Offsetting Assets and Liabilities

Certain of the Company's repurchase agreements and derivative transactions are governed by underlying agreements that generally provide for a right of setoff under master netting arrangements (or similar agreements) in the event of default or in the event of bankruptcy of either party to the transactions. Assets and liabilities subject to such arrangements are presented on a gross basis in the condensed consolidated balance sheets.

The following tables present information about the assets and liabilities that are subject to master netting agreements (or similar agreements) and can potentially be offset on the Company’s condensed consolidated balance sheets at June 30, 2016 and December 31, 2015.

Offsetting of Derivative Assets

As of June 30, 2016



				Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets
$ in thousands Description	Gross Amounts of Recognized Assets	Gross Amounts Offset in the Condensed Consolidated Balance Sheets	Net Amounts of Assets presented in the Condensed Consolidated Balance Sheets	Financial Instruments (1)		Collateral Received (4)		Net Amount
Derivatives	5,502	—	5,502	(106	)	(5,396	)	—
Total	5,502	—	5,502	(106	)	(5,396	)	—

Offsetting of Derivative Liabilities, Repurchase Agreements and Secured Loans

As of June 30, 2016



				Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets
$ in thousands Description	Gross Amounts of Recognized Liabilities	Gross Amounts Offset in the Condensed Consolidated Balance Sheets	Net Amounts of Liabilities presented in the Condensed Consolidated Balance Sheets	Financial Instruments (2)(3)(5)		Collateral Posted (2)(4)(5)		Net Amount
Derivatives	447,738	—	447,738	(180,804	)	(266,934	)	—
Repurchase Agreements	11,768,647	—	11,768,647	(11,768,647	)	—		—
Secured Loans	1,650,000	—	1,650,000	(1,650,000	)	—		—
Total	13,866,385	—	13,866,385	(13,599,451	)	(266,934	)	—

Offsetting of Derivative Assets

As of December 31, 2015



				Gross Amounts Not Offset in the Consolidated Balance Sheets
$ in thousands Description	Gross Amounts of Recognized Assets	Gross Amounts Offset in the Condensed Consolidated Balance Sheets	Net Amounts of Assets presented in the Condensed Consolidated Balance Sheets	Financial Instruments (1)		Collateral Received (4)		Net Amount
Derivatives	8,659	—	8,659	(4,142	)	(4,517	)	—
Total	8,659	—	8,659	(4,142	)	(4,517	)	—

Offsetting of Derivative Liabilities and Repurchase Agreements

As of December 31, 2015



				Gross Amounts Not Offset in the Consolidated Balance Sheets
$ in thousands Description	Gross Amounts of Recognized Liabilities	Gross Amounts Offset in the Condensed Consolidated Balance Sheets	Net Amounts of Liabilities presented in the Condensed Consolidated Balance Sheets	Financial Instruments (2)(3) (5)		Collateral Posted (2)(4)(5)		Net Amount
Derivatives	238,148	—	238,148	(117,240	)	(109,299	)	11,609
Repurchase Agreements	12,126,048	—	12,126,048	(12,126,048	)	—		—
Secured Loans	1,650,000	—	1,650,000	(1,650,000	)	—		—
Total	14,014,196	—	14,014,196	(13,893,288	)	(109,299	)	11,609


(1)	Amounts represent derivatives in an asset position which could potentially be offset against derivatives in a liability position at June 30, 2016 and December 31, 2015, subject to a netting arrangement.


(2)	Amounts represent collateral pledged that is available to be offset against liability balances associated with repurchase agreements, secured loans and derivatives.


(3)	The fair value of securities pledged against the Company's borrowing under repurchase agreements was $13.0 billion and $13.5 billion at June 30, 2016 and December 31, 2015, respectively.


(4)	Cash collateral of $5.6 million was posted by the Company's derivative counterparties at June 30, 2016 (December 31, 2015: $4.9 million). Cash collateral posted by the Company on its derivatives was $267.0 million and $109.3 million at June 30, 2016 and December 31, 2015, respectively.


(5)	The fair value of securities pledged against IAS Services LLC's borrowing under secured loans was $2.0 billion and $1.9 billion at June 30, 2016 and December 31, 2015, respectively. No cash collateral was posted by the Company at June 30, 2016 and December 31, 2015.