Borrowings (Tables)

12 Months Ended

Dec. 31, 2013

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



	December 31, 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	$	47,751	0.2 years		1.2	%	$	225,155	1.1 years	*	1.8	%	**
UBS Facility borrowings	133,899		4.7 years	*	2.8	%	—		0		—	%	Fixed
JPMorgan Facility borrowings	20,383		1.1 years	*	2.7	%	3		5 days		2.7	%	L+250
Total borrowings	$	202,033	3.3 years		2.4	%	$	225,158	1.1 years		1.8	%


*	Assumes extension options are exercised.


**	Borrowings outstanding under the Wells Facility bear interest at a LIBOR plus 105, 125 basis points, 150 basis points or 235 basis points depending on the collateral pledged.

At December 31, 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	$	47,751	$	—	$	—	$	—	$	47,751
UBS Facility borrowings *	—		5,004		128,895		—		133,899
JPMorgan Facility borrowings *	204		20,179		—		—		20,383
Total	$	47,955	$	25,183	$	128,895	$	—	$	202,033


*	Assumes extension options are exercised.

The table below summarizes the outstanding balances, as well as the maximum and average balances as of December 31, 2013 and 2012.



			2013						2012
	Balance at December 31, 2013		Maximum Month-End Balance		Average Month-End Balance		Balance at December 31, 2012		Maximum Month-End Balance		Average Month-End Balance
Wells Facility borrowings	$	47,751	$	225,156	$	168,747	$	225,155	$	469,147	$	283,100
UBS Facility borrowings	133,899		133,899		31,728		—		—		—
JPMorgan Facility borrowings	20,383		20,383		3,138		$	3	$	68,720	$	37,461
Total	$	202,033					$	225,158