XML 26 R16.htm IDEA: XBRL DOCUMENT
v3.5.0.2

Borrowings Under Repurchase Agreements | 9 Months Ended
--- | ---
Sep. 30, 2016
Debt Disclosure [Abstract] |
Borrowings Under Repurchase Agreements | Borrowings Under Repurchase Agreements At September 30, 2016 and December 31, 2015, the Company’s borrowings had the following outstanding balances, maturities and weighted average interest rates:
| September 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 |  |  | $ | 648,086 |  |  | January 2019 |  | L+2.26% |  |  | $ | 600,000 |  |  | $ | 445,942 |  |  | January 2019 |  | L+2.25% |
DB Repurchase Facility | 300,000 |  |  | — |  |  | September 2019 |  | N/A |  |  | N/A |  |  | N/A |  |  | N/A |  | N/A |
Goldman Loan | N/A |  |  | 42,796 |  |  | April 2019 |  | L+3.50% |  |  | N/A |  |  | 45,928 |  |  | April 2019 |  | L+3.50% |
Sub-total |  |  |  | 690,882 |  |  |  |  | L+2.33% |  |  |  |  | 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 |  |  | 196,256 |  |  | April 2018 |  | 3.66 | % |  | N/A |  |  | 300,005 |  |  | April 2018 |  | 3.69 | %
Sub-total |  |  | 330,155 |  |  |  |  | 3.31 | % |  |  |  | 433,904 |  |  |  |  | 3.39 | %
less: deferred financing costs |  |  | (7,875 | ) |  |  |  |  |  |  |  | (7,353 | ) |  |  |  |
Total / Weighted Average |  |  |  | $ | 1,013,162 |  |  |  |  | 3.01 | % |  |  |  | $ | 918,421 |  |  |  |  | 2.92 | %
(1) Maturity date assumes all extensions are exercised. (2) Assumes one-month LIBOR at September 30, 2016 and December 31, 2015 was 0.53% and 0.43%, respectively. (3) As of September 30, 2016, the JP Morgan Facility provided for maximum total borrowings comprised of the$800.0 million repurchase facility and a $143.0 million asset specific financing. (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 September 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 | $ | 313,547 |  |  | $ | 334,539 |  |  | $ | — |  |  | $ | — |  |  | $ | 648,086 |
DB Repurchase Facility | — |  |  | — |  |  | — |  |  | — |  |  | — |
Goldman Loan | 5,290 |  |  | 37,506 |  |  | — |  |  | — |  |  | 42,796 |
UBS Facility * | 260 |  |  | 133,639 |  |  | — |  |  | — |  |  | 133,899 |
DB Facility | 185 |  |  | 174,718 |  |  | 8,643 |  |  | 12,710 |  |  | 196,256 |
Total | $ | 319,282 |  |  | $ | 680,402 |  |  | $ | 8,643 |  |  | $ | 12,710 |  |  | $ | 1,021,037 |
*Assumes extension option is exercised. At September 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. No borrowings were outstanding under the master repurchase agreement with Deutsche Bank AG (the "DB Repurchase Facility"), which the Company entered into on September 29, 2016. The table below summarizes the outstanding balances at September 30, 2016, as well as the maximum and average month-end balances for the nine months ended September 30, 2016 for the Company's borrowings under repurchase agreements.
|  |  | For the nine months ended September 30, 2016
| Balance at September 30, 2016 |  | Maximum Month-End Balance |  | Average Month-End Balance
JPMorgan Facility borrowings | $ | 648,086 |  |  | $ | 800,917 |  |  | $ | 675,061 |
DB Repurchase Facility | — |  |  | — |  |  | — |
Goldman Loan | 42,796 |  |  | 45,928 |  |  | 44,105 |
UBS Facility borrowings | 133,899 |  |  | 133,899 |  |  | 133,899 |
DB Facility borrowings | 196,256 |  |  | 300,005 |  |  | 266,056 |
Total | $ | 1,021,037 |  |  |  |  |
The Company was in compliance with the financial covenants under its borrowing agreements at September 30, 2016 and December 31, 2015.

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 + Details
Name: | us-gaap_DebtDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration