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Borrowings (Tables)

9 Months Ended

Sep. 30, 2013

Debt Disclosure [Abstract]

Weighted Average Maturities and Interest Rates of Borrowings

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

	September 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	$	156,969			0.9 years		1.4	%		$	225,155			1.1 years	*	1.8	%		**
UBS Facility borrowings	70,195				5.0 years	*	2.9	%		n/a				n/a		n/a			Fixed
JPMorgan Facility borrowings	3				1.3 years	*	2.7	%		3				0.0 years		2.7	%		L+250
Total borrowings	$	227,167			2.2 years		1.9	%		$	225,158			1.1 years		1.8	%

* Assumes extension options 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 September 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 September 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	$	156,969			$	—			$	—			$	—			$	156,969
UBS Facility borrowings *	—				—				70,195				—				70,195
JPMorgan Facility borrowings *	—				3				—				—				3
Total	$	156,969			$	3			$	70,195			$	—			$	227,167

*

Summary of Outstanding Balances, Maximum and Average Balances of Borrowings

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

					For the nine months ended September 30, 2013
	Balance at September 30, 2013				Maximum Month-End Balance				Average Month-End Balance
Wells Facility borrowings	$	156,969			$	225,156			$	197,146
UBS Facility borrowings	70,195				70,195				7,020
JPMorgan Facility borrowings	3				3				3
Total	$	227,167

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Summarizes the outstanding balances, maximum and average balances of borrowings.

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Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation.

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Tabular disclosure of the combined aggregate amount of maturities and sinking fund requirements for all long-term borrowings for each of the five years following the date of the latest balance sheet date presented.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 470

-SubTopic 10

-Section 50

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-URI http://asc.fasb.org/extlink&oid=6802200&loc=d3e1835-112601

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