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Borrowings Under Repurchase Agreements

6 Months Ended

Jun. 30, 2016

Debt Disclosure [Abstract]

Borrowings Under Repurchase Agreements

Borrowings Under Repurchase Agreements

At June 30, 2016 and December 31, 2015, the Company’s borrowings had the following outstanding balances, maturities and weighted average interest rates:

	June 30, 2016													December 31, 2015
Lender	Maximum Amount of Borrowings				Borrowings Outstanding				Maturity (1)		Weighted Average Rate (2)			Maximum Facility Size				Borrowings Outstanding				Maturity (1)		Weighted Average Rate (2)
JPMorgan Facility (3)	$	943,000			$	774,522			January 2019		L+2.40%			$	600,000			$	445,942			January 2019		L+2.25%
Goldman Loan	N/A				43,333				April 2019		L+3.50%			N/A				45,928				April 2019		L+3.50%
Sub-total					817,855						L+2.46%							491,870						L+2.37%
UBS Facility	N/A				133,899				September 2018		2.79	%		N/A				133,899				September 2018		2.79	%
DB Facility (4)	N/A				274,341				April 2018		3.66	%		N/A				300,005				April 2018		3.69	%
Sub-total					408,240						3.38	%						433,904						3.39	%
less: deferred financing costs					(8,160		)											(7,353		)
Total / Weighted Average					$	1,217,935					3.10	%						$	918,421					2.92	%

(1) Maturity date assumes all extensions at the Company's option are exercised.

(2) Assumes one-month LIBOR at June 30, 2016 and December 31, 2015 was 0.47% and 0.43%, respectively.

(3) As of June 30, 2016, the JP Morgan Facility provided for maximum total borrowings comprised of a $143.0 million asset specific financing and the $800.0 million JPMorgan Facility.

(4) 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.

At June 30, 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
JPMorgan Facility	$	260,288			$	514,234			$	—			$	—			$	774,522
Goldman Loan	5,290				38,043				—				—				43,333
UBS Facility *	63,647				70,252				—				—				133,899
DB Facility	82,524				166,203				10,407				15,207				274,341
Total	$	411,749			$	788,732			$	10,407			$	15,207			$	1,226,095

*Assumes extension option is exercised.

At June 30, 2016, the Company’s collateralized financings were comprised of borrowings outstanding under the JPMorgan Facility, the Goldman Loan, the UBS Facility and the DB Facility. The table below summarizes the outstanding balances at June 30, 2016, as well as the maximum and average month-end balances for the six months ended June 30, 2016 for the Company's borrowings under repurchase agreements.

					For the six months ended June 30, 2016
	Balance at June 30, 2016				Maximum Month-End Balance				Average Month-End Balance
JPMorgan Facility borrowings	$	774,522			$	774,522			$	627,334
Goldman Loan	43,333				45,928				44,665
UBS Facility borrowings	133,899				133,899				133,899
DB Facility borrowings	274,341				300,005				284,054
Total	$	1,226,095

The Company was in compliance with the financial covenants under its borrowing agreements at June 30, 2016 and December 31, 2015.

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- References

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- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.19,20,22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

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