Borrowings (Tables)

6 Months Ended

Jun. 30, 2016

Debt Disclosure [Abstract]

Schedule of repurchase agreements

The following table sets forth data with respect to our repurchase and loan agreements as of June 30, 2016 and December 31, 2015 ($ in thousands):

	Maximum Borrowing Capacity		Book Value of Collateral		Amount Outstanding			Amount of Available Funding
June 30, 2016
CS repurchase agreement due March 30, 2017	$	350,000	$	292,104	$	171,837		$	178,163
Wells repurchase agreement due September 27, 2017	750,000		725,574		399,738			350,262
Nomura loan agreement due April 16, 2017	250,000		247,528		175,182			74,818
Less: deferred debt issuance costs	—		—		(6,272		)	—
	$	1,350,000	$	1,265,206	$	740,485		$	603,243
December 31, 2015
CS repurchase agreement due April 18, 2016	$	275,000	$	335,184	$	194,346		$	80,654
Wells repurchase agreement due September 27, 2017	750,000		708,275		371,130			378,870
DB repurchase agreement due March 11, 2016	54,944		130,863		54,944			—
Nomura loan agreement due April 8, 2016	200,000		204,578		147,093			52,907
Less: deferred debt issuance costs	—		—		(4,144		)	—
	$	1,279,944	$	1,378,900	$	763,369		$	512,431

Schedule of other secured debt

Following the repayment of the notes issued under the ARLP 2014-1 and 2014-2 securitizations during the first quarter of 2016, only the ARLP 2015-1 securitization remained in effect. The following table sets forth data with respect to these notes as of June 30, 2016 and December 31, 2015 ($ in thousands):

	Interest Rate		Amount outstanding
June 30, 2016
ARLP Securitization Trust, Series 2015-1
ARLP 2015-1 Class A Notes due May 25, 2055 (1)	4.01	%	$	195,496
ARLP 2015-1 Class M Notes due May 25, 2044	—	%	60,000
Intercompany eliminations
Elimination of ARLP 2015-1 Class A Notes due to ARNS, Inc.			(34,000		)
Elimination of ARLP 2015-1 Class M Notes due to ARLP			(60,000		)
Less: deferred debt issuance costs			(1,104		)
			$	160,392
December 31, 2015:
ARLP Securitization Trust, Series 2014-1
ARLP 2014-1 Class A Notes (2)	3.47	%	$	136,404
ARLP 2014-1 Class M Notes (2)	4.25	%	32,000
ARLP Securitization Trust, Series 2014-2
ARLP 2014-2 Class A Notes (2)	3.63	%	244,935
ARLP 2014-2 Class M Notes (2)	—	%	234,010
ARLP Securitization Trust, Series 2015-1
ARLP 2015-1 Class A Notes due May 25, 2055 (1)	4.01	%	203,429
ARLP 2015-1 Class M Notes due May 25, 2044	—	%	60,000
Intercompany eliminations
Elimination of ARLP 2014-1 Class M Notes due to ARNS, Inc.			(32,000		)
Elimination of ARLP 2014-2 Class A Notes due to ARNS, Inc.			(45,138		)
Elimination of ARLP 2014-2 Class M Notes due to ARLP			(234,010		)
Elimination of ARLP 2015-1 Class A Notes due to ARNS, Inc.			(34,000		)
Elimination of ARLP 2015-1 Class M Notes due to ARLP			(60,000		)
Less: deferred debt issuance costs			(3,031		)
			$	502,599

_____________

(1) The expected redemption date for the Class A Notes ranges from June 25, 2018 to June 25, 2019.

(2) Repaid during March 2016