18	%		n/a		Aug. 2021
Financing provided		1		135,075		133,621		L+3.03	%		66,410		Aug. 2021
Bank of the Ozarks
Collateral assets		2		143,164		140,524		L+6.42	%		n/a		Apr. 2020
Financing provided		2		108,435		107,323		L+3.68	%		—		Apr. 2020
Wells Fargo
Collateral assets		1		61,951		61,654		L+6.05	%		n/a		Dec. 2019
Financing provided		1		43,366		43,154		L+2.97	%		8,673		Dec. 2019
Total
Collateral assets		7	$	876,083	$	869,417		L+4.84	%		n/a
Financing provided		7	$	679,207	$	676,333		L+2.60	%	$	231,585

(1) These 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, yield/cost includes the amortization of deferred origination fees / financing costs.

(2) Other than amounts guaranteed on an asset-by-asset basis, borrowings under our asset-specific financings are non-recourse to us.

(3) The weighted-average term is determined based on the maximum maturity of the corresponding loans, assuming all extension options are exercised by the borrower. Each of our asset-specific financings are term-matched to the corresponding collateral loans.

(4) Borrowings under these asset specific financings are cross collateralized with the related revolving repurchase facility with the same lender.

	December 31, 2015
Lender	Count	Principal Balance		Book Value		Wtd. Avg. Yield/Cost(1)			Guarantee(2)		Wtd. Avg. Term(3)
Wells Fargo(4)
Collateral assets	3	$	319,897	$	318,693		L+4.92	%		n/a		Jun. 2019
Financing provided	3		234,850		234,115		L+2.37	%	$	42,627		Jun. 2019
JP Morgan(4)
Collateral assets	1		274,878		272,632		L+3.88	%		n/a		Jan. 2020
Financing provided	1		214,491		214,391		L+1.94	%		53,623		Jan. 2020
Citibank(4)
Collateral assets	1		36,749		36,514		L+4.42	%		n/a		Oct. 2018
Financing provided	1		25,314		25,293		L+2.08	%		6,329		Oct. 2018
Total
Collateral assets	5	$	631,524	$	627,839		L+4.44	%		n/a
Financing provided	5	$	474,655	$	473,799		L+2.16	%	$	102,579

(1) These 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, yield/cost includes the amortization of deferred origination fees / financing costs.

(2) Other than amounts guaranteed on an asset-by-asset basis, borrowings under our asset-specific financings are non-recourse to us.

(3) The weighted-average term is determined based on the maximum maturity of the corresponding loans, assuming all extension options are exercised by the borrower. Each of our asset-specific financings are term-matched to the corresponding collateral loans.

(4) Borrowings under these asset specific financings are cross collateralized with the related revolving repurchase facility with the same lender.