Borrowings (Tables)

6 Months Ended

Jun. 30, 2013

Weighted Average Maturities and Interest Rates of Borrowings

At June 30, 2013 and December 31, 2012, the Company’s borrowings had the following debt balances, weighted average maturities and interest rates:



	June 30, 2013						December 31, 2012
	Debt Balance		Weighted Average Remaining Maturity		Weighted Average Rate		Debt Balance		Weighted Average Remaining Maturity		Weighted Average Rate
Wells Facility borrowings	$	191,309	1.1 years	*	1.4	%	$	225,155	1.1 years	*	1.8	%	**
JPMorgan Facility borrowings	3		1.6 years	*	2.7	%	3		0.0 years		2.7	%	L+250
Total borrowings	$	191,312	1.1 years		1.4	%	$	225,158	1.1 years		1.8	%


*	Assumes extension options on the Wells Facility and JPMorgan Facility are exercised.


**	At December 31, 2012, borrowings outstanding under the Wells Facility bore interest at LIBOR plus 125 basis points, 150 basis points or 235 basis points depending on the collateral pledged. At June 30, 2013, borrowings outstanding under the Wells Facility bore interest at LIBOR plus 105 basis points or 175 basis points depending on the collateral pledged.

Remaining Maturities of Borrowings

At June 30, 2013, the Company’s borrowings had the following remaining maturities:



	Less than 1 year		1 to 3 years		3 to 5 years		More than 5 years		Total
Wells Facility borrowings*	$	146,401	$	44,908	$	—	$	—	$	191,309
JPMorgan Facility borrowings	—		3		—		—		3
Total	$	146,401	$	44,911	$	—	$	—	$	191,312


*	Assumes extension options on the Wells Facility with respect to the Hilton CMBS are exercised.

Summary of Outstanding Balances, Maximum and Average Balances of Borrowings

The table below summarizes the outstanding balances at June 30, 2013, as well as the maximum and average balances for the six months ended June 30, 2013.



			Six months ended June 30, 2013
	June 30, 2013		Maximum Month-End Balance		Average Month-End Balance
Wells Facility borrowings	$	191,309	$	225,156	$	210,288
JPMorgan Facility borrowings	3		3		3
Total	$	191,312