Secured Debt Agreements (Tables)

3 Months Ended

Mar. 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
	March 31, 2016			December 31, 2015
Revolving repurchase facilities	$	3,252,405		$	2,858,714
GE portfolio acquisition facility		2,919,946			3,161,291
Asset-specific financings		157,034			111,746
Total secured debt agreements	$	6,329,385		$	6,131,751
Deferred financing costs(1)		(17,726	)		(15,646	)
Net book value of secured debt	$	6,311,659		$	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):

	March 31, 2016
	Maximum		Collateral		Repurchase Borrowings
Lender	Facility Size(1)		Assets(2)		Potential(3)		Outstanding		Available(3)
Wells Fargo(4)	$	1,172,000	$	1,286,632	$	1,005,043	$	871,485	$	133,558
Bank of America		750,000		847,304		666,275		618,944		47,331
JP Morgan(5)		762,500		796,344		638,390		564,605		73,785
MetLife		695,945		767,290		594,369		466,107		128,262
Citibank(6)		537,500		590,281		455,716		377,251		78,465
Morgan Stanley(7)		359,450		387,317		301,005		298,082		2,923
Société Générale(8)		453,520		69,914		55,931		55,931		—
	$	4,730,915	$	4,745,082	$	3,716,729	$	3,252,405	$	464,324

	December 31, 2015
	Maximum		Collateral		Repurchase Borrowings
Lender	Facility Size(1)		Assets(2)		Potential(3)		Outstanding		Available(3)
Wells Fargo(4)	$	1,172,000	$	1,044,860	$	817,562	$	685,485	$	132,077
Bank of America		750,000		840,884		665,861		618,944		46,917
JP Morgan(5)		787,047		864,630		689,705		596,533		93,172
MetLife		750,000		593,273		462,849		324,587		138,262
Citibank(6)		537,500		604,781		461,532		370,194		91,338
Morgan Stanley(7)		370,400		273,280		212,050		209,038		3,012
Société Générale(8)		437,320		67,416		53,933		53,933		—
	$	4,804,267	$	4,289,124	$	3,363,492	$	2,858,714	$	504,778

(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 both March 31, 2016 and December 31, 2015, the Wells Fargo maximum facility size was composed of a general $1.0 billion facility size and $172.0 million of additional capacity related solely to a specific asset with a repurchase date of July 30, 2016.

(5) As of March 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, and $262.5 million of additional capacity related solely to a specific asset with a repurchase date of January 9, 2018. 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, $262.5 million of additional capacity related solely to a specific asset with a repurchase date of January 9, 2018, and additional capacity of £32.3 million ($47.8 million) on the £153.0 million facility.

(6) As of both March 31, 2016 and December 31, 2015, the Citibank maximum facility size was composed of a general $500.0 million facility size and $37.5 million of additional capacity related solely to a specific asset with a repurchase date of October 9, 2017.

(7) The Morgan Stanley maximum facility size represents a £250.0 million facility size which was translated to $359.5 million as of March 31, 2016, and $370.4 million as of December 31, 2015.

(8) The Société Générale maximum facility size represents a €400.0 million facility size which was translated to $453.5 million as of March 31, 2016, and $437.3 million as of December 31, 2015.

Summary of Key Terms of Revolving Repurchase Facilities

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

Lender	Rate(1)	Guarantee(2)	Advance Rate(3)	Margin Call(4)	Currency	Term/Maturity
Wells Fargo	L+1.78%	25%	79.5%	Collateral marks only	$	Term matched(5)
Bank of America	L+1.69%	50%	79.5%	Collateral marks only	$	May 21, 2021(6)
JP Morgan	L+1.80%	25%	80.4%	Collateral marks only	$ / £	January 7, 2018
MetLife	L+1.76%	50%	78.5%	Collateral marks only	$	February 24, 2021(7)
Citibank	L+1.92%	25%	77.7%	Collateral marks only	$	Term matched(5)
Morgan Stanley	L+2.35%	25%	79.1%	Collateral marks only	£  / €	March 3, 2017
Société Générale	L+1.60%	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 two one-year extension options which may be exercised at our sole discretion.

(7) Includes five 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):

	March 31, 2016						December 31, 2015
	Financing Agreements			Collateral Assets			Financing Agreements			Collateral Assets
Number of loans		4			4			2			2
Principal balance(1)	$	157,034		$	214,941		$	111,746		$	154,192
Book value	$	154,751		$	211,292		$	111,061		$	153,542
Weighted-average cash coupon(2)		L+2.70	%		L+5.22	%		L+2.52	%		L+5.27	%
Weighted-average cost / all-in yield(2)		L+3.12	%		L+5.84	%		L+2.88	%		L+5.83	%

(1) With the exception of $13.2 million related to one asset-specific financing, we do not guarantee the obligations under these agreements.

(2) 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, cost / all-in yield includes the amortization of deferred origination fees / financing costs.