SECURITIES REPURCHASED UNDER RESALE AGREEMENTS AND SOLD UNDER REPURCHASE AGREEMENTS (Tables)

3 Months Ended

Mar. 31, 2015

SECURITIES PURCHASED UNDER RESALE AGREEMENTS AND SOLD UNDER REPURCHASE AGREEMENTS

Schedule of balance sheet offsetting for resale agreements and repurchase agreements

($ in thousands)

As of March 31, 2015

Net Amounts of

Gross Amounts Not Offset on the

Gross Amounts

Assets Presented

Consolidated Balance Sheet

Gross Amounts

Offset on the

on the

of Recognized

Consolidated

Consolidated

Financial

Collateral

Assets

Assets

Balance Sheet

Balance Sheet

Instruments

Received

Net Amount

Resale agreements

$

1,850,000

$

(300,000)

$

1,550,000

$

(350,000)

(1)

$

(1,195,203)

(2)

$

4,797

Net Amounts of

Gross Amounts Not Offset on the

Liabilities

Consolidated Balance Sheet

Gross Amounts

Presented

Gross Amounts

Offset on the

on the

of Recognized

Consolidated

Consolidated

Financial

Collateral

Liabilities

Liabilities

Balance Sheet

Balance Sheet

Instruments

Posted

Net Amount

Repurchase agreements

$

995,000

$

(300,000)

$

695,000

$

(350,000)

(1)

$

(345,000)

(3)

$

—

($ in thousands)

As of December 31, 2014

Net Amounts of

Gross Amounts Not Offset on the

Gross Amounts

Assets Presented

Consolidated Balance Sheet

Gross Amounts

Offset on the

on the

of Recognized

Consolidated

Consolidated

Financial

Collateral

Assets

Assets

Balance Sheet

Balance Sheet

Instruments

Received

Net Amount

Resale agreements

$

1,425,000

$

(200,000)

$

1,225,000

$

(425,000)

(1)

$

(797,172)

(2)

$

2,828

Net Amounts of

Gross Amounts Not Offset on the

Liabilities

Consolidated Balance Sheet

Gross Amounts

Presented

Gross Amounts

Offset on the

on the

of Recognized

Consolidated

Consolidated

Financial

Collateral

Liabilities

Liabilities

Balance Sheet

Balance Sheet

Instruments

Posted

Net Amount

Repurchase agreements

$

995,000

$

(200,000)

$

795,000

$

(425,000)

(1)

$

(370,000)

(3)

$

—

(1) Includes financial instruments subject to enforceable master netting arrangements that are not permitted to be offset under ASC 210-20-45 but would be eligible for offsetting to the extent an event of default has occurred.

(2) Represents the fair value of securities the Company has received under resale agreements, limited for table presentation purposes to the amount of the recognized asset due from each counterparty.

(3) Represents the fair value of securities the Company has pledged under repurchase agreements, limited for table presentation purposes to the amount of the recognized liability owed to each counterparty.