Borrowings (Tables)

12 Months Ended

Dec. 31, 2014

Weighted Average Maturities and Interest Rates of Borrowings

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



	December 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	$	20,166	0.2 years		1.0	%	$	47,751	0.2 years	1.2	%	**
UBS Facility borrowings	133,899		3.7 years	*	2.8	%	133,899		4.7 years	2.8	%	Fixed
DB Facility borrowings	300,005		3.3 years		3.7	%	—		0.0 years	—	%	***
JPMorgan Facility borrowings	168,124		0.1 years		2.7	%	20,383		1.1 years	2.7	%	L+250
Total borrowings	$	622,194	3.2 years		3.2	%	$	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 December 31, 2014, borrowings outstanding under the Wells Facility bore interest at LIBOR plus 80 basis points.

*** Advances under the DB Facility accrue interest at a per annum pricing rate based on the rate implied by the fixed rate bid under a fixed for floating interest rate swap for the receipt of payments indexed to three-month U.S. dollar LIBOR, plus a financing spread ranging from 1.80% to 2.32% based on the rating of the collateral pledged.

Remaining Maturities of Borrowings

At December 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	$	20,166	$	—	$	—	$	—	$	20,166
UBS Facility borrowings *	—		133,899		—		—		133,899
DB Facility borrowings	40,476		213,654		45,875		—		300,005
JPMorgan Facility borrowings	168,124		—		—		—		168,124
Total	$	228,766	$	347,553	$	45,875	$	—	$	622,194


*	Assumes extension options are exercised.

Schedule of Outstanding, Maximum and Average Balances of Debt

The table below summarizes the outstanding balances, as well as the maximum and average balances as of December 31, 2014 and 2013.



			2014						2013
	Balance at December 31, 2014		Maximum Month-End Balance		Average Month-End Balance		Balance at December 31, 2013		Maximum Month-End Balance		Average Month-End Balance
Wells Facility borrowings	$	20,166	$	47,751	$	28,921	$	47,751	$	225,156	$	168,747
UBS Facility borrowings	133,899		133,899		133,899		133,899		133,899		31,728
DB Facility borrowings	300,005		300,005		145,856		$	—	$	—	$	—
JPMorgan Facility borrowings	168,124		169,066		105,366		$	20,383	$	20,383	$	3,138
Total	$	622,194					$	202,033