Borrowings Under Repurchase Agreements (Tables)

3 Months Ended

Mar. 31, 2014

Weighted Average Maturities and Interest Rates of Borrowings

At March 31, 2014 and December 31, 2013, the Company’s borrowings had the following debt balances, weighted average maturities and interest rates:



	March 31, 2014						December 31, 2013
	Debt Balance		Weighted Average Remaining Maturity		Weighted Average Rate		Debt Balance		Weighted Average Remaining Maturity		Weighted Average Rate
Wells Facility borrowings	$	33,092	0.9 years		1.0	%	$	47,751	0.2 years	*	1.2	%	**
UBS Facility borrowings	133,899		4.5 years	*	2.8	%	133,899		4.7 years		2.8	%	Fixed
JPMorgan Facility borrowings	3		0.8 years		2.7	%	20,383		1.1 years		2.7	%	L+250
Total borrowings	$	166,994	3.8 years		2.4	%	$	202,033	3.3 years		2.4	%

*Assumes extension options are exercised.

**At December 31, 2013, borrowings outstanding under the Wells Facility bore interest at LIBOR plus 105 basis points. At March 31, 2014, borrowings outstanding under the Wells Facility bore interest at LIBOR plus 80 basis points.

Remaining Maturities of Borrowings

At March 31, 2014, 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	$	33,092	$	—	$	—	$	—	$	33,092
UBS Facility borrowings *	—		5,004		128,895		—		133,899
JPMorgan Facility borrowings	3				—		—		3
Total	$	33,095	$	5,004	$	128,895	$	—	$	166,994

*Assumes extension option is exercised.

Schedule of Outstanding, Maximum and Average Balances of Debt

The table below summarizes the outstanding balances at March 31, 2014, as well as the maximum and average balances for the three months ended March 31, 2014.



			For the three months ended March 31, 2014
	Balance at March 31, 2014		Maximum Month-End Balance		Average Month-End Balance
Wells Facility borrowings	$	33,092	$	47,751	$	38,564
UBS Facility borrowings	133,899		133,899		133,899
JPMorgan Facility borrowings	3		32,383		21,277
Total	$	166,994