Borrowings Under Repurchase Agreements

3 Months Ended

Mar. 31, 2016

At March 31, 2016 and December 31, 2015, the Company’s borrowings had the following debt balances, weighted average maturities and interest rates:



	March 31, 2016						December 31, 2015
	Debt Balance		Weighted Average Remaining Maturity		Weighted Average Rate		Debt Balance		Weighted Average Remaining Maturity		Weighted Average Rate
UBS Facility borrowings	133,899		2.5 years	*	2.8	%	133,899		2.7 years	*	2.8	%	Fixed
DB Facility borrowings	276,868		2.0 years		3.7	%	300,005		2.3 years		3.7	%	**
JPMorgan Facility borrowings***	635,676		2.8 years		2.6	%	445,942		3.1 years		2.6	%	L+225 - 350
Goldman Loan	44,873		3.1 years		4.0	%	45,928		3.3 years		3.8	%	L+350
Total borrowings	$	1,091,316	2.5 years		2.9	%	$	925,774	2.7 years		2.9	%

*Assumes extension options are exercised.

** 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.

***The debt balance as of March 31, 2016, includes $115,375 of borrowings that do not count toward the total maximum capacity under the JPMorgan Facility.

At March 31, 2016, 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
UBS Facility borrowings *	$	5,004	$	128,895	$	—	$	—	$	133,899
DB Facility borrowings	74,819		202,049		—		—		276,868
JPMorgan Facility borrowings	154,266		481,410		—		—		635,676
Goldman Loan	4,569		10,581		29,723		—		44,873
Total	$	238,658	$	822,935	$	29,723	$	—	$	1,091,316

*Assumes extension option is exercised.

At March 31, 2016, the Company’s collateralized financings were comprised of borrowings outstanding under the UBS Facility, the DB Facility, the JPMorgan Facility and the Goldman Loan. The table below summarizes the outstanding balances at March 31, 2016, as well as the maximum and average balances for the three months ended March 31, 2016 for the Company's borrowings under repurchase agreements.



			For the three months ended March 31, 2016
	Balance at March 31, 2016		Maximum Month-End Balance	Average Month-End Balance
UBS Facility borrowings	133,899		133,899	$	133,899
DB Facility borrowings	276,868		300,005	290,076
JPMorgan Facility borrowings	635,676		635,676	556,124
Goldman Loan	44,873		45,928	45,665
Total	$	1,091,316

The Company was in compliance with the financial covenants under its repurchase agreements at March 31, 2016 and December 31, 2015.