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RESALE AND REPURCHASE AGREEMENTS (Tables)
 9 Months Ended
Sep. 30, 2015
RESALE AND REPURCHASE AGREEMENTS  
Schedule of balance sheet offsetting for resale agreements and repurchase agreements
The following tables present resale and repurchase agreements included on the Consolidated Balance Sheets as of September 30, 2015 and December 31, 2014:
 
 
 
 
 
 
 
 
 
 
 
 
 
($ in thousands)
 
As of September 30, 2015
 
 
Gross Amounts
of Recognized
Assets
 
Gross Amounts
Offset on the
Consolidated
Balance Sheet
 
Net Amounts of Assets Presented
on the
Consolidated Balance Sheet
 
Gross Amounts Not Offset on 
the Consolidated Balance Sheet
 
 
Assets
 
 
 
 
Financial
Instruments
 
Collateral
Received
 
Net Amount
Resale agreements
 
$
1,700,000

 
$
(300,000
)
 
$
1,400,000

 
$
—

 
$
(1,396,476
)
(1) 
$
3,524

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Gross Amounts
of Recognized
Liabilities
 
Gross Amounts
Offset on the
Consolidated
Balance Sheet
 
Net Amounts of Liabilities Presented
on the
Consolidated Balance Sheet
 
Gross Amounts Not Offset on
the Consolidated Balance Sheet
 
 
Liabilities
 
 
 
 
Financial
Instruments
 
Collateral
Posted
 
Net Amount
Repurchase agreements
 
$
450,000

 
$
(300,000
)
 
$
150,000

 
$
—

 
$
(150,000
)
(2) 
$
—

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
($ in thousands)
 
As of December 31, 2014
 
 
Gross Amounts
of Recognized
Assets
 
Gross Amounts
Offset on the
Consolidated
Balance Sheet
 
Net Amounts of Assets Presented
on the
Consolidated Balance Sheet
 
Gross Amounts Not Offset on 
the Consolidated Balance Sheet
 
 
Assets
 
 
 
 
Financial
Instruments
 
Collateral
Received
 
Net Amount
Resale agreements
 
$
1,425,000

 
$
(200,000
)
 
$
1,225,000

 
$
(425,000
)
(3) 
$
(797,172
)
(1) 
$
2,828

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Gross Amounts
of Recognized
Liabilities
 
Gross Amounts
Offset on the
Consolidated
Balance Sheet
 
Net Amounts of Liabilities Presented
on the
Consolidated Balance Sheet
 
Gross Amounts Not Offset on
the Consolidated Balance Sheet
 
 
Liabilities
 
 
 
 
Financial
Instruments
 
Collateral 
Posted
 
Net Amount
Repurchase agreements
 
$
995,000

 
$
(200,000
)
 
$
795,000

 
$
(425,000
)
(3) 
$
(370,000
)
(2) 
$
—

 
 
 
 
 
 
 
 
 
 
 
 
 
(1)
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.
(2)
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.
(3)
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.