Offsetting Assets and Liabilities (Tables)

3 Months Ended

Mar. 31, 2018

Offsetting of Derivative Assets

As of March 31, 2018



				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		Cash Collateral Received		Net Amount
Derivatives ^{(1) (3)}	26,385	—	26,385	(105	)	(26,280	)	—

Offsetting of Derivative Liabilities, Repurchase Agreements and Secured Loans

As of March 31, 2018



				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⁾		Cash Collateral Pledged		Net Amount
Derivatives ⁽³⁾	8,204	—	8,204	(6,387	)	(1,691	)	126
Repurchase Agreements ⁽⁴⁾	13,911,137	—	13,911,137	(13,911,137	)	—		—
Secured Loans ⁽⁵⁾	1,650,000	—	1,650,000	(1,650,000	)	—		—
Total	15,569,341	—	15,569,341	(15,567,524	)	(1,691	)	126

Offsetting of Derivative Assets

As of December 31, 2017



				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	Cash Collateral Received		Net Amount
Derivatives ^{(1) (3)}	6,896	—	6,896	—	(6,896	)	—

Offsetting of Derivative Liabilities and Repurchase Agreements

As of December 31, 2017



				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⁾		Cash Collateral Pledged		Net Amount
Derivatives ⁽³⁾	22,445	—	22,445	(21,169	)	(620	)	656
Repurchase Agreements ⁽⁴⁾	14,080,801	—	14,080,801	(14,080,801	)	—		—
Secured Loans ⁽⁵⁾	1,650,000	—	1,650,000	(1,650,000	)	—		—
Total	15,753,246	—	15,753,246	(15,751,970	)	(620	)	656


(1)	Amounts represent derivatives in an asset position which could potentially be offset against derivatives in a liability position at March 31, 2018 and December 31, 2017, 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 our derivatives was $89.7 million and $109.9 million at March 31, 2018 and December 31, 2017, respectively. Cash collateral received on our derivatives was $27.6 million and $7.3 million at March 31, 2018 and December 31, 2017, respectively. Cash collateral pledged by us on our derivatives was $5.8 million and $620,000 at March 31, 2018 and December 31, 2017, respectively. Cash collateral pledged on our centrally cleared interest rate swaps is settled against the fair value of these swaps and therefore excluded from the tables above at March 31, 2018 and December 31, 2017, respectively.


(4)	The fair value of securities pledged against our borrowing under repurchase agreements was $15.4 billion and $15.5 billion at March 31, 2018 and December 31, 2017, respectively.


(5)	The fair value of securities pledged against IAS Services LLC's borrowings under secured loans was $1.9 billion at March 31, 2018 and December 31, 2017, respectively. Cash collateral pledged by us on secured loans was $2.0 million at March 31, 2018.

Offsetting Derivative Liabilities

Offsetting of Derivative Assets

As of March 31, 2018



				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		Cash Collateral Received		Net Amount
Derivatives ^{(1) (3)}	26,385	—	26,385	(105	)	(26,280	)	—

Offsetting of Derivative Liabilities, Repurchase Agreements and Secured Loans

As of March 31, 2018



				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⁾		Cash Collateral Pledged		Net Amount
Derivatives ⁽³⁾	8,204	—	8,204	(6,387	)	(1,691	)	126
Repurchase Agreements ⁽⁴⁾	13,911,137	—	13,911,137	(13,911,137	)	—		—
Secured Loans ⁽⁵⁾	1,650,000	—	1,650,000	(1,650,000	)	—		—
Total	15,569,341	—	15,569,341	(15,567,524	)	(1,691	)	126

Offsetting of Derivative Assets

As of December 31, 2017



				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	Cash Collateral Received		Net Amount
Derivatives ^{(1) (3)}	6,896	—	6,896	—	(6,896	)	—

Offsetting of Derivative Liabilities and Repurchase Agreements

As of December 31, 2017



				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⁾		Cash Collateral Pledged		Net Amount
Derivatives ⁽³⁾	22,445	—	22,445	(21,169	)	(620	)	656
Repurchase Agreements ⁽⁴⁾	14,080,801	—	14,080,801	(14,080,801	)	—		—
Secured Loans ⁽⁵⁾	1,650,000	—	1,650,000	(1,650,000	)	—		—
Total	15,753,246	—	15,753,246	(15,751,970	)	(620	)	656


(1)	Amounts represent derivatives in an asset position which could potentially be offset against derivatives in a liability position at March 31, 2018 and December 31, 2017, 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)


(4)	The fair value of securities pledged against our borrowing under repurchase agreements was $15.4 billion and $15.5 billion at March 31, 2018 and December 31, 2017, respectively.


(5)	The fair value of securities pledged against IAS Services LLC's borrowings under secured loans was $1.9 billion at March 31, 2018 and December 31, 2017, respectively. Cash collateral pledged by us on secured loans was $2.0 million at March 31, 2018.