| Offsetting Financial Liabilities and Derivative Liabilities |
The following table presents a summary of the Company's offsetting of derivative assets, presented (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | (i)
Gross Amounts of Recognized Assets | | (ii)
Gross Amounts Offset in the Consolidated Balance Sheets | | (iii) = (i) - (ii)
Net Amounts of Assets Presented in the Consolidated Balance Sheets | | (iv) Gross Amounts Not Offset in the Consolidated Balance Sheets | | | | | | | | Financial Instruments | | Cash Collateral Pledged | | (v) = (iii) - (iv) Net Amount | As of December 31, 2015: | | | | | | | | | | | | | Derivative hedging instruments,
at fair value | | $ | 3,446 |
| | $ | — |
| | $ | 3,446 |
| | $ | — |
| | $ | — |
| | $ | 3,446 |
| Total | | $ | 3,446 |
| | $ | — |
| | $ | 3,446 |
| | $ | — |
| | $ | — |
| | $ | 3,446 |
| | | | | | | | | | | | | | As of December 31, 2014: | | | | | | | | | | | | | Derivative hedging instruments,
at fair value | | $ | 4,334 |
| | $ | — |
| | $ | 4,334 |
| | $ | — |
| | $ | — |
| | $ | 4,334 |
| Linked transactions | | 48,764 |
| | 33,397 |
| | 15,367 |
| | — |
| | — |
| | 15,367 |
| Total | | $ | 53,098 |
| | $ | 33,397 |
| | $ | 19,701 |
| | $ | — |
| | $ | — |
| | $ | 19,701 |
|
The following table presents a summary of the Company's offsetting of financial liabilities and derivative liabilities for the periods presented as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | (i)
Gross Amounts of
Recognized
Liabilities | | (ii)
Gross Amounts Offset in the
Consolidated
Balance Sheets | | (iii) = (i) - (ii)
Net Amounts of Liabilities Presented in
the Consolidated
Balance Sheets | | (iv)
Gross Amounts Not Offset in
the Consolidated Balance Sheets | | (v) = (iii) - (iv)
Net Amount | | | | | | Financial
Instruments (1) | | Cash
Collateral
Pledged (2) | | As of December 31, 2015: | | | | | | | | | | | | | Derivative hedging instruments,
at fair value (3) | | $ | 3,941 |
| | $ | — |
| | $ | 3,941 |
| | $ | — |
| | $ | 500 |
| | $ | 3,441 |
| Repurchase agreements and term facilities (4) | | 418,836 |
| | — |
| | 418,836 |
| | 418,836 |
| | — |
| | — |
| Total | | $ | 422,777 |
| | $ | — |
| | $ | 422,777 |
| | $ | 418,836 |
| | $ | 500 |
| | $ | 3,441 |
| | | | | | | | | | | | | | As of December 31, 2014: | | | | | | | | | | | | | Derivative hedging instruments,
at fair value (3) | | $ | 8,466 |
| | $ | — |
| | $ | 8,466 |
| | $ | — |
| | $ | 500 |
| | $ | 7,966 |
| Repurchase agreements and term facilities (4) | | 399,662 |
| | — |
| | 399,662 |
| | 399,662 |
| | — |
| | — |
| Linked transactions | | 33,397 |
| | 33,397 |
| | — |
| | — |
| | — |
| | — |
| Total | | $ | 441,525 |
| | $ | 33,397 |
| | $ | 408,128 |
| | $ | 399,662 |
| | $ | 500 |
| | $ | 7,966 |
|
| | (1) | Amounts represent collateral pledged that is available to be offset against liability balances associated with term facilities, repurchase agreements and derivative transactions. |
| | (2) | Amounts represent amounts pledged as collateral against derivative transactions. |
| | (3) | The fair value of securities and/or cash and cash equivalents pledged against the Company's swaps was $500,000 and $2.6 million at December 31, 2015 and 2014, respectively. |
| | (4) | The combined fair value of securities and loans pledged against the Company's various term facilities and repurchase agreements was $643.2 million and $565.6 million at December 31, 2015 and 2014, respectively. |
|