Borrowings Under Repurchase Agreements (Tables)

9 Months Ended

Sep. 30, 2016

Weighted Average Maturities and Interest Rates of Borrowings

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.

Remaining Maturities of Borrowings

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.

Schedule of Outstanding, Maximum and Average Balances of Debt

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