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

12 Months Ended

Dec. 31, 2016

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 December 31, 2016 and 2015:




($ in thousands)		As of December 31, 2016
		Gross Amounts of Recognized Assets				Gross Amounts Offset on the Consolidated Balance Sheets				Net Amounts of Assets Presented on the Consolidated Balance Sheets				Gross Amounts Not Offset on the Consolidated Balance Sheets								Net Amount
Assets		Gross Amounts of Recognized Assets				Gross Amounts Offset on the Consolidated Balance Sheets								Financial Instruments				Collateral Received				Net Amount
Resale agreements		$	2,100,000			$	(100,000	)		$	2,000,000			$	(150,000	)	⁽¹⁾	$	(1,839,120	)	⁽²⁾	$	10,880

Liabilities		Gross Amounts of Recognized Liabilities				Gross Amounts Offset on the Consolidated Balance Sheets				Net Amounts of Liabilities Presented on the Consolidated Balance Sheets				Gross Amounts Not Offset on the Consolidated Balance Sheets								Net Amount
Liabilities		Gross Amounts of Recognized Liabilities				Gross Amounts Offset on the Consolidated Balance Sheets								Financial Instruments				Collateral Pledged				Net Amount
Repurchase agreements		$	450,000			$	(100,000	)		$	350,000			$	(150,000	)	⁽¹⁾	$	(200,000	)	⁽³⁾	$	—




($ In thousands)		As of December 31, 2015
		Gross Amounts of Recognized Assets				Gross Amounts Offset on the Consolidated Balance Sheets				Net Amounts of Assets Presented on the Consolidated Balance Sheets				Gross Amounts Not Offset on the Consolidated Balance Sheets								Net Amount
Assets		Gross Amounts of Recognized Assets				Gross Amounts Offset on the Consolidated Balance Sheets								Financial Instruments				Collateral Received				Net Amount
Resale agreements		$	2,050,000			$	(450,000	)		$	1,600,000			$	—			$	(1,593,503	)	⁽²⁾	$	6,497

Liabilities		Gross Amounts of Recognized Liabilities				Gross Amounts Offset on the Consolidated Balance Sheets				Net Amounts of Liabilities Presented on the Consolidated Balance Sheets				Gross Amounts Not Offset on the Consolidated Balance Sheets								Net Amount
Liabilities		Gross Amounts of Recognized Liabilities				Gross Amounts Offset on the Consolidated Balance Sheets								Financial Instruments				Collateral Pledged				Net Amount
Repurchase agreements		$	450,000			$	(450,000	)		$	—			$	—			$	—		⁽³⁾	$	—


(1)	Represents financial instruments subject to enforceable master netting arrangements that are not eligible to be offset under ASC 210-20-45 but would be eligible for offsetting to the extent that 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.